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Admissions, revenues at Bettendorf casino plunge as pandemic shutters facility for more than two months

on Sat, 07/11/2020 - 00:43   by news

Admissions and revenues at Bettendorf's Isle of Capri Casino fell to lows not seen since the launch of its predecessor Lady Luck Riverboat Casino in 1995 after the COVID-19 virus shuttered the facility for two and half months this spring.

For the 12-months ended June 30, the Isle – now owned by Eldorado Resorts, Inc. – reported gross revenue of $51.2 million and admissions of 627,436. That would be the lowest revenue and admissions since the fiscal 1995 results when the Lady Luck Riverboat generated $10 million in revenue and attracted 325,698 gamblers in operating less than three months.

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

on Thu, 08/10/2017 - 20:29   by news

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 of Capri Casinos, Inc. to be acquired by Nevada casino firm, Eldorado Resorts, in $1.7 billion deal

on Mon, 09/19/2016 - 20:08   by Editor

Isle of Capri Casinos, Inc. – owner of Bettendorf's Isle of Capri Casino – announced this morning (9/19) it had reached an agreement to be acquired by Eldorado Resorts of Reno, Nevada in a stock and cash transaction valued at $1.7 billion.

Eldorado would acquire all the outstanding Isle stock for $23 per share, or 1.638 shares of Eldorado common stock for each share of Isle stock. The $1.7 billion value includes the assumption of the Isle's $929 million of long-term debt.

Isle of Capri Casino, Inc. revenues down, but earnings beat last year's first quarter results

on Tue, 08/30/2016 - 23:43   by Editor

First quarter revenues at the Isle of Capri Casinos, Inc. – owner of Bettendorf's Isle of Capri gambling operation – fell 2.4 percent in the first quarter, but the St. Louis-based firm managed to post a $10.3 million profit, 25 cents per share, for the three-month period ended July 24.

Revenues at the gambling firm totaled $240.9 million for the first quarter, compared to $246.9 million for the same period a year ago.

Unsightly truck auctions now a city 'enterprise' thanks to $1.9 million state purchase for bridge

on Tue, 05/24/2016 - 01:26   by Editor

The Iowa Department of Transportation (IDOT) this spring paid $1.9 million to acquire 3.8 acres of Bettendorf riverfront property – owned by the Goldstein family's Green Bridge Company – needed for the new Interstate 74 Bridge.

The land was part of the property once hyped as the future site of a Mark Twain-themed amusement park by gambling proponents setting off to lobby the Iowa legislature in the early 1990's.

City appraiser pegs value of Isle casino property at $55 million; stage set for court hearing on tax issue

on Fri, 10/30/2015 - 02:53   by Editor

An appraiser hired by the city of Bettendorf pegs the value of the Isle of Capri Casino and its two hotels at $55.15 million. The Isle contends the property is worth just $44 million.

Unfortunately for the city, both estimates are far below the current assessed value – $85 million – agreed to by the Isle under terms of the casino/city development agreement signed when the QC Waterfront Convention Center was built.

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