Profit improves for Laughlin casino operator

Friday, Dec. 29, 2000 | 10:35 a.m.

Santa Fe Gaming Corp. of Las Vegas, which this year sold two major assets to Station Casinos Inc. of Las Vegas, on Thursday reported it earned a profit in the quarter ending Sept. 30 vs. a loss in the year-ago quarter.

Santa Fe reported a quarterly profit of $5.3 million or 85 cents per share vs. a loss in the 1999 quarter of $6.5 million or $1.04 per share. Revenue of $30 million was down slightly from $31 million in the year-ago period.

Santa Fe this year sold its Santa Fe hotel-casino and undeveloped land in Henderson to Station.

Santa Fe, operator of the Pioneer casino in Laughlin, said it also sold its trademark and therefore will change its name.

For the year ended Sept. 30, Santa Fe said revenue of $131.1 million was up $5.5 million from fiscal year 1999. The increase came mainly from the Santa Fe hotel, which increased revenue by 5.3 percent to $84.4 million. Revenue at the Pioneer increased 2.5 percent to $45.9 million.

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