Isle of Capri Casinos, Inc. Wednesday (2/20) reported a $2.2 million loss for the third quarter ended January 27, blaming the weak economy and winter weather disruptions at its Midwest gambling facilities.
The Isle, owner of the Bettendorf Isle of Capri and Davenport Rhythm City casinos, lost 6 cents a share in the third quarter, compared with a 3 cents per share loss for the same period last year.
Net revenues for the Isle's 15 casino properties increased $11 million to $238 million for the third quarter, but higher operating costs and interest expenses offset the gains. Net revenue at the Bettendorf gambling boat fell to $17.9 million in the third quarter of 2013, compared with $18.23 million for the third quarter of 2012. At the Davenport riverboat, net revenue was $10 million for the quarter, down slightly from $10.63 million for the same period in 2012.
"Similar to other operators in the regional gaming industry, our results were impacted by softness in consumer spending, including the effect of payroll and income tax modifications early in the calendar year," Isle President and Chief Executive Officer Virginia McDowell, stated in the company's earnings news release."In addition, last winter was one of the mildest on record in the Midwest, while in contrast this winter we have had some measurable weather disruptions at key times, including New Year's Eve weekend."
CLICK HERE to download a copy of the Isle's 8K report.
CLICK HERE to download a full copy of the Isle's quarterly financial report.
