Isle of Capri Casinos -- owner of Bettendorf's riverboat casino -- posted a $2.6 million first quarter loss and blamed the negative results on Mississippi River flooding that impacted five of its gambling boats.
The loss of 6 cents per share compares to a loss of 8 cents per share ($2.8 million) during the first quarter of 2010.
Isle officials in its news release August 25 estimated the impact of flooding on its earnings was more than $7 million and stated the company will be seeking reimbursement of property damage and business interruption costs from its insurance carriers.
The company reported revenues at the Bettendorf Isle of Capri totaled $20.1 million during the first quarter, compared to $19.7 million in the first quarter of 2010. At the company's Davenport Rhythm City Casino, first quarter revenues were $10.3 million, down $1 million from 2010.
The Bettendorf riverboat casino was not affected by flooding, but the Davenport boat was closed six days. The gambling firm's Lula riverboat casino was closed 31 days and its boat in Natchez was closed 41 days by flooding.
