<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
the Securities Act of 1934
Date of Report (date of earliest event reported): April 16, 1998
SANTA FE GAMING CORPORATION
(Exact name of registrant as specified in its charter)
NEVADA 1-9481 88-0304348
(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification No.)
incorporation)
4949 North Rancho Drive, Las Vegas, Nevada 89130
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (702) 458-4300
<PAGE>
ITEM 5. OTHER EVENTS
On April 16, 1998 Santa Fe Gaming Corporation (the "Registrant"), announced the
sale of promissory notes from its subsidiary, Santa Fe Hotel Inc. A copy of the
press release is filed as exhibit 99.1 to this Current Report on Form 8-K.
On April 16, 1998, Santa Fe Gaming Corporation announced that its wholly-owned
subsidiary, Santa Fe Hotel Inc. completed the issuance of Senior Secured
indebtedness. A copy of the press release is filed as exhibit 99.2 to this
Current Report on Form 8-K.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION AND EXHIBITS.
C. Exhibits
The following are filed as exhibits to this Current Report on
Form 8-K:
99.1 Press Release dated April 16, 1998 - Santa Fe Gaming
Announces Sale of Notes
99.2 Press Release dated April 16, 1998 - Santa Fe Hotel Inc.
Announces Senior Note Issuance
<PAGE>
SIGNATURES
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.
SANTA FE GAMING CORPORATION, a
Nevada Corporation
By: /s/ Thomas K. Land
------------------------------
Name: Thomas K. Land
Title: Chief Financial Officer
April 16, 1998
<PAGE>
Exhibit 99.1
SANTA FE GAMING CORPORATION
4949 NO. RANCHO DR.
LAS VEGAS, NV 89130
FOR IMMEDIATE RELEASE:
April 16, 1998
SANTA FE GAMING CORPORATION ANNOUNCES
SALE OF NOTES
LAS VEGAS, NEV. - Santa Fe Gaming Corporation ("SFGC") (AMEX:SGM), a diversified
gaming company headquartered in Las Vegas, announced today that is has
consummated the sale of promissory notes from its wholly-owned subsidiary, Santa
Fe Hotel Inc., ("Santa Fe") in the aggregate principal amount of approximately
$10 million for cash proceeds of approximately $9 million. SFGC expects to use
the cash proceeds for working capital purposes, including, without limitation,
repayment of indebtedness.
The sale of notes was completed in connection with the modification of the terms
of the promissory notes by Santa Fe and the issuance by Santa Fe of $14 million
principal amount of senior secured indebtedness pursuant to the previously
announced successful consent solicitation relating to 11% First Mortgage Notes
due 2000.
Santa Fe Gaming Corporation owns and operates the Santa Fe Hotel and Casino in
northwest Las Vegas and the Pioneer Hotel & Gambling Hall in Laughlin, Nevada.
In addition, the Company holds several real estate parcels for future
development within or in the area surrounding Las Vegas, Nevada.
CONTACT: Thomas K. Land
Chief Financial Officer
Santa Fe Gaming Corporation
702-658-4340
<PAGE>
Exhibit 99.2
SANTA FE HOTEL INC.
4949 NO. RANCHO DR.
LAS VEGAS, NV 89130
FOR IMMEDIATE RELEASE:
April 16, 1998
SANTA FE HOTEL ANNOUNCES SENIOR NOTE ISSUANCE
LAS VEGAS, NEV. - Santa Fe Hotel Inc., owner and operator of a hotel, casino and
entertainment facility located in Northwest Las Vegas, announced the
consummation of the issuance of $14 million principal amount of senior secured
indebtedness ("Senior Note") contemplated by its previously announced successful
consent solicitation relating to its 11% First Mortgage Notes due 2000. The
Senior Notes have a 9.5% coupon, require quarterly interest only payments, and
matures December 15, 2000.
Santa Fe used approximately $10.7 million of the debt proceeds to purchase
gaming and other equipment under lease and approximately $1.2 million toward the
purchase of additional gaming equipment. Santa Fe expects to use the balance of
the loan proceeds to acquire additional gaming equipment and to fund in part the
construction of a parking structure at the Santa Fe Hotel and Casino.
In addition, Santa Fe modified the terms of outstanding promissory notes
aggregating $10 million to reduce the interest coupon from 12% to 11% and to
extend the maturity date from May 1998 to April 2001. Santa Fe also granted a
security interest in gaming and other equipment to secure the modified notes.
Santa Fe is a wholly-owned subsidiary of Santa Fe Gaming Corporation ("SFGC").
SFGC also owns and operates the Pioneer Hotel & Gambling Hall in Laughlin,
Nevada. In addition, the Company holds several real estate parcels for future
development within or in the area surrounding Las Vegas, Nevada.
CONTACT: Thomas K. Land
Chief Financial Officer
Santa Fe Hotel Inc.
702-658-4900
