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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
__________________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: March 10, 2000
ELSINORE CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Nevada
(State or Other Jurisdiction of
Incorporation or Organization)
001-07831 88-0117544
(Commission File Number) (I.R.S. Employer
Identification No.)
202 Fremont Street
Las Vegas, Nevada 89101
(Address of Principal Executive Offices) (Zip Code)
(702) 385-4011
(Registrant's telephone number,
including area code)
Item 5. Other Events.
On March 6, 2000, Elsinore Corporation, a Nevada corporation ("Elsinore"),
entered into a non-binding letter of intent with PDS Financial Corporation for
the sale of the capital stock of Elsinore's wholly-owned subsidiary, Four
Queens, Inc., a Nevada corporation. The press release dated March 9, 2000
announcing the transaction is filed as Exhibit 99.1 hereto and is incorporated
herein by reference.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
99.1 Press Release dated March 9, 2000.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ELSINORE CORPORATION
Date: March 10, 2000 By: /s/ S. Barton Jacka
S. Barton Jacka
Secretary, Treasurer and Principal
Accounting Officer
Index to Exhibits
Exhibit Description
99.1 Text of Press Release dated March 9, 2000
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
ELSINORE CORPORATION
202 FREMONT STREET
LAS VEGAS, NEVADA 89101
ELSINORE CORPORATION ANNOUNCES INTENT TO SELL
FOUR QUEENS HOTEL & CASINO
LAS VEGAS, NV-March 9, 2000--Elsinore Corporation announced that on March 6,
2000 it had signed a nonbinding letter of intent with PDS Financial Corporation
for the sale of the capital stock of Elsinore's wholly-owned subsidiary, Four
Queens, Inc., a Nevada corporation doing business as the Four Queens Hotel &
Casino for a purchase price of $30 million, subject to adjustment. The Four
Queens Hotel & Casino constitutes substantially all of the operating assets of
Elsinore Corporation. Elsinore Corporation holds certain non-operating assets,
which are not subject to the transaction with PDS Financial. At December 31,
1999, the outstanding long-term debt of Elsinore Corporation (not including debt
at the Four Queens level) was $12.0 million (including the current portion
thereof), and Elsinore had outstanding approximately 50,000,000 million shares
of 6% cumulative convertible preferred stock, with a liquidation preference of
$19.4 million, including accumulated dividends.
Consummation of the acquisition is subject to a number of conditions, including
due diligence review, negotiation and execution of a definitive purchase
agreement, receipt of required regulatory approvals, including approval of the
Nevada Gaming Commission, other gaming approvals, and, if necessary, approval
under the Hart-Scott-Rodino Antitrust Act, and receipt by PDS of satisfactory
purchase financing. There can be no assurance that a definitive agreement can be
reached, that the other conditions to the acquisition will be satisfied or that
the acquisition will be consummated.
Statements made in this press release, including those relating to the
consummation of the acquisition, are forward looking and are made pursuant to
the safe harbor provisions of the Securities Litigation Reform Act of 1995.
These statements involve risks and uncertainties which may cause results to
differ materially from those set forth in these statements. Among these risks
and uncertainties are whether or not the conditions to closing of the
transaction will be satisfied. Other factors identified by Elsinore in its
filings with the Securities and Exchange Commission, including Elsinore's Form
10-K for the year ended December 31, 1998, could affect the forward looking
statements contained in this press release.
Contact: Gina Contner, Director of Finance, Four Queens Hotel & Casino,
at 702-387-5150.
