Four Queens owner posts improved results

Las Vegas-based Elsinore Corp. reported net income of $1.7 million for the quarter ending March 31, a 46 percent improvement over net income in the year-ago quarter.

Revenues for the company, owner of the Four Queens hotel-casino in downtown Las Vegas, rose 4 percent to $15.8 million, while cash flow improved 14 percent to $4.1 million.

Elsinore attributed the improved earnings to payments received from the Twenty-Nine Palms Band of Mission Indians. The tribe agreed to make payments after pulling out of a deal to build a casino near Palm Springs in partnership with Elsinore. In March, the tribe announced it would instead build the $60 million casino in a deal with Trump Hotels & Casino Resorts Inc.

Elsinore did not specify how much it received from the tribe, but noted that "other" revenues rose $772,000 in the quarter to $1.5 million.

Casino revenues from the Four Queens declined 4 percent to $10.1 million, primarily from the elimination of $712,000 in slot promotion revenues during the quarter. However, the Four Queens benefitted from a general boom in the Las Vegas gaming economy, as hotel revenues rose 7 percent to $2.4 million, and average daily room rates moved up $4.59 to $40.88.

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