Four Queens casino revenue up, but hotel sales decline

Wednesday, Aug. 22, 2001 | 10:53 a.m.

The owner of downtown Las Vegas' Four Queens hotel-casino reported lower earnings for the quarter ending June 30.

Elsinore Corp. of Las Vegas reported a loss of $294,000, or 6 cents per share, for the second quarter of 2001, compared to net income of $350,000, or 7 cents per share, a year ago. Revenues declined 3.4 percent to $14 million, while cash flow fell 18 percent to $2.5 million.

Revenues and cash flow were higher in the year-ago quarter, Elsinore said, because the company received $850,000 in settlement payments from the Twenty-Nine Palms Band of Mission Indians last year. Reductions in operating expenses helped offset this decline in revenue to some extent, Elsinore said.

The Four Queens posted casino revenues of $9.85 million, up 7 percent, while food and beverage revenues were up 4 percent to $2.66 million. But hotel revenues for the 690-room property declined 9 percent to $2.26 million.

Philip Madow, president and general manager of the Four Queens, said the company is focused on further development of marketing programs and boosting the Four Queens' database of casino players and hotel guests.

"We continue to reinvest in the design of the property and our physical plant," Madow said. "We look forward to future marketing opportunities increasing in downtown Las Vegas. These opportunities will be as a result of redevelopment projects currently under construction in downtown Las Vegas and projects due to be completed over the next few years."