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The Chip Board Archive 06

Elsinore Corp. Announces Sale of Four Queens....

I'm just curious to know but did anyone else catch the articles in the March 15th editions of the Review-Journal and the Sun about Elsinore Corporation reaching an agreement to sell the Four Queens to a company called SummerGate Inc. for $22 Million Dollars. In the article it says the new owners have no plans to change the property's name and as a stipulation of the sale SummerGate has to make employment offers to ALL of the Four Queens employees and I'm sure that is a big relief to the 900+ employees who work there (Including Mark Karroll) and the unions that represent them and Mark if you happen to be reading this maybe you can give me an answer on this one question that I have.... When the sale of the Four Queens is consummated with SummerGate they (Elsinore) will have no assets and according to the press release Elsinore itself and all of the old subsidaries under Elsinore will be dissolved, But Elsinore makes no mention of what is going to happen with their NJCCC Casino Service License which they use for their "Multiple Blackjack" game which they license and distribute to several of the Atlantic City casinos, Surely Elsinore makes some amount of money on the licensing and distribution of their "Multiple Blackjack" game which I assume they still own the rights to if they are still licensed by the NJCCC, Are they going to just give up their license in New Jersey and sell the "Multiple Blackjack" game to another company like Harrah*s, Park Place or I even shudder to think Donald Trump.

Two things I don't look forward to in the coming years the changeover at Fitzgeralds which Don Barden said in a Review-Journal article on the day he took over Fitzgeralds in Las Vegas, Blackhawk and Tunica that for now he doesn't plan to change the name at any of the properties but of course that may change because even though he bought out the majority of the Fitzgeralds properties Phillip Griffith who still owns Fitzgeralds in Reno still owns the Fitzgeralds name and trademark so it's very likely that sometime down the road Barden will change all the properties to Majestic Star casinos and the day that SummerGate announces that they are either going to raze the Four Queens or just change the name but of course I'm just jumping the gun because the Four Queens hasn't been sold yet and there are a lot of huddles that SummerGate has to go through so I figure barring no problems it will take what about a year to a year and a half before the sale of the Four Queens to SummerGate is completed. The Four Queens was founded in 1966 and was named after the then owner's four daughters. Elsinore briefly dabbled in the gaming business in Atlantic City as partners with Playboy Enterprises until Playboy was forced to bow out due to their CEO Hugh Heffner being found unqualified to hold a NJCCC License, Elsinore bought Playboy out and changed the name to the Atlantis but unfortunately not long after Elsinore took over the NJCCC closed the property down due to the Atlantis' financial instability and Elsinore's inability to help the Atlantis get out of this instability.

Elsinore Corporation Four Queens Sale Press Release and SEC Form 8-K Filing (SEC Form 8-K is in Acrobat Reader Format)
http://www.fourqueens.com/financials_current-news.html

Las Vegas Review-Journal Article on the sale of the Four Queens
http://www.lvrj.com/cgi-bin/printable.cgi?/lvrj_home/2002/Mar-15-Fri-2002/business/18313954.html

Las Vegas Sun Article on the sale of the Four Queens
http://www.lasvegassun.com/sunbin/stories/archives/2002/mar/15/513179780.html?Elsinore

== Rick ==

BTW, Just an off topic sidenote for you all:

The city's television station KCLV Channel 2 on Cox Communications is now also being broadcast live on the Internet. I should give you ample warning that you really will need at least a broadband (i.e. DSL, Cable or T-1) connection because the amount of bandwith they are using doesn't work very well with a 56k modem. Fortunately I now have Comcast Cable Internet but the other day I did slum it and when to a friends house (He has America Offline) to see what would happen on a 56k modem and I gotta tell ya the audio and video feed was very distored as a result it kept rebuffering the signal.

KCLV-TV Cable Channel 2 (City of Las Vegas) Live Audio/Video Feed.
mmst://vserv.ci.las-vegas.nv.us/InternetBroadcast

The Las Vegas Metro Police also have started to broadcast over the Internet, Their audio feed is located at:
mms://64.89.232.178/scanner

Both feeds require the Microsoft Windows Media Player and a minimum 56k Internet connection.


Copyright 2022 David Spragg