Casino America announces name change and first quarter results

Wednesday, Aug. 26, 1998 | 11:47 a.m.

However, Casino America also reported a net income decrease of $300,000 for the first quarter ending July 26, as compared to the same period last year. Net income was the same period in 1997 was $2.9 million, or 13 cents per share.

The company reported total revenue $114 million for the first quarter, compared to $111.7 million for the same period a year ago.

The company's board of directors also Wednesday proposed a name change for the Biloxi-based company. Officials say changing the company's name to Isle of Capri Casinos Inc. "will strengthen the brand identity associated with the company's Isle of Capri properties."

The proposed change will be submitted to stockholders for approval at their annual meeting Sept. 25.

Casino America owns and operates riverboat and dockside casinos in Biloxi and Vicksburg in Mississippi, and in Bossier City and Lake Charles in Louisiana. The company also operates the Pompano Park Harness Racing Track in Pompano Beach, Fla. Casino America is also developing a land-based casino in Black Hawk, Colo.

"We are pleased that despite increased product competition in Biloxi, Vicksburg, and Bossier City, we able to maintain or improve our revenue...at all of our four properties," Bernard Goldstein, chairman of the board and chief executive officer, said in a statement.

The company blamed the net income loss on expenses accumulated with the Colorado project, start-up costs of a Capri Cruises joint venture and increased income tax provisions.