The Isle of Capri Casinos, Inc. -- owner of the Bettendorf and Davenport gambling "boats" -- lost $2.6 million, 8 cents per share, in the third quarter ended January 23.
The loss came despite an increase in revenues for the 3-month period from $227 million in the third quarter of 2010 to $232 million for the third quarter of 2011. The revenue increase was more than offset by higher interest costs totaling more than $21.5 million during the quarter.
The company said the higher interest expense, up $4.1 million compared to the prior fiscal year, resulted from borrowing needed to acquire the Rainbow Casino in Vicksburg, Mississippi.
CLICK HERE for the full quarterly report filed with the U.S. Security and Exchange Commission.
The quarterly results were an improvement over the third quarter of 2010 when the firm lost $10.6 million, or 33 cents per share.
The quarterly filing makes no mention of the City of Davenport's efforts to entice another firm to obtain the Rhythm City Casino's gambling license from the Isle.
City officials last week sought to have the state gaming commission issue less than a full year extension of the Rhythm City license in an attempt to speed up negotiations between the Isle and a Chicago-based developer.
Davenport officials have wanted the Isle to invest in upgrading the gambling operation there for several years.
The Isle's quarterly report does outline the casino company's plans to invest $125 million in a new riverfront gambling operation in Cape Girardeau, Missouri.
Net revenues at the Bettendorf Isle of Capri Casino were up slightly for the quarter, $18 million, compared to $17.5 million for the same period in 2010. Davenport's Rhythm City Casino revenues were off $700,000 from the previous year. Overall, the Isle's Iowa casino revenues were up about $600,000 for the third quarter, compared to the same period last year.
