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Profit falls in first quarter

Thursday, May 17, 2001 | 10:42 a.m.

Las Vegas-based Elsinore Corp., owner and operator of downtown's Four Queens hotel-casino, reported net income of $522,000, or 10 cents per share, for the quarter ending March 31.

That's down significantly from the net income of $1.4 million, or 29 cents per share, reported in the year-ago quarter. Revenues were off 6.3 percent to $14.6 million, while cash flow declined 15.4 percent to $3.44 million.

Elsinore said the decline came because results were boosted in the March 2000 quarter by payments received under a settlement agreement with the Twenty-Nine Palms Band of Mission Indians. Elsinore planned at one time to develop and operate a casino for the California tribe, but the tribe later backed out of the deal.

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