Friday, April 5, 1996 | 11:59 a.m.
COMMENTS: Fourth-quarter losses for the company that owns and operates the Four Queens hotel-casino increased primarily as a result of $19.3 million in losses on loans receivable from its Native American operations and aggregate expenses of $8.7 million that resulted from the company's reorganization under Chapter 11 of the Bankruptcy Code. For the year that ended Dec. 31, Elsinore reported revenues of $57 million, compared with $62.7 million for the prior year. The company reported a net loss of $45.7 million or $2.95 per share on 15.5 million weighted average shares outstanding, compared with a net loss of $9.4 million or 78 cents per share on 12.1 million weighted averages shares outstanding for the prior year. The company also cited traffic disruptions caused by the construction of the Fremont Street Experience for lower-than-expected hold percentages on table games. (ASE/PSE: ELS)
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