Casino America announces earnings

Tuesday, June 16, 1998 | 9:58 a.m.

For the quarter ending April 26, the gaming company reported total revenue of $116.9 million, as compared to $109.3 million for the same period a year ago.

Casino America report a net income loss of $7.5 million, or 32 cents per share, for the quarter ending April 27, 1997.

The company blamed the loss on a pre-tax non-recurring expense related to a settlement with the Louisiana Gaming Control Board and the Louisiana State Police. The settlement was over a dispute concerning the deductibility of double jackpots for determining gaming taxes, a consolidation of the Bossier City and Lake Charles casinos in Louisiana and other factors.

For the year ending April 26, Casino America reported net income of $7.5 million, or 32 cents per diluted common share. The company had a net income loss of $21 million, 39 cents per share, for the year ending April 27, 1997.

"As the numbers indicate," said Bernard Goldstein, chairman and chief executive, "fiscal 1998 was a very good year for Casino America."

Goldstein said the company earnings increased at all properties.

"We believe that this proves that Casino America is capable of operating successfully in mature competitive markets," he said.

Casino officials also said the company improved its attractiveness to customers by opening Farraddays' Steak Houses at its casinos and adding a 241-room hotel at Lake Charles, La.

Casino America owns and operates five riverboat and dockside casinos at four locations. The locations are Biloxi, Vicksburg, Bossier City and two riverboats operating as the Isle of Capri Casino in Lake Charles, La. 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.