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Isle 2nd quarter earnings up; weak revenues lead to stock sell-off and 19 per cent drop in stock price

on Wed, 12/02/2015 - 23:09   by Editor

Isle of Capri Casino, Inc. officials reported second quarter earnings of $11.45 million (28 cents per share) Wednesday (12/2), but its stock got hammered as investors apparently were concerned with weak casino revenues, particularly at the company's St. Charles, Louisiana operation.

The Isle's stock lost more than 19 percent of its value, more than $3.70 per share, in morning trading after the company reported its second quarter numbers. The stock had more than doubled in value since the first of the year, from $8.45 per share January 1 to $21.43 per share November 5.

City/Isle deal to end tax dispute; city gets $652,000 and schools, county may finally see tax boost

on Tue, 11/17/2015 - 23:25   by Editor

The tax dispute between the city of Bettendorf and the Isle of Capri Casinos, Inc. would be resolved under a development agreement deal expected to be approved tonight (11/17) by the city council.

The Isle has been seeking to lower the assessed value of its riverfront property to $45 million from the current $85 million. An appraiser hired by the city valued the Isle's two hotels and riverboat casino at $55 million. The county review board in June rejected the Isle's tax appeal, but the casino operator then filed suit in Scott County District Court.

Downtown urban planners urge city use of Town Square block for civic events and activities

on Thu, 11/12/2015 - 21:32   by Editor

The so-called Town Square block along State Street in downtown Bettendorf should be used as originally envisioned – as an open plaza for civic events and activities – a team of urban planners from the Iowa Downtown Resource Center told city officials in early October.

The planning experts' recommendation is in stark contrast to two development proposals currently being considered by the city council. Both call for creation of mixed use commercial/residential development with parking on the block between 20th and 21st Streets between State and Grant Streets.

City appraiser pegs value of Isle casino property at $55 million; stage set for court hearing on tax issue

on Fri, 10/30/2015 - 02:53   by Editor

An appraiser hired by the city of Bettendorf pegs the value of the Isle of Capri Casino and its two hotels at $55.15 million. The Isle contends the property is worth just $44 million.

Unfortunately for the city, both estimates are far below the current assessed value – $85 million – agreed to by the Isle under terms of the casino/city development agreement signed when the QC Waterfront Convention Center was built.

Emails indicate mayor, city administrator pushed TIF's for downtown apartments for past year

on Tue, 10/20/2015 - 21:23   by Editor

For more than a year, Bettendorf Mayor Bob Gallagher and City Administrator Decker Ploehn have been telling their economic development staff and developers they would support use of city tax incentives for projects involving downtown apartments.

In emails obtained by bettendorf.com through a Freedom of Information request, both Gallagher and Ploehn were focused on redevelopment of eight apartment buildings in the downtown known collectively as the Carling Apartments.

Lee touts cost reductions at lender confo; decline reflects 44% reduction in employment since 2007

on Fri, 10/09/2015 - 02:08   by Editor

Lee Enterprises executives touted their 39 percent reduction in costs since 2007 at an Arizona lenders' conference last month, a decline which tracks the steady decline in employment at the Davenport-based firm from more than 8,100 to just over 4,500 full-time employees.

The presentation at Deutsche Bank's Leveraged Finance Conference September 29 may have helped contribute to recent gains in the price of its stock, which has climbed nearly a dollar per share since hitting a 52-week low of $1.36 per share Sept. 10.

Town Square mushrooms into 3-block development with city contributing $8 million to $15 million

on Tue, 10/06/2015 - 21:25   by Editor

The one-block Town Square idea kicked around by Bettendorf aldermen this spring has now mushroomed into a three-block downtown makeover with city taxpayers expected to contribute from $8 million to $15 million in land donations, interest rate buy-downs and developer tax rebates.

The two competing Town Square project proposals – from Russell Companies, Davenport, and Newbury Living, Des Moines – also call for obtaining state housing tax credits to help pay for either senior- or workforce-housing that would be built as part of the redevelopment.

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