Four Queens owner reports improved annual results

Friday, April 7, 2000 | 10:40 a.m.

Elsinore Corp. of Las Vegas, the owner of the Four Queens hotel-casino in downtown Las Vegas, reported net income of $960,000 for the year ending Dec. 31, 1999, a marked improvement over its 1998 performance.

The company lost $1.27 million in 1998. The $960,000 profit, however, did not include dividends paid on preferred stock. After those dividends, Elsinore recorded a loss of $136,000, or 3 cents per share, applicable to its common stock.

Elsinore posted revenues of $56.8 million, up 1.6 percent for the year, while cash flow rose 4.1 percent to $10.6 million. The company attributed these increases to significant cuts in the Four Queens' casino and slot marketing promotional programs.

In March, Elsinore signed a letter of intent to sell the Four Queens -- its primary asset -- to slot leasing and financing company PDS Financial Corp. for $30 million. That deal is still pending.

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