Elsinore Corporation

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International Guild of Hospitality & Restaurant Managers

Elsinore Corporation (OTC BB:ELSO.OB)

202 Fremont Street
Las Vegas, NV 89101

Phone: (702) 385-4011
Fax: (702) 387-5120
Email: webmaster@fourqueens.com
Employees (last reported count): 889

Elsinore Corporation, incorporated in 1972, is the holding company of Four Queens, Inc. (Four Queens), the licensed operator of the Four Queens Hotel and Casino in Las Vegas, Nevada, (the Four Queens Casino) and a wholly owned subsidiary of the Company. Four Queens also holds a casino service license in New Jersey, which allows it to distribute its casino game Multiple Action Blackjack. Four Queens distributes the game to six casinos in New Jersey.

Four Queens owns the Four Queens Casino, which has been in operation since 1966. The Four Queens Casino has concentrated on delivering traditional Las Vegas-style gaming and entertainment. The Four Queens Casino is located on approximately 3.2 acres, of which 2.3 acres are leased from various lessors. The property is situated adjacent to the Golden Nugget Hotel & Casino in downtown Las Vegas. The property features approximately 690 hotel rooms, including 45 suites, approximately 32,000 square feet of casino space, three full-service restaurants, two fast-service restaurants, three cocktail lounges, a gift shop, approximately 14,600 square feet of function space and approximately 543 parking spaces. The casino has 1,025 slot machines, 27 gaming tables, a keno parlor and a sports book.

The Four Queens' New Jersey license expired on May 31, 2001, however, the application for renewal has been accepted by the New Jersey Gaming Commission and is pending approval. While awaiting such final approval for renewal, the license is considered active. On March 14, 2002, the Company announced that Four Queens entered into a definitive asset purchase agreement for the sale of substantially all of Four Queens Casino's assets, including the hotel and casino, to SummerGate, Inc.

The assets of the Four Queens constitute substantially all of the assets of the Company. Upon the consummation of the sale of the Four Queens, the Company will not have an operating asset. The Board of Directors of both the Company and the Four Queens anticipate that, following the sale of the Four Queens, they will adopt a plan of dissolution and begin the process of winding-up and dissolving both the Four Queens and the Company.

The Company competes with a multitude of casino hotels in the greater Las Vegas metropolitan area, including the 2,600-room Aladdin Hotel and Casino, which opened in August 2000; the 1,000-room addition at the Stratosphere Casino Hotel & Tower, and the 447-room Palms Casino Resort, which opened in November 2001.

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