We present results of observations of the X-ray burster A1742-294 near the Galactic center with the ART-P telescope onboard the Granat observatory. The shape of its persistent spectra was well described by the model of bremsstrahlung from optically thin plasma, and it had remained essentially unchanged over 2.5 years of observations. We show that the mean interval between X-ray bursts from the source is several times shorter than assumed previously, and that the burst profile itself depends on the flux during the burst. We analyze in detail the strong X-ray burst detected from this source on October 18, 1990, and trace the evolution of its luminosity and radiation temperature.