Isle of Capri Casinos, Inc. lost $1.5 million in its second quarter ended October 23, while admissions at its Bettendorf casino were off nearly 5 percent for the quarter compared to a year ago.
Second quarter revenues for the Isle corporation were $247.5 million, up from $246.7 million for the same period last year. However, increased expenses resulted in the loss of 4 cents per share. A year ago, the Isle lost 3 cents per share ($1 million) during the second quarter.
Casino admission at the Isle Bettendorf operation totaled 302,723 for the July through September period, according to reports from the Iowa Racing and Gaming Commission. That's nearly 5 percent fewer than the 317,505 admission for the same period in 2010.
Gross revenues at the Bettendorf facility fell by nearly 8 percent, from $20.94 million for the three months ended Sept. 30 last year to $19.34 million for the same period this year.
"As a business, we are facing the challenges of increased competition in some of our key markets, the possibility of still prolonged economic hardship, and our need to continue to raise the bar on customer experience while maintaining fiscal responsibility during a period of uncertainty," President and Chief Executive Officer Virginia McDowell, said in the Isle's earnings news release issued December 1.
At the Isle's Davenport casino, The Rhythm City, admissions were off 1 percent for the second quarter compared to last year, while revenues fell 5.2 percent. The Isle blamed road construction affecting the Davenport operation for part of the decline in revenue there.
In addition to the properties in Bettendorf and Davenport, the Isle operates casinos in Waterloo and Marquette, Iowa, and 11 other gambling operations in Missouri, Colorado and Florida.
CLICK HERE to download the Isle's second quarter earnings report.
