The Isle of Capri Casinos, Inc. – owner of four gambling casinos in Iowa – reported Thursday (6/6) it lost $47.6 million during the fiscal year ended April 28 as company executives blamed the poor results on bad economic conditions, higher payroll tax rates and delays in gamblers getting income tax refunds.
On a per share basis, the fiscal 2013 loss amounted to $1.21 per share, which was an improvement over fiscal 2012 when the company lost $3.35 per share after writing down the value of two casinos it sold during that period.
For the fourth quarter alone, the Isle reported a loss of $45.4 million compared with a $13.5 million loss for the same period a year ago. Revenues for the quarter declined 8 percent to $268 million. For the fiscal year, the Isle had net revenues of $965 million, down slightly from $977 million for fiscal 2012.
"Consistent with other regional gaming companies, the quarter presented a difficult operating environment in our markets, as the combination of continuing economic challenges, changes in payroll tax rates and the delay in income tax refunds led to softer business levels at our casinos," President and Chief Executive Officer Virginia McDowell stated in the earnings news release.
In Iowa, net revenues during the fourth quarter at the Isle's casinos fell 7 percent ($4.8 million) to $61.8 million, compared with the fourth quarter of 2012. The drop in Iowa revenues was attributed to closure of Davenport's Rhythm City's Casino for eight days because of flooding, renovations being made at the Waterloo gambling facility and severe winter weather.
At the Bettendorf Isle of Capri riverboat, net revenues for fiscal 2013 totaled $78 million, down slightly from $79.2 million in fiscal 2012. At Rhythm City, net revenues for 2013 totaled $41.8 million compared with $44 million in fiscal 2012.
CLICK HERE to download a copy of the company's 4th quarter and fiscal 2013 results.
