Higher gambling revenues boost Isle stock price; company seeking buyer for Pennsylvania casino

Isle of Capri Casinos, Inc. Wednesday (2/25) reported earnings of $5.4 million (13 cents per share) for the third quarter ended Jan. 25 with nearly all of its 15 gaming venues showing gains in net revenue, including increases at all three of its Iowa properties.

Earnings for the quarter were lower than the third quarter a year ago (24 cents per share) when the company had a one-time gain of more than $10 million from the sale of its Davenport casino.

Isle stock has gained more than $2 per share after release of its earnings, and after disclosure by the Pittsburgh Post-Gazette that the gambling firm is seeking buyers for its newest property, Lady Luck Casino at Nemacolin Woodlands Resort.

The Pennsylvania resort casino opened in July 2013. Within months of opening, the casino laid off 70 of its 450 employees, according to the Post-Gazette. One of the drawbacks to the Nemacolin Woodlands casino is state law requiring patrons be a resort customer or overnight guest to access the facility. Otherwise, the patrons must buy a $10 gift card or a $45 annual pass to gamble at the facility.

All three Iowa gambling facilities reported higher net revenues, with Bettendorf’s Isle of Capri Casino up $746,000 for the quarter to $16.75 million. The Marquette casino revenues were up nearly $600,000 while the Waterloo casino reported net revenue of $21.45 million, up more than $1 million from the same quarter last year.

CLICK HERE to download the full third quarter financial report filed by the Isle of Capri Casinos, Inc. with the Security and Exchange Commission (SEC).

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