Eldorado Resorts, Inc. – the new owner of Bettendorf's Isle of Capri Casino – reported (11/2) third quarter net income of $29.6 million, or 38 cents per share.

Eldorado Chairman and CEO Gary Carano told analyst during a conference call the company "could not be more pleased with our progress (integrating the Isle of Capri casino properties) to date."

While total revenues at the Reno-based firm fell 1 percent compared with the third quarter a year ago, operating income at the company's casinos was up more than 40 percent compared with the same three-month period in 2016.

Plans for two commercial buildings and a restaurant – part of the sports complex at Middle and Forest Grove Roads – are headed for Bettendorf City Council approval, but improvements to that key intersection have yet to be finalized by the city.

Bettendorf's vacant Town Square block – between State and Grant Streets and 20th and 21st Streets – would become the site of a new four-story, $9-million Ascentra Credit Union headquarters under a development deal before the city council.

The Bettendorf sports complex under construction at I-80 and Middle Road was awarded up to $2.5 million in state sales tax rebates recently (10/11) based on the developer's estimate more than $66 million in sales will be generated over the next 10 years by the project.

Remediation efforts to prevent contaminated groundwater at Alcoa's Davenport Works from reaching the Mississippi River appear to be working, according to a five-year analysis issued recently (7/28) by the U.S. Environmental Protection Agency (EPA).

The report states the system of wells and pumps around the site are preventing contaminated groundwater from moving offsite. Once captured, the contaminated water is treated to remove the pollutants: polychlorinated biphenyls (PCB's), volatile organic compounds (VOC's), polynuclear aromatic hydrocarbons (PAH's) and metals.

Three commercial developments proposed for the busy Middle and Devils Glen Road corridor hit snags at the Bettendorf Planning and Zoning commission last week (9/20) because of parking and traffic concerns.

• Hy-Vee wants to demolish Governor's Pub & Grill on the northwest corner of the Middle and Devils Glen intersection to build a gas station, convenience store and coffee shop with a drive-thru lane.

The prime Interstate 74 property – once promoted for technology businesses in Bettendorf – will likely become the home to a new 92-bed psychiatric hospital.

Strategic Health LLC is asking the Bettendorf Board of Adjustment for two parking setback variances which would pave the way for construction of the facility north of Tanglefoot Lane and east of Interstate 74. The requests are scheduled to go before the board at its Thursday (9/14) meeting.

Building permits issued for the Bettendorf sports complex at Middle and Forest Grove Road total $38 million, some $8 million less than the $45 million value specified in the agreement with BettPlex developer Douglas Kratz.

Meanwhile, the cost of city infrastructure – sewer lines, stormwater facilities and street improvements to serve the 79-acre complex – is expected to be well above the $3.87 million specified in the same development agreement.

The sports complex builder, Build To Suit of Bettendorf, obtained the building permit August 28. The permits listed the building cost of $28.6 million, electrical work $4.11 million, heating/air conditioning $1.85 million and plumbing costs of $950,000, for a total value of $35.5 million. Two months ago, the developer obtained a permit for the sports complex foundation for more than $2 million.

The move to a new land-based casino in June of last year has reversed a decade long decline in gamblers and gambling revenue at Bettendorf's Isle of Capri.

For the fiscal year ended June 30, the Isle (now owned by Eldorado Resorts, Inc. of Reno, NV) attracted more than 1 million gamblers, up more than 30 percent from fiscal 2016. With more admissions, the Isle's adjusted gross revenue climbed to $77.5 million, up more than 11 percent compared with the previous fiscal year.

Both numbers are still far below the heyday for casino gambling. Admissions at the Isle of Capri peaked at more than 2 million in 2000, while adjusted gross revenues reached a high of $105 million in 2004.
A similar rebound also was seen at Davenport's Rhythm City Casino with the opening of a new land-based facility in June of 2016.

After reporting an upswing in third quarter earnings Thursday (8/3), Lee Enterprises, Inc. executives told analysts the company will look to widen the use of cash flow beyond debt reduction and may seek additional print or digital acquisitions.

The Davenport-based media company acquired its Quad Cities newspaper competitor, The Dispatch-Argus, in June for $7 million. The Dispatch-Argus primarily served the Illinois Quad Cities (East Moline, Moline and Rock Island), while the Quad City Times serves mainly readers in the Iowa Quad Cities (Bettendorf and Davenport).

"We expect the acquisition to be accretive to earnings and free cash flow in our September (4th) quarter," President and Chief Executive Officer Kevin Mowbray said. "The transition is off to a good start and we are pleased with the contributions we are already seeing from the Dispatch-Argus."