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Posted At : July 3, 2008 03:31 PM | Posted By : D McKee
Related Categories:
International,Mississippi,Isle of Capri
Whatever improvements the new management team at Isle of Capri Casinos can be expected to effect, they can't be blamed if the latest quarterly report was more of the same. Once new properties are excluded, same-store revues are down almost 10% and the company's ill-advised move into Great Britain has proven to be a vast, black hole into which nearly $80 million has been sucked. And Isle's commitment to a Florida racino appears to have cut the legs right out from under its Bahamanian market.
To be fair, this particular quarter was further hammered by a cluster of events, some predictable, some aberrant (Mississippi flooding, the Colorado smoking ban, increased competition in Biloxi). However, despite some gloomy prognostications and even gloomier numbers, Isle is sending the right message by rebranding its smaller casinos under the Lady Luck imprimatur. And the decision to commit $175 million-plus to refurbish casino-hotel product that is perceived as tired and out of date is welcome under any circumstances.
Isle's story looks like one of the "things will get worse before they get better" genre. And Wall Street appears to understand this. Besides, it took many years for Isle to dig this hole for itself, so a dose of patience is probably what the doctor ordered.
The sooner Isle can extricate itself from its British fiasco, the better. Let's hope that when the company talks about exploring strategic options that's a nice way of saying, "Let's sell this boondoggle and not be too picky about it."
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