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 LAS VEGAS, Nev., Oct. 29 /PRNewswire/ -- American Enterprises Inc. (NASDAQ: ACES) today reported earnings for the fiscal year ended July 31, 1993. The company has management contracts for two California Indian casinos. Table Mountain Casino is in Friant, Calif., approximately 17 miles from Fresno. It offers bingo, conventional and Asian poker and other non-banking card games. In July 1993, the company signed a contract with the Cher-Ae Heights Band of Indians to manage a 20,000 square foot casino in Trinidad, Calif.
 For the 1993 fiscal year, net income was $480,000, or three cents per share, compared with $1.5 million, or 12 cents per share, for the fiscal year ended July 31, 1992. Revenues, consisting of casino management fees, were $755,000 for the 1993 fiscal year, up 11 percent compared with revenues of $679,000 in fiscal 1992.
 Ron Tassinari, president of American Enterprises, said the difference in net income was primarily attributed to a $1.5 million revaluation of a receivable taken in 1992. "Disregarding the revaluation of the receivable in 1992, net income increased from $44,000 in fiscal 1992 to $480,000 in fiscal 1993.
 "Casino management fees increased for fiscal 1993, however, they were affected by the ongoing construction at Table Mountain," Tassinari said. Table Mountain is currently undergoing a major expansion which will increase the casino from 33,000 square feet to 68,000. Plans include doubling the size of the cardroom, adding more space for electronic gaming devices, bringing the total to over 400, a pari-mutuel off-track betting facility, and several other enhancements including a 155-seat restaurant and additional customer parking. "The construction of the expansion has moved to the phase involving the
interior of the facility. This has created some distractions and, as a result, we had lower attendance in the fourth quarter of the fiscal year. The lower attendance also is reflective of a seasonal down-turn we experience that time of the year in the Fresno area. Both Table Mountain and American Enterprises incurred significant legal, lobbying and related expenses in their efforts to obtain a compact with the state of California. American, also, continues to spend time and money in its efforts to obtain other gaming properties, on and off Indian land. These expenses which increased in the fourth quarter of 1993 had a negative impact on the company's results of operations. Of course, we believe there will be pay-backs in the future for our endeavors," Tassinari said.
 Revenues also included one month of managing the Cher-Ae Heights Bingo and Casino facility, in northern California. Tassinari indicated, "We are also expanding the Trinidad casino to include card tables and more electronic gaming devices. In 1992, the Trinidad casino had very high operating expenses and the facility made only a modest profit. We confronted this same situation when we entered our agreement with Table Mountain. We see Trinidad as a diamond-in-the-rough, which will turn around once operating expenses are under control; the games played are expanded to include poker, Asian poker, non-banking 21; and our marketing efforts bring more people to the facility."
 In other news, negotiations continue between the state of California and Indian tribes on compacting. In July 1993, the Indian tribes won a major victory when a California district court judge ruled that the State of California must negotiate in good faith compacts for Class III gaming. Once Class III gaming is approved, American Enterprises expects increased revenues from the variety of games allowed on Indian reservations.
 American Enterprises, Inc. is traded on NASDAQ under the symbol ACES.
 -0- 10/29/93
 /CONTACT: Ron Tassinari of American Enterprises, 702-896-8888; or media, Elizabeth Truax, or investors, Sue Caulton, 415-986-1591, both of Financial Relations Board for American Enterprises/

CO: American Enterprises Inc. ST: California IN: CNO SU: ERN

TM -- SF002 -- 8357 10/29/93 09:00 EDT
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Publication:PR Newswire
Date:Oct 29, 1993

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