US operator Isle of Capri Casinos has booked a loss of US$7.1m for the first quarter of fiscal 2008, as new property openings and the early extinguishment of debt served to offset a modest increase in revenue for the period.
Turnover for the St Louis-based company rose 1.7 per cent to $278.5m in the first quarter of the year, due in part to the successful implementation of new cost control measures.
Despite this increase, however, Isle of Capri said losses totalled $7.1m, compared to net income of $9.3m in the comparable period last year.
The results include $6.1m of pre-opening expense related to the company’s recently opened Waterloo, Iowa, and Coventry, UK, properties, in addition the early extinguishment of debt amounting to $2.2m.
"First quarter results were generally in line with our expectations, as we continue to take deliberate, measured steps toward improving our operating results, and begin the process of building a more competitive business model,” said Bernard Goldstein, Isle of Capri chairman and CEO.
