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Isle of Capri Casinos Inc. Reports Operating Results (10-K)

June 08, 2010 | About:

Isle of Capri Casinos Inc. (NASDAQ:ISLE) filed Annual Report for the period ended 2010-04-25.

Isle Of Capri Casinos Inc. has a market cap of $322.8 million; its shares were traded at around $9.95 with and P/S ratio of 0.3. ISLE is in the portfolios of Jim Simons of Renaissance Technologies LLC.

Highlight of Business Operations:

The aggregate market value of the voting and non-voting stock held by non-affiliates(1) of the Company is $157,316,738, based on the last reported sale price of $9.41 per share on October 26, 2009 on the NASDAQ Stock Market; multiplied by 16,718,038 shares of Common Stock outstanding and held by non-affiliates of the Company on such date.

We have made efforts to reduce our debt levels. During the last 24 months, we have reduced our outstanding debt from approximately $1.5 billion as of April 27, 2008 to $1.2 billion or a reduction of approximately $300 million. We achieved this reduction through the use of cash obtained from the settlement of our Hurricane Katrina claim and cash flows from operations, to retire $142.7 million of the 7% senior subordinated notes for $82.8 million through a tender offer, in February 2009 and a prepayment of $35 million of our term loans under our senior secured credit facility in March 2009. In addition, we recently entered into an amendment to our senior secured credit facility that permits

The Lake Charles market currently consists of two dockside gaming facilities, a Native American casino and a pari-mutuel facility/racino. The current number of slot machines in the market exceeds 8,200 machines and table games exceed 200 tables. In calendar year 2009, the two gaming facilities and one racino, in the aggregate, generated gaming revenues of approximately $665 million. Revenues for the Native American property are not published. Gaming revenues for our Lake Charles property for calendar year 2009 were approximately $149 million. Lake Charles is the closest gaming market to the Houston metropolitan area, which has a population of approximately 5.5 million and is located approximately 140 miles west of Lake Charles. We believe that our Lake Charles property attracts customers primarily from southeast Texas, including Houston, Beaumont, Galveston, Orange and Port Arthur and from local area residents. Approximately 500,000 and 1.6 million people reside within 50 and 100 miles, respectively, of the Lake Charles property.

The Mississippi Gulf Coast market (which includes Biloxi, Gulfport and Bay St. Louis) is one of the largest gaming markets in the United States and consists of 11 dockside gaming facilities, which in the aggregate, generated gaming revenues of approximately $1.1 billion during calendar year 2009. Our Biloxi property generated gaming revenues of approximately $73 million during calendar year 2009. Approximately one million people reside within 60 miles of the property.

The Kansas City market consists of four dockside gaming facilities and a Native American casino. Operating statistics for the Native American casino are not published. The four dockside gaming facilities generated gaming revenues of approximately $720 million in calendar year 2009. Our Kansas City property generated gaming revenues of approximately $82 million during calendar year 2009. We believe that our Kansas City casino attracts customers primarily from the Kansas City metropolitan area, which has approximately 1.9 million residents

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