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Isle of Capri Casinos Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: December 1, 2011 02:00PM

Isle of Capri Casinos Inc. (ISLE) filed Quarterly Report for the period ended 2011-10-23. Isle Of Capri Casinos Inc. has a market cap of $191 million; its shares were traded at around $4.93 with a P/E ratio of 246.5 and P/S ratio of 0.2.



Highlight of Business Operations:

For the three months ended October 23, 2011, casino revenues increased at our Pompano and Lake Charles properties by $3.6 million and $1.1 million, respectively, reflecting increased marketing activities. Casino revenues increased at our Black Hawk properties by $1.8 million in response to renovations to our casino floor, poker room and additional amenities. These increases were partially offset by decreases of $1.7 million at our Lula property due to slow recovery from flooding and general market conditions, $2.1 million at our Quad Cities properties reflecting increased competition and limited property access due to road construction in Davenport and $1.1 million at our Biloxi property primarily due to current economic conditions.

For the six months ended October 23, 2011, casino revenues for our properties not closed due to flooding increased $9.6 million, or 2.4%, as compared to the same period in fiscal 2011. This included increased casino revenues of $5.5 million at our Pompano property, $3.9 million at our Black Hawk properties and $2.7 at our Lake Charles property partially offset by decreases of $1.8 million at our Bettendorf property and $1.3 million at our Biloxi property.

Food, Beverage, Pari-Mutuel and Other Revenues — Food, beverage, pari-mutuel and other revenues decreased $0.3 million, or 0.8%, and $1.2 million, or 1.8% for the three and six months ended October 23, 2011, as compared to the same period in the fiscal 2011. Food, beverage, pari-mutuel and other revenue for our properties not closed due to flooding decreased $0.2 million, or 0.4% for the six months ended October 23, 2011, as compared to the same period in fiscal 2011 reflecting reductions in complimentary food and beverage offerings to our customers.

Casino - Casino operating expenses increased $1.9 million, or 4.7%, and $2.3 million, or 2.9% for the three and six months ended October 23, 2011, as compared to the same period in fiscal 2011. Casino operating expense for our properties not closed due to flooding increased $2.4 million, or 3.8% for the six months ended October 23, 2011, as compared to the same period in fiscal 2011. Net increases in casino expenses reflect increased casino revenues at our properties not impacted by flooding.

Gaming Taxes — State and local gaming taxes increased $0.9 million, or 1.5%, and decreased $2.1 million, or 1.7% for the three and six months ended October 23, 2011, as compared to the same period in fiscal 2011. Changes in our overall gaming taxes reflect our overall gaming revenues and changes in the mix of our gaming revenues derived from states with differing gaming tax rates.

Read the The complete Report



Stocks Discussed: ISLE,
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