Isle of Capri blamed the closure of its Our Lucaya casino for half of its fiscal 2005 third quarter as the primary factor behind its $1.288 million operating loss adjusted for depreciation, despite net revenues more than doubling to $4.608 million.
However, the more than 100 per cent increase in net revenues before the year-before period’s $2.04 million is in itself slightly misleading, because the Our Lucaya casino only opened in mid-December 2004 – half-way through the third quarter.
In announcing its results for the three months to January 25, 2005, Isle of Capri said in a statement: “Adjusted operating income fell because the casino incurred a full quarter of expenses, despite being closed for approximately half of the quarter.”
Source: Neil Hartnell, The Tribune
