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US – Isle of Capri on the up in third quarter

By - 27 February 2015

The locals market in North America could be bouncing back with Isle of Capri reporting net revenues for the third quarter up 7.5 per cent, to $241.1m, compared to $224.2m in the prior year quarter.

Virginia McDowell, the company’s president and chief executive officer, said: “Over the past 18 months, we implemented comprehensive operational changes to better align the returns on our marketing programs and costs of doing business. We did this all while driving higher customer satisfaction. We continued to realize the benefits of those initiatives this quarter as, for the fourth consecutive quarter, we reported a year-over-year increase in Adjusted EBITDA. Every one of our properties generated an increase in Adjusted EBITDA and all but one property generated higher net revenues.

“Although we benefited from better weather and macroeconomic trends during the quarter relative to last year’s third quarter, Adjusted EBITDA for all but two of our properties exceeded results not only compared to the prior fiscal year quarter, but also compared to the prior two fiscal year quarters. Three of our most profitable properties, Pompano, Boonville and Waterloo, set new third quarter records for Adjusted EBITDA, while Lake Charles reported the highest third quarter Adjusted EBITDA in the past three years, despite a new competitor being open for more than half the quarter. We are cautiously optimistic about the trends we are seeing in regional gaming, but regardless of the outlook, I am confident that the changes we are continuing to make in our business position us well in any operating environment.”

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