Isle of Capri Casinos, Inc. today (12/2) reported a $1 million loss for its second quarter as much higher interest costs on its debt offset a 3 percent increase in net revenues for the period.
For the three months ended October 26, the Isle – owner of three gambling operations in Iowa including the Bettendorf Isle of Capri – reported a loss of 3 cents per share, compared with a gain of 20 cents per share for the same period a year ago.
Net revenues for the casino company in the second quarter totaled $239 million, 3 percent higher than the $232 million during the same period in 2013.
Interest expense for the second quarter totaled $21.1 million, up nearly $6 million from the same quarter last year. Long-term debt of the Isle totaled $1.03 billion at the end of the third quarter, compared with $1.07 billion at the end of the company's previous quarter ended April 27 of this year.
For the company's Iowa casinos, net revenue was up slightly to $23.6 million, compared with $23.35 million for the same period a year ago.
The Bettendorf Isle of Capri experienced a 3.6 percent decline ($700,000) in net revenues compared with the second quarter of 2013. Net revenue fell to $18.3 million from nearly $19 million for the same three months a year ago.
CLICK HERE to download the full Isle of Capri Casinos, Inc. second quarter financial report.
