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November 24, 2009

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Riverboat operator’s loss widens

Monday, Jan. 10, 2000 | 11:55 a.m.

ST. LOUIS -- President Casinos Inc. reported wider losses for the quarter ending Nov. 30 and blamed increased competition in its markets.

The St. Louis riverboat operator reported a net loss of $4.2 million, or 83 cents a share, compared to a loss of $2.4 million, or 48 cents per share in the year-ago quarter. Cash flow as $4.9 million, down 24 percent from the year-ago quarter, while revenues declined 1.6 percent to $50.2 million.

President blamed "intense competition" for its casinos in Davenport, Iowa; Biloxi, Miss.; and St. Louis. The company said its Iowa and Missouri casinos were particularly hurt by the legalization of dockside gaming in nearby Illinois.

Over the nine months ending Nov. 30, President reported a net loss of $6.6 million, or $1.31 per share, down from a loss of $9.5 million, or $1.89 a share, for the year-ago period. Revenues rose 0.5 percent to $157.3 million, while cash flow rose 12.4 percent to $19 million.

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