Isle of Capri Casinos, Inc., Wednesday (9/4) blamed the weak economy and bad weather for its $4.9 million loss during the first quarter ended July 28.
The loss of 12 cents per share compares with a 17 cents per share profit for the same quarter a year ago.
The negative earnings came despite a more than 5 percent increase in revenues for the period compared with 2012. Net revenues for the quarter totaled $247.7 million compared with $235.8 million for the first quarter of 2012. The higher revenues were offset by a $3.9 million expense from the opening of the Isle's newest casino in Pennsylvania, higher gambling tax expense and higher marketing and administrative costs.
The Isle of Capri owns the Isle of Capri Casino in Bettendorf, the Rhythm City Casino in Davenport, and two other Iowa gambling parlors in Waterloo and Marquette. Revenues at all four Iowa locations were down from a year ago, declining to $57.2 million in net revenues for the period compared with $59.3 million for the same quarter last year.
President and Chief Executive Officer Virginia McDowell said the operating results were "impacted by the soft regional gaming trends" with several casinos affected by flooding and spring storms during May and June. "These items contributed to a decrease in same store casino revenues of $4.5 million, or 1.9 percent," McDowell said in the company's earnings news release.
CLICK HERE to download the complete quarterly earnings report filed with the U.S. Security and Exchange Commission.
