Recent Articles

Isle blames weak economy, weather problems for $4.9 million loss in first quarter

Isle of Capri Casinos, Inc., Wednesday (9/4) blamed the weak economy and bad weather for its $4.9 million loss during the first quarter ended July 28.

The loss of 12 cents per share compares with a 17 cents per share profit for the same quarter a year ago.

The negative earnings came despite a more than 5 percent increase in revenues for the period compared with 2012. Net revenues for the quarter totaled $247.7 million compared with $235.8 million for the first quarter of 2012. The higher revenues were offset by a $3.9 million expense from the opening of the Isle's newest casino in Pennsylvania, higher gambling tax expense and higher marketing and administrative costs.

The Isle of Capri owns the Isle of Capri Casino in Bettendorf, the Rhythm City Casino in Davenport, and two other Iowa gambling parlors in Waterloo and Marquette. Revenues at all four Iowa locations were down from a year ago, declining to $57.2 million in net revenues for the period compared with $59.3 million for the same quarter last year.

Iowa DNR begins development of plan to address Muscatine's sulfur dioxide pollution woes

The Iowa Department of Natural Resources (IDNR) – after years of seeking to avoid federal designation of Muscatine for being in violation of ambient air standards – will begin the process of developing a plan to reduce sulfur dioxide pollution in the community.

A meeting has been scheduled by the IDNR for 6 p.m., Thursday, October 3 at the Environmental Learning Center, 3300 Cedar Street, to discuss preliminary plans for addressing the U.S. Environmental Protection Agency's (EPA) "non-attainment" designation of Muscatine issued July 26.

With the non-attainment designation comes the requirement the state develop a plan to bring the city into compliance with the National Ambient Air Quality Standards. The so-called State Implementation Plan (SIP) must be completed within 18 months of the non-attainment designation.

Northpark Mall at 40 - over the hill and headed to obsolescence or maybe a gambling casino site?

Northpark Mall in Davenport turns 40 this year, and much like humans of that age, the salad days are long gone. In fact, Northpark, like most shopping malls are well past middle age and fast headed to the scrap heap of obsolescence.

The mass relocation of retail shopping from America's downtowns to suburban malls – fueled by cheap gas and two cars in every garage – ran its course some time ago. Most small locally owned stores folded in the onslaught of chain-store competion and high-rent mall leases.

Now it's the malls' turn to be choked by some of the same market forces.

Malls are no longer new, cool or the only hub of retail in the community. Strip malls and the new shopping bully – huge big box stores with their own interstate access and parking acreage – have overtaken the mall shopping "experience."

Consumer advocate OK with utility billing customers for nuke plant public opinion survey

The Iowa Office of Consumer Advocate (OCA) won't contest any of the $6 million in expenditures made by MidAmerican Energy to examine the feasibility of building a nuclear power plant in the state.

OCA director Mark Schuling said he is not planning to contest any of the utility's expenses, including the $44,000 spent on a "public perception" study on nuclear power conducted by a Des Moines public relations firm in November 2010. The telephone survey – conducted shortly after the utility got the green light from the state legislature to raise rates to pay for the $15-million feasibility study – focused on six locations identified as likely sites for a new nuke plant.

The survey by Flynn Wright Public Relations found residents in Woodbury County would not be happy about the prospects of a nuclear plant nearby, while residents in the two "finalist" sites – Muscatine and Fremont counties – were much more "accepting" of a nuclear plant being built nearby.

EPA agrees to reduce size of SO2 non-attainment area designated in Muscatine County

The U.S. Environmental Protection Agency (EPA) has agreed with the state of Iowa to reduce the area around Muscatine to be designated as in "non-attainment" for sulfur dioxide (SO2) emissions and subject to increased efforts to lower the SO2 pollution levels.

The EPA last February designated all of Muscatine County as in non-attainment for SO2, but the Iowa Department of Natural Resources (IDNR) in April submitted additional air modeling to support its recommendation the non-attainment area be reduced to include only the city of Muscatine and the immediate surrounding area.

Despite TIF rebates, Bettendorf Home Depot pursues lower property assessment

For the past six years, the Bettendorf Home Depot has received a $151,000 property tax rebate check from the city thanks to a Tax Increment Financing (TIF) deal that enticed the company to build a store as part of the Duck Creek Plaza redevelopment along Middle Road.

However, the significant tax break – totaling $5.37 million over the 11-year TIF period ending in 2016 – hasn't deterred the hardware store chain from pursuing nearly yearly appeals to state and local tax officials as it seeks to reduce the assessed value of the property, and, consequently the property taxes paid each year to Scott County, the city and the Bettendorf School District.

Two years ago, the company was successful in lowering its taxable value from $6.76 million to $6.167 million, a 9 percent decrease. Store attorneys had asked for a reduction to $6 million, or more than an 11 percent cut, according to Scott County officials. However, in the ensuing negotiations, the county and Home Depot agreed to the $6.167 million assessment.

Lee posts $1.97 million profit in 3rd quarter; stock climbs above $3 per share

Shares of Lee Enterprises, Inc. – owner of the Quad City Times – climbed to a 52-week high Tuesday (7/23) after reporting positive earnings for the third quarter ended June 30.

The company announced earnings of $1.97 million, 3 cents a share, for the quarter, compared with a loss of 3 cents per share for the same period a year ago.

Lee stock has risen nearly $2 a share since April, about the same time that investor Warren Buffett disclosed his conglomerate – Berkshire Hathaway – had accumulated 1.6 million shares in the Davenport-based company. Buffett purchased the Omaha World-Herald last year and now owns 68 daily newspapers under his BH Media subsidiary. Just last week, Buffett's media group announced plans to acquire the Press of Atlantic City, N.J.

Pages

Go to top