Elsinore reports first-quarter results.LAS VEGAS--(BUSINESS WIRE)--May 16, 1995--Elsinore Corp. (ASE/PSE:ELS) Tuesday reported decreases in its financial results for the first quarter ended March 31, 1995. Due mainly to a reduction in casino revenues at the company's Four Queens The Four Queens Hotel and Casino is located in downtown Las Vegas on the Fremont Street Experience. Home to the Queen's Machine, the world's largest slot machine, the 690 room hotel and 40,000 square foot casino is owned and operated by TLC Enterprises, which acquired the Hotel and Casino in downtown Las Vegas Downtown Las Vegas can have several meanings depending on how it is used. It can mean:
The company reported a net loss for the quarter of $4,132,000, or 28 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , on 14,801,884 weighted average common and equivalent shares outstanding, compared with a net loss of $2,040,000, or 17 cents per share, on 12,062,164 weighted average common and equivalent shares outstanding for the year-ago quarter. The first-quarter results include a 7.4 percent decrease in casino revenues at the Four Queens to $10,758,000. The company noted that volume of play declined in both table games and slot machines, primarily due to two factors: the tendency of downtown guests and patrons to visit newly opened properties on the Las Vegas strip The Las Vegas Strip (also known as The Strip) is a 4 mi (6.7 km) section of Las Vegas Boulevard South, most of which has been designated an All-American Road. ; and disruption of traffic flow downtown caused by construction of the Fremont Street Experience The Fremont Street Experience (FSE) is a pedestrian mall and attraction in downtown Las Vegas, Nevada. The FSE occupies the westernmost 5 blocks of Fremont Street and portions of some other adjacent streets. sound and light attraction and related parking and other infrastructure improvements. By contrast, hotel revenue at the Four Queens gained 8.1 percent to $2,442,000 because of increased room occupancy following a refurbishment program in the first quarter of 1994. The company further noted that casino development costs of $1,037,000, which were to be amortized over the initial 60 months of the company's management contract at the Spotlight 29 Casino The Spotlight 29 Casino is a Native American gambling enterprise in Coachella, California. It is run by the Twenty-nine Palms Band of Mission Indians. The facility has 110,000 square feet with 2,000 slot machines, 30 table games, and an 11 table poker room. near Palm Springs, Calif., have been charged to expense during the first quarter. As previously reported, the company is disengaging dis·en·gage v. dis·en·gaged, dis·en·gag·ing, dis·en·gag·es v.tr. 1. To release from something that holds fast, connects, or entangles. See Synonyms at extricate. 2. from the Spotlight 29 management contract following installation and operation of Class III electronic gaming devices by the 29 Palms Band of Mission Indians Mission Indians, Native Americans of S and central California; so called because they were under the jurisdiction of some 21 Spanish missions that were established between 1769 and 1823. , the tribe that owns the casino, an action the company believes contravenes the management contract while subjecting Elsinore to disciplinary action by the Nevada gaming authorities. "As we continue to face the challenges of 1995, we look forward to improving results from our 7 Cedars Casino operation in Washington State during the summer tourist season Tourist Season is a novel written in 1986 by Carl Hiaasen. It is set in and around Miami, Florida. Bookjacket tagline The only trace of the first victim was his Shriner's fez washed up on the Miami beach. , and the expected lift to our performance from the opening towards the end of this year of the very impressive Fremont Street Experience extravaganza downtown," said Thomas E. Martin
Thomas Ellsworth Martin (January 18, 1893 - June 27, 1971) was a United States Representative and Senator from Iowa. , Elsinore's president. Elsinore and the Jamestown S'Klallam Tribe successfully opened the 7 Cedars Casino on Feb. 3, 1995. 7 Cedars is a 54,000-square-foot Class II and Class III casino on the Olympic Peninsula The Olympic Peninsula is the large arm of land in western Washington state that lies across Puget Sound from Seattle. It is bounded on the west by the Pacific Ocean, the north by the Strait of Juan de Fuca, and the east by Puget Sound and the Hood Canal. northwest of Seattle. Developed at a cost of approximately $9 million, 7 Cedars features Las Vegas-style table games including craps craps: see dice. craps Gambling game in which each player in turn throws two dice, attempting to roll a winning combination. The term derives from a Louisiana French word, crabs, which means “losing throw. , blackjack blackjack, one of the world's most widely played gambling card games; also known as twenty-one or vingt-et-un. Despite contesting claims between the French and Italians, its origins are unknown. , roulette and poker, as well as bingo, pull tabs and other non-house banked games. The casino has a lodge-style design that blends with the natural surroundings. The area is visited by approximately 4 million tourists annually. The Fremont Street Experience, which features a 10-story "celestial vault" canopy with an electronic light show choreographed to music, will connect the Four Queens and nine other major entertainment venues in a downtown mall The Downtown Mall in Charlottesville, Virginia is one of the longest pedestrian malls in the United States. Located on Main Street, it runs between 2nd and 5th Streets. It is laid entirely with brick and home to an array of restaurants, shops, offices and art galleries. that offers a total of 17,000 slot machines, more than 500 blackjack and other table games, 41 restaurants and 8,000 hotel rooms. Elsinore owns and operates the Four Queens, a downtown Las Vegas Hotel and Casino offering 704 rooms, meeting facilities, four restaurants, 1050 slot machines, and numerous blackjack, craps and other table games. -0-
ELSINORE CORP. AND SUBSIDIARIES
SELECTED FINANCIAL INFORMATION
STATEMENT OF OPERATIONS INFORMATION
(in thousands, except share data)
(Unaudited)
Three Months Ended
March 31,
1995 1994
Net revenue $ 15,261 $ 15,397 Loss before income tax (4,132) (2,040) Income tax 0 0 Net loss $ (4,132) $ (2,040) Loss per share (28 cents) (17 cents) Weighted average number of shares outstanding 14,801,884 12,062,164
BALANCE SHEET INFORMATION
(Dollars in Thousands)
March 31, Dec. 31,
1995 1994
Current assets $ 11,580 $ 6,204 Total assets 71,279 67,315 Current liabilities 20,235 16,709 Long-term debt 52,909 52,081 Shareholders' deficit $ 2,054 $ 1,614 CONTACT: Elsinore Corp., Las Vegas Thomas E. Martin, 702/387-5110 Gary Acord, 702/387-5146 or The Financial Relations Board Inc. Daniel Saks, 310/571-9195 (general info) Sue Caulton, 415/986-1591 (analyst contact) |
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