Isle of Capri today reported a $1.5 million loss in its second quarter as its properties struggled to draw customers following flooding.
Its net loss in the second quarter amounted to 4 cents per share, for the period ended Oct. 23 compared with a net loss of $1 million, or 3 cents per share, a year earlier.
Its revenue grew to $247.5 million from $246.7 million a year ago.
Analysts had expected a smaller loss of one cent per share and slightly lower revenue of $246.2 million, according to a survey by FactSet.
Isle of Capri CEO Virginia McDowell said flooding earlier this year reduced foot traffic at the company's casinos in Lula, Natchez and Vicksburg, Miss. She said the business was slow to rebound to pre-flood levels, so the company had to boost its marketing spending to bring customers back.
McDowell said that even in uncertain economic times, she's confident her company is during the right things and creating a customer experience that will benefit the company and make it more profitable in the future.
During the second quarter, Isle's per-customer spending increased 7 percent.
Isle's $125 million Cape Girardeau casino is still on schedule to open in December 2012, according to the company's quarterly report.
During the second quarter, the company spend $7.8 million related to its Cape Girardeau casino project and expects to spend an additional $30 million here before the end of its fiscal year.