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Financial
Information
& Press Releases
August 14, 1997
SANTA FE GAMING CORPORATION ANNOUNCES
THIRD QUARTER RESULTSLAS VEGAS, NEV. - 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 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 roadway system surrounding the property and increased competition in the local Las Vegas gaming market. The Company anticipates that the opening of the new highway interchange and the subsequent Lone Mountain Road overpass will improve access to the property.
The Pioneer Hotel and Gambling Hall, locate in Laughlin, Nevada reported revenues of $10.6 million for the current three month period, representing a 4.7% decline compared to the same period in the prior year and operating income of $400,000 relatively flat compared to the same period in the prior year. The Laughlin market continues to be impacted by competition from Native American casinos in Arizona and California.
Santa Fe Gaming Corporation owns and operates the Santa Fe Casino Hotel in northwest Las Vegas, and the Pioneer Hotel and Gambling Hall in Laughlin, Nevada. In addition, the Company holds real estate parcels for future development in Henderson, Nevada and on Las Vegas Boulevard South. Selected financial data for the Santa Fe and the Pioneer are included in the Company's Quarterly Report on Form 10-Q, filed today with the Securities and Exchange Commission.
CONTACT:
Thomas K. Land
Chief Financial Officer
702-658-4340
SANTA FE GAMING CORPORATION
Consolidated Earnings Summary
for the three and nine month periods ended June 30, 1997 and 1996
In thousands except per and outstanding share information (unaudited)
Three Months Ended
Nine Months Ended
6/30/97 6/30/96 6/30/97 6/30/96 Revenues (including gain on sale of Sahara assets)
$27,516
$25,950
$80,406
$123,857
Earnings before interest, taxes,depreciation allowance and leases ("EBITDAL") and gain on saleof Sahara assets
$6,532
$3,608
$17,518
$15,902
Plus: gain on sale of Sahara assets
0
0
0
40,754
Less: depreciation and amortization
2,754
3,533
8,242
10,868
Less: lease expense
1,035
445
2,977
828
Operating income
2,743
(370)
6,299
44,960
Interest expense
5,585
5,766
16,949
18,716
Income (loss) before federal incometax expense (benefit) and extra-ordinary item
(2,842)
(6,136)
(10,650)
26,244
Federal income tax
expense (benefit)(491)
(1,965)
(2,902)
9,195
Income (loss) before
extraordinary item(2,351)
(4,171)
(7,748)
17,049
Extraordinary item - gain on early extinguishment of debt, net of tax provision of $200 in 1997and $4,229 in 1996
372
0
372
7,854
Net income (loss)
(1,979)
(4,171)
(7,376)
24,903
Dividends on preferred shares
379
364
1,137
1,066
Net income (loss) applicable to common shares
($2,358)
($4,535)
($8,513)
$23,837
Net income (loss) per common share
($0.38)
($0.73)
($1.37)
$3.85
Outstanding common shares
6,195,356
6,195,356
6,195,356
6,195,356
CONTACT:
Thomas K. Land
Senior Vice-President and Chief Financial Officer
Santa Fe Gaming Corporation
702-658-4340
SANTA FE GAMING
CORPORATION
4949 NO. RANCHO DR.
LAS VEGAS, NV 89130
August 14, 1997
SANTA FE GAMING CORPORATION
ANNOUNCES
AMENDMENTS TO 12% NOTE PURCHASE AGREEMENT
AND PLACEMENT OF AN ADDITIONAL $20 MILLION IN NOTES
LAS VEGAS, NEV. - Santa Fe Gaming Corporation (AMEX:SGM), a diversified gaming company headquartered in Las Vegas, today announced amended terms to its 12% Notes due 1999 and placement of up to an additional $20 million in 12% Notes by Sahara Las Vegas Corp., an indirect, wholly-owned subsidiary of SGM ("SLVC").
The terms of the 12% Notes were amended to provide, among other items, (i) the issuance of up to an additional $20 million of 12% Notes, of which $15 million has been issued and proceeds from were used, in part, to purchase 11% First Mortgage Notes, due 2000 issued by the Santa Fe Hotel Inc. (ii) for the deferral of a $500,000 principal payment, and (iii) for revision of a covenant requiring redemption of $3.5 million principal amount of 12% Notes. Additional information regarding the Amendment to the 12% Note Purchase Agreement, included in the Company's Quarterly Report on Form 10-Q, filed today with the Securities and Exchange Commission.
