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Bettendorf casino admissions, revenues fall; declines higher than statewide gambling fall-off

on Sat, 07/12/2014 - 02:19   by Editor

The steady decade-long decline in admissions and revenue at Bettendorf's Isle of Capri casino continued during fiscal 2014.

Admissions for the 12 months ended June 30 fell to 923,000 – more than 1 million fewer than the casino's peak year in fiscal 2000.

Revenues declined to $70.4 million during fiscal 2014, down nearly 6 percent from the previous fiscal year. At its peak in 2004, the Isle had revenues of more than $105 million.

Amid sale rumors, Isle consolidates management to trim $2.5 million in corporate expenses

on Fri, 07/11/2014 - 20:26   by Editor

Amid rumors of its sale to a real estate investment trust, the Isle of Capri Casinos, Inc. announced Thursday (7/10) a consolidation of top management positions to cut corporate expenses by $2.5 million annually.

However, the news was not welcomed by investors, as the Isle stock price dropped more than 14 percent today (7/11) declining to $8.55 a share in early trading. Volume was more than five times the average number of stock transactions.

The management changes included the elimination of the executive chairman of the board of directors position, and the departure of the Isle's Chief Financial Officer Dale Black "to pursue other interests."

Familiar scenario: Heavy rain, then floods. . . then pumping sewage into the Mississippi River

on Thu, 07/10/2014 - 22:40   by Editor

Another year with heavy rainfall. Another year with flooding. And, another year of pumping raw sewage into the Mississippi River.

The all-too-familiar scenario is playing out again along the Bettendorf and Davenport riverfront as the Davenport Wastewater Treatment Plant struggles to cope with high flows – a combination of storm water runoff, flood water and sewage – resulting in the backup of interceptor sewer lines along the Bettendorf and Davenport riverfront.

Bettendorf activated its pumps along the riverfront near Leach Park and the Isle of Capri Casino June 29, according to reports filed with the Iowa Department of Natural Resources (IDNR), and in just the initial hours pumped 1.3 million gallons of raw sewage mixed with storm water into the river. The pumps have been pumping since, and a full tally of the sewage disposed in the river is expected when the pumps are turned off. Pumps were still on as of today (10/10) at three locations along the Bettendorf riverfront.

Davenport also reported bypassing of sewage June 30 at the River Drive and Howell St. lift station as well as 11 sewage back-ups in basements and nine sewage manholes overflowing between July 1 and July 3.

During the wet March-June period in 2013, Bettendorf flushed more than 200 million gallons of untreated sewage diluted by storm water into the Mississippi River.

UnityPoint Health returns for third time seeking variance to allow for billboard-sized sign

on Thu, 07/10/2014 - 00:55   by Editor

For the third time in four months, UnityPoint Health (formerly Trinity Terrace Park) is seeking a variance from the Bettendorf Board of Adjustment so it can erect signs on its building fronting Interstate 74 to promote its recognition by Truven Health Analytics as a "top 100" hospital.

The variance before the board Thursday (7/10) would allow the hospital to erect a second on-premise sign that is 513 square feet in size. Under city ordinance, only one sign is permitted on the frontage facing the interstate and the size is limited to 300 square feet. The hospital already has a sign with its name on the building fronting the interstate.

As with the previous two other sign variance requests, city zoning staff is not in favor of the latest plan.

Move to new land-based casino in Bettendorf comes as rumors surface Isle seeking a buyer

on Tue, 07/08/2014 - 02:11   by Editor

About the same time the Isle of Capri Casino, Inc. was telling Bettendorf officials last week it plans to move from its riverboat to a land-based facility, unconfirmed reports began circulating that the St. Louis-based gambling firm was in talks to sell out to a real estate investment trust.

While still unconfirmed, the rumors helped push the stock up more than $2 per share in the past week. The stock hit $10.71 per share today (7/7), a 52-week high, before closing at $10.12 per share.

Forest Grove Park land twice as valuable as property city will get in land swap

on Thu, 06/26/2014 - 23:05   by Editor

The new Forest Grove Park land the city of Bettendorf plans to swap with a subdivision developer is twice as valuable as the property the city will receive, according to a city appraisal obtained by Bettendorf.com as part of a Freedom of Information (FOI) request.

The 4.6 acres Ven Green Development is acquiring are valued at $38,500 per acre, or $177,100, according to a February 2014 appraisal by Douglas C. Nelson of Nelson Appraisals. The 3.7 acres in three parcels the city is receiving are appraised at $25,000 and $15,000 per acre, amounting in total to $89,750.

Part of the land Ven Green will gain would be used for construction of a shared access street to the park and subdivision, Spencer Hollow First Addition, reducing the size of land available for homebuilding to approximately 3.6 acres. However, even with the reduction in acreage, the developer would still gain 11 building lots.

Isle writes down value of gambling properties; reports $142-million loss for 4th quarter

on Wed, 06/18/2014 - 23:49   by Editor

The Isle of Capri Casinos, Inc. Tuesday (6/17) wrote down the value of its operations – including a $60-million impairment charge for its Bettendorf casino – and reported a $142-million loss for its fourth quarter ended April 27.

For its 2013-14 fiscal year ended April 27, the Isle reported a loss of $3.26 per share, or $127.7 million. That compares with a loss of $47.6 million, or a loss of $1.33 per share, in the previous fiscal year.

"Weakness in both visitation and win per visit impacted revenue from customers who spend less than $100 per visit," President and Chief Executive Officer Virginia McDowell said in the company's earnings release. "However, visitation and revenues from our top customers has remained relatively constant. In the current environment, we remain disciplined in our marketing and promotional activities."

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