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StumbleCasino operator’s stock tumbles on earnings miss
Thursday, April 29, 2004 | 10:49 a.m.
BILOXI, Miss. -- Isle of Capri Casinos Inc. reduced its fourth-quarter financial projections Tuesday, causing the company's shares to fall Wednesday.
In heavy trading, shares of the Biloxi-based company dropped by 11.4 percent to close at $20.90.
Isle blamed the shortfall on less-than-anticipated profits from its new 265-room hotel in Bossier City, La., a new casino in Freeport, Grand Bahamas, and fewer players at its casino in Dudley, England.
The company also was hampered by construction disruptions at its two casinos in Black Hawk, Colo., and higher-than-expected interest charges.
Isle said it expects to lose between $4.2 million and $6.4 million in the fourth quarter ended April 25.
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