International edition
September 30, 2020

It earned us$ 905 million

Isle of Capri Casinos posts first-quarter profit

(US).- Isle of Capri Casinos said this week that it made money in its fiscal first quarter on the absence of charges that impacted results a year earlier. The casino operator earned us$ 905 million, compared with a loss of us$ 3.6 million a year earlier.

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rior-year results included a us$ 5 million charge for the cancellation of rights for a land acquisition as well as a us$ 1 million termination fee related to the possible development of a casino in the Portland, Oregon, area.

Income from continuing operations was us$ 791 million, compared with a loss from continuing operations of us$ 2.6 million a year ago.

Analysts polled by Thomson Reuters, whose estimates typically exclude one-time items, predicted earnings of 13 cents per share.

For the period ended July 26, revenue slipped 6 % to us$ 259.9 million from us$ 277.4 million as consumers continue to pull back on their gambling and food and beverage spending. Room revenue also dropped.

The results missed Wall Street's estimate of us$ 273.4 million.

Casino operators have been pinched during the recession as consumers rein in their discretionary spending. Regional casino operators have tended to fair slightly better, as gamblers have opted to stay closer to home during the economic downturn.

Isle of Capri said it plans to exit its Bahamas operations by October 31 and plans to leave its UK businesses by the end of the year.

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