Santa Fe Gaming Corporation owns and operates the Santa Fe Casino Hotel in northwest Las Vegas, and the Pioneer Hotel and Gambling Hall in Laughlin, Nevada. In addition, the Company holds real estate parcels for future development in Henderson, Nevada and on Las Vegas Boulevard South.
CONTACT:
Thomas K. Land
Chief Financial Officer
Santa Fe Gaming Corporation
702-658-4340
Santa Fe Gaming Corporation Announces
Employee Licensing by Nevada Gaming Authorities
Las Vegas, Nev., November 21, 1997
Santa Fe Gaming Corporation (AMEX:SGM), a diversified gaming copmany headquartered in Las Vegas, announced today the Nevada Gaming Authorities have granted licenses to Mr. Christopher Lowden, Executive Vice President Operations and Mr. Thomas K. Land, Senior Vice President and Chief Financial Officer.
In November 1997, the Nevada Gaming Authorities completed their investigation of Mr. Chris Lowden, and unanimously approved the licensing of Mr. Lowden in his capacity as an officer of Santa Fe Gaming Corporation and as a key employee of Santa Fe Hotel, Inc.
In addition, previously unannounced, Nevada Gaming authorities completed their investigation of Mr. Thomas K. Land and unanimously approved the licensing of Mr. Land in his capacity as an officer of SFM, Inc., a wholly-owned subsidiary of Santa Fe Gaming Corporation.
Santa Fe Gaming Corporation owns and operates the Santa Fe Hotel and Casino in northwest Las Vegas and the Pioneer Hotel & Gambling Hall in Lauglin, Nevada. In addition, the Company holds several real estate parcels for future development within or in the area surrounding Las Vegas, Nevada.
Previous Releases
May 15, 1997
SANTA FE GAMING CORPORATION ANNOUNCES
SECOND QUARTER RESULTSLAS VEGAS, NEV. - Santa Fe Gaming Corporation (AMEX:SGM), a diversified gaming company headquartered in Las Vegas, today announced results for the quarter ended March 31, 1997.
For the quarter ended March 31, 1997, the Company reported revenues of $27.5 million and a net loss of $2.3 million or $.37 per common share compared to revenues of $29.1 million and net loss of $2.8 million or $.45 per common share for the same period in 1996, excluding the gain on repurchase of debt discussed in the next sentence. In the prior year's quarter, the Company reported 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. Revenues and the net loss reported in the second quarter improved over the quarter ended December 31, 1996, in which revenues were $25.4 million and the net loss was $3.8 million or $.62 per common share.
The Company's Santa Fe Hotel & Casino reported revenues of $15.4 million in the current quarter as compared to $16.1 million in the prior year. The Pioneer Hotel & Gambling Hall reported revenues of $11.2 million in the current period as compared to $12.1 million in the prior year. Selected financial data for the Santa Fe and the Pioneer are included in the Company's Quarterly Report on Form 10-Q, filed today with the Securities and Exchange Commission.
Cash flow from operations before rent expense was $3.6 million and $2.8 million in the current period at the Santa Fe and Pioneer, respectively, compared to $3.4 million and $3.0 million, respectively, in the prior year period. The current period results represent an improvement compared to $2.7 million and $1.4 in the quarter ended December 31, 1996 at the Santa Fe and Pioneer, respectively.
For the most recent six month period, Santa Fe Gaming reported revenues of $52.9 million and net loss of $6.2 million or $.99 per common share, compared to revenues of $57.2 million and net loss of $6.4 million or $1.03 per common share in the six month period ended March 31, 1996, excluding the gain on repurchase of debt discussed above and 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 recorded in October 1995.
Santa Fe Gaming Corporation owns and operates the Santa Fe Casino Hotel in northwest Las Vegas, and the Pioneer Hotel and Gambling Hall in Laughlin, Nevada. In addition, the Company holds real estate parcels for future development in Henderson, Nevada and on Las Vegas Boulevard South.
CONTACT:
Thomas K. Land
Chief Financial Officer
Santa Fe Gaming Corporation
702-658-4340
Copyright 1997 Santa Fe
Gaming Corporation
4949 NORTH RANCHO DRIVE · LAS VEGAS, NV 89130
Tel: (702) 658-4900 · (800) 457-2882 · E-mail: info@SantaFeGamingCorp.com