Eldorado Resorts

Eldorado Resorts – new Bettendorf Isle of Capri owner – reports big jump in operating income

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.

Bettendorf casino reverses decade long decline; new land-based facility ups admissions, revenues

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.

Isle 2nd quarter earnings double last year's results; big tax benefit on asset sales offsets revenue decline

Thanks to a $17.8-million income tax benefit, Isle of Capri Casinos, Inc. Thursday (12/1) reported second quarter earnings of $23.7 million (57 cents per share), more than double the gambling firm's earnings for the same quarter last year.

Subscribe to Eldorado Resorts
Go to top