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Elsinore posts profit

Wednesday, April 4, 2001 | 10:38 a.m.

Elsinore Corp. of Las Vegas reported a net profit of $3.7 million, or 75 cents per share, for the quarter ending Dec. 31.

The results were a marked improvement over the net loss of $414,000, or 8 cents per share, reported in the year-ago quarter. Elsinore said the increase was largely the result of a settlement payment received from the 29 Palms Band of Mission Indians, which earlier terminated an agreement to have Elsinore manage a casino near Palm Springs.

Largely because of this settlement, net revenues increased 28 percent to $17 million, while cash flow rose 243 percent to $6.3 million. Cash flow was also improved by expense reduction efforts, the company said.

Casino revenues, derived entirely from the Four Queens, increased 1 percent to $9.12 million, while food and beverage revenues increased 4 percent to $2.6 million. However, hotel revenues dropped 1.5 percent to $2.48 million.

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