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Lady Luck Gaming’s earnings decline

Thursday, Oct. 28, 1999 | 11:41 a.m.

Lady Luck Gaming Corp. of Las Vegas today said third-quarter net income fell to $1 million, or 20 cents a share, from $1.5 million, or 31 cents a share, in the 1998 third period. Revenue rose to $37 million from $32.1 million.

Lady Luck said earnings declined due to a $500,000 one-time charge related to a planned refinancing of the company's first-mortgage notes.

Lady Luck postponed the refinancing after Isle of Capri Casinos Inc. agreed to buy the company for $12 a share, or about $59 million, plus assumption of about $177 million of debt. The transaction is expected to close next year.

Lady Luck, which owns riverboat casinos in Mississippi and Iowa, agreed last August to buy the similarly named Lady Luck Casino in Las Vegas from its chairman for $45.5 million.

Lady Luck stock was quoted at $9.9375, up 6.25 cents a share, in early afternoon trading today.

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