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Isle of Capri/city management agreement modifications allow lower contributions to events center capital improvement fund

on Fri, 08/03/2012 - 00:50   by Editor

Terms of the management agreement between the Isle of Capri casino and the city of Bettendorf have been modified by city officials without city council approval, including a clause which has allowed the casino to forego paying hundreds of thousands of dollars into a joint city/casino capital improvement fund.

Lee stock drops 8 percent after reporting 3rd quarter loss

on Thu, 07/19/2012 - 02:25   by Editor

Lee Enterprises, owner of the Quad City Times and qctimes.com, reported a 3-cent per share loss for its third quarter on Tuesday, and its stock fell 8 percent Wednesday (7/18) to 1.30 per share.

For the quarter ended June 24, Lee reported it lost $1.47 million, reflecting a nearly 6 percent decline in advertising revenue, higher interest expense on its debt and nearly $8 million in debt financing and reorganization costs paid during the quarter.

Bettendorf riverboat casino admissions, revenues continue to decline in fiscal 2012

on Thu, 07/12/2012 - 21:50   by Editor

Bettendorf's riverboat casino admissions fell to 1.1 million visitors in fiscal 2012, half the number of people the gambling boat drew 12 years ago.

Likewise, gross revenues at the Isle casino fell nearly 4 percent in fiscal 2012, off nearly $30 million from its peak revenue in 2004.

Isle of Capri Casinos reports $3.35 per share loss for fiscal 2012; write-downs on casino sales add to losses

on Fri, 06/08/2012 - 02:03   by Editor

Write-downs on the value of two casinos sold during the past year sent Isle of Capri Casinos, Inc. earnings to a loss of $3.35 per share for fiscal 2012. That compares to a 13 cents per share profit in fiscal 2011.

The Isle owns both the Isle of Capri riverboat casino in Bettendorf and the Rhythm City Casino in Davenport.

For fiscal 2012 ended April 29, the Isle reported a $17.4 million loss from continuing operation, compared to a $3.7 million profit for the year earlier.

Developer again promising to bring jobs from China; seeks renewal of city tax increment financing deal

on Thu, 06/07/2012 - 20:19   by Editor

Plantation Development and LEDs America are once again asking the Bettendorf City Council for Tax Increment Financing (TIF) dollars to help build a facility to assemble LED lights.

The developers have been promising to bring manufacturing jobs from China to Bettendorf to make the energy efficient lights in the currently undeveloped I-74 Technology Park, owned by Plantation Development.

DM Register announces plan to charge for online news access

on Tue, 05/08/2012 - 01:43   by Editor

The Des Moines Register (owned by Gannett, Inc.) has announced plans to begin charging for access to its online news site later this month.

The newspaper did not disclose how much it will charge for access, but print subscribers will receive full access to its online site, and non-subscribers will get a limited number of free articles each month before having to subscribe.

Lee reports $26.5 million 2nd quarter loss; bankruptcy reorganization, refinancing costs total $39 million

on Wed, 04/18/2012 - 21:27   by Editor

Lee Enterprises, owner of the Quad City Times and 48 other daily newspapers, reported a $26.5 million loss for its second quarter ended March 25.

The 54 cents per share loss reflects the company's $38.7 million expense from its recently completed bankruptcy reorganization and debt refinancing.

The loss would have been substantially higher if not for a $14.5 million income tax benefit recorded during the quarter. For the same quarter a year ago Lee reported a loss of 3 cents per share ($1.47 million).

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