LAS VEGAS, Aug. 14 /PRNewswire/ — Santa Fe Gaming Corporation (AMEX: SGM), a diversified gaming company headquartered in Las Vegas, today announced results for the quarter ended June 30, 1997.
For the three month period ended June 30, 1997, Santa Fe Gaming reported revenues of $27.5 million and operating income of $2.7 million compared to revenues of $26.0 million and an operating loss of $400,000 during the prior year three month period. The Company reported a net loss of $2.4 million or $.38 per common share in the current period as compared to a net loss of
$4.5 million or $.73 per common share for the same period in 1996.
For the nine month period ended June 30, 1997, the Company reported revenues of $80.4 million and net loss of $8.5 million or $1.37 per common share, compared to revenues of $83.1 million and net loss of $10.9 million or $1.76 per common share in the nine month period ended June 30, 1996, excluding a gain on the sale of substantially all the assets of the Sahara Hotel and
Casino of $40.8 million before taxes or $4.34 per common share, and a net after tax gain of $7.9 million, or $1.27 per common share, related to the repurchase of $48.3 million of long-term debt.
The Company’s improved Ligaz888 financial results are attributable primarily to improved operating results at the Santa Fe Hotel and Casino in northwest Las Vegas. The Santa Fe increased revenues from operations by $2.4 million or 16.8% to $16.8 million during the quarter ended of June 30, 1997. Operating income in the current period increased to $2.7 million up from an operating loss of approximately $300,000 during the same prior year period. The property increased revenues and improved operating margins despite ongoing construction of the …