Isle writes down value of gambling properties; reports $142-million loss for 4th quarter

The Isle of Capri Casinos, Inc. Tuesday (6/17) wrote down the value of its operations – including a $60-million impairment charge for its Bettendorf casino – and reported a $142-million loss for its fourth quarter ended April 27.

For its 2013-14 fiscal year ended April 27, the Isle reported a loss of $3.26 per share, or $127.7 million. That compares with a loss of $47.6 million, or a loss of $1.33 per share, in the previous fiscal year.

"Weakness in both visitation and win per visit impacted revenue from customers who spend less than $100 per visit," President and Chief Executive Officer Virginia McDowell said in the company's earnings release. "However, visitation and revenues from our top customers has remained relatively constant. In the current environment, we remain disciplined in our marketing and promotional activities."

Revenues for the company were just over $1 billion for the fiscal year, compared with $967 million during the previous 12 months. But at the Bettendorf Isle of Capri casino, net revenues for the year totaled $78 million, down 5.6 percent, compared with the previous year. And, combined revenues at the Isle's Iowa gambling properties (Bettendorf, Marquette and Waterloo) were down $8.3 million, 4.3 percent, compared with the previous year.

The Isle blamed the poor revenues figures in Iowa on "extended winter weather."

CLICK HERE to download a complete copy of the company's 4th quarter 10-Q filing.