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Elsinore Reports Q4 Results

The $3.7 million, or 28.2%, increase was primarily due to payments received under the settlement agreement with the 29 Palms Band of Mission Indians.

EBITDA (earnings before interest, taxes, depreciation, amortization, rents, merger and litigation costs, and undeclared dividends) increased $4,447,000, or 243.1%, from $1.8 million in the fourth quarter of 1999 to $6.3 million in the fourth quarter of 2000. This increase was primarily attributable to payments received under a settlement agreement with the 29 Palms Band of Mission Indians as well as the reduction of operating expenses.

The Company had a net profit, before provision for income taxes and undeclared dividends on cumulative preferred stock, of $3.9 million in the fourth quarter of 2000 versus a net loss of $150,000 in the fourth quarter of 1999.

Net income applicable to the common shares was $3.7 million in the fourth quarter of 2000 versus a net loss applicable to the common shares of $414,000 in the fourth quarter of 1999 (after an undeclared dividend on cumulative preferred stock of $208,000 and $286,000 for 2000 and 1999, respectively), or $0.75 per share for 2000, and ($0.08) per share for 1999, based on 4.9 million common shares outstanding, and $0.04 per share for 2000 based on 98 million common and common share equivalents outstanding.

For the year ended December 31, 2000, net revenues increased $3.9 million, to $60.7 million, or 6.9%, from $56.8 million for the same period in 1999. EBITDA, as defined, increased $5.4 million, or 51.2%, from $10.6 million for the year ended 1999 to $16 million for the year ended 2000.

The Company operated at a net profit, before provision for income taxes and undeclared dividends on cumulative preferred stock, of $6.3 million for the year ended 2000 compared to $960,000 for the year ended 1999. Net income applicable to the common shares was $5.1 million in 2000.

In 1999 the Company experienced a net loss of $136,000 (after an undeclared dividend on cumulative preferred stock of $1.2 million and $1.1 million), or $1.02 per share for 2000 and ($0.03) per share for 1999, based on 4.9 million common shares outstanding, and $0.06 per share for 2000 based on 98 million of common and common share equivalents outstanding.

Elsinore ended 2000 with cash and cash equivalents of approximately $5 million, total assets of $48 million, and shareholders' equity of $31.6 million.

Elsinore Corporation owns and operates the Four Queens Hotel and Casino in downtown Las Vegas.

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