Elsinore Corp – ‘10-Q’ for 9/30/95 – EX-99

As of:  Thursday, 11/16/95   ·   For:  9/30/95   ·   Accession #:  311049-95-26   ·   File #:  1-07831

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Quarterly Report   —   Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                      18±    82K 
 2: EX-27       Financial Data Schedule (Pre-XBRL)                     1      6K 
 3: EX-99       Miscellaneous Exhibit                                  2±     9K 
 4: EX-99       Miscellaneous Exhibit                                  1      8K 

EX-99   —   Miscellaneous Exhibit

JAMESTOWN S'KLALLAM TRIBE               

1033 Old Blyn Highway, Sequim, WA  98382     206/683-109    FAX 206/681-4643    

November 1, 1995              

By Certified Mail Return Receipt Request                                        

By Federal Express, Acknowledgment or                                           
Return Receipt Requested                                                        

Olympia Gaming Corporation                                                      
202 Fremont Street                                                              
Las Vegas, NV  89101                                                            

Re:  Jamestown S'Klallam Tribe, JKT Gaming, Inc. Agreements                     

Dear Sirs:                                                                      

Pursuant to the notice provisions in that certain Gaming Project      
Development and Management Agreement, as amended and approved by the National   
Indian Gaming Commission ("Agreement") between Olympia Gaming Corporation       
("Olympia") on the one hand, and Jamestown S'Klallam Tribe ("Tribe") and JKT    
Gaming, Inc., ("JKT") on the other, you are hereby notified that Olympia is in  
default under the Agreement as follows:                                         

1.   Olympia has defaulted in the payment of Minimum Guaranteed       
    Payments referenced in Section 9.1 and Section 9.5.3 thereof for
the following months:                                       

June 1995; July 1995; August 1995; and September 1995.      

The total outstanding and unpaid amount of Minimum Guaranteed Payments
is:                                                                             

$100,000.00                                                 

  Demand is made pursuant to Section 15.2 of the Agreement that the unpaid
 Minimum Guaranteed Payments set forth above be paid in full within five
(5) business days after receipt of this notice.                       

2.   Notice is further given hereby pursuant to Section 7.11 of the             
Agreement, Olympia has failed to advance sufficient funds required to 
pay accounts as due and maintain the operating reserve at $500,000.00.

  Demand is made pursuant to Section 15.2 of the Agreement that sufficient
monies be paid from Olympia's own funds to enable all current gaming project    
expenses to be paid and the Operating Reserve to be maintained at the required  
funding level.  It is estimated that the shortfall required at this time is a   
minimum of $2,540,000 and although we contend that the shortfall could be as    
high as approximately $5,390,000 according to our interpretation of the         
Agreement (as to which our rights are reserved), demand is made for payment of  
$2,540,000 within five (5) business days after receipt of this notice.          

3.   All rights and obligations of the Tribe and JKT are hereby       
reserved:                                                   

Please correct the address for notice for Levine and Associates to:             

Levine & Associates                                                   
2049 Century Park East, Suite 710                                     
Los Angeles, CA  90067                                                

Sincerely,                                                                      

W. Ron Allen                                                                    
Tribal Chairman/Executive Director                                              

cc:  Lane, Powell, Spears and Lubersky                                          
Tom Grohman                                                           
1420 Fifth Avenue, Suite 4100                                         
Seattle, WA  98108                                                    

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing		Date		Other Filings
Filed on:		11/16/95
		11/1/95
For Period End:		9/30/95		NT 10-Q
				List all Filings