The Isle of Capri Casinos announced a second quarter net income of $8m, compared with a loss of $6.6m for the same period in 2012. The gaming company said it’s return to profitability was helped ‘significantly’ by a $7.3m ‘litigation accrual reversal’ from settlement of a long-running lawsuit in Greece.
It was also able to reduce its interest expenses by $7.4m for the quarter from the same settlement.
In the trading report, company executives talked about moving its riverboat casino operation in Bettendorf to a land-based facility. The Isle is also in the process of selling its Rhythm City Casino in Davenport to Dan Kehl, president of Scott County Casino LLC, for $51m.
CEO Virginia McDowell said the second quarter results were possible because of “a top-to-bottom review” of the company’s business practices.
“We have begun a wide-ranging initiative across our entire company to delete duplication, streamline decision-making and aggressively pursue additional cost savings. These initiatives have contributed approximately $2.5m to our results so far this year and when fully implemented we expect the annualised run rate will be at least $10m.”
source : www.totallygaming.com
