St. Louis-based casino operator Isle of Capri Casinos has published financial results for the fourth quarter of its financial year, which show that the majority (eight of 13) of its properties reported higher year-on-year profits – due primarily to continued strong performance throughout Missouri.
Overall, IOC’s adjusted EBITDA increased by $400,000 (E355,000) to $65.8m (E58.4m), representing a like-for-like climb of five per cent.
“We increased adjusted EBITDA and adjusted EBITDA margins for both the quarter and fiscal 2016 – and have grown both metrics for eight of the last nine quarters,” said Eric Hausler, IOC’s chief executive officer. “We continue to focus on driving increased profitability from our existing operations, managing our corporate costs efficiently and optimising our marketing costs. We benefited from our geographic diversity during the quarter as strength in our Missouri and Iowa operations offset lower results year over year in Colorado, Florida and Louisiana.”
The results closely coincided with the opening (as of June 24) of IOC’s gaming and entertainment facility in Bettendorf, Iowa (pictured) – after it underwent a complete rebuild. The company also plans to launch an online play-for-fun casino later this summer – a move which it says will “enhance our player loyalty and broaden [our] demographic appeal.”