Poor economic conditions were blamed by Isle of Capri Casinos Inc. (ISLE) for a major loss suffered during the third fiscal quarter that ended on Jan. 24.
During the reporting period the company saw revenues fall 25 percent to $227 million from last year’s $301.8 million. The loss was $10.6 million or $0.33 per share compared to last year’s profit of $46.1 million or $1.45 per share last year.
Analysts had estimated the company would report a loss of $0.12 per share.
CEO James B. Perry said the company’s revenue was "hit by the economic downturn." He noted that unemployment in the areas where the company has casinos ranged from 7 percent to 9.2 percent and that the customers’ average spending per visit fell as "people have been cutting back."
The company has properties in Missouri, Iowa, Florida and Louisiana.
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