Loss widens for local casino company

Santa Fe Gaming Corp. said it posted a $6.1 million net loss in the fiscal 1999 third quarter ended June 30, compared with a $4.4 million net loss in the year-ago period.

Revenue rose to $32.3 million from $28.8 million, the company said.

Santa Fe said its operating cash flow, excluding bankruptcy reorganization and legal expenses, rose to $7.7 million in the third quarter from $7.3 million in the 1998 period.

Two Santa Fe subsidiaries, Pioneer Finance Co. and Pioneer Hotel & Gambling Hall, filed for bankruptcy protection after Pioneer Finance defaulted on a bond payment.

The company said its Santa Fe hotel-casino in northwest Las Vegas posted record revenue of $20.9 million, while the Pioneer in Laughlin had improved quarterly revenue and operating income.

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