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Spring flooding reduces casino profits
Published Saturday, July 5, 2008
NATCHEZ — When the Isle of Capri casino was forced to close its doors due to floodwaters in April, it was inevitable the business would lose money.
The casino was closed for 15 days in the fourth quarter, which ended April 27. It was also closed for a portion of the next quarter.
The fourth quarter reports show the casino’s profit at $8.5 million, down from the 2007 fourth quarter, which showed a net revenue of $10.6 million.
“You can safely say that revenues declined in the quarter,” said Jill Haynes director of Corporate Communications for the Isle of Capri. “Natchez was closed for 15 days during the (fourth) quarter which represents approximately half the time the property was closed.”
Haynes said comparing the net revenue of the 2008 quarter to 2007’s quarter is like comparing apples to oranges, however.
Because the rest of the time the casino was closed falls into the first quarter, it’s still unknown just how much money was lost.
Haynes said the company is preparing a business interruption claim, which is insurance for these types of incidents.
“The Isle insurance carrier will cover a portion of the loss,” Haynes said.
Of course the Isle will have to pay a deductible.
The casino boat had to be moved to higher ground when the Mississippi River hit between 52 and 52.5 feet, but still maintained operations.
By the time floodwaters hit 55.5 feet, the ramp to the boat was obstructed and the base of Silver Street was flooded.
At that time, April 13, the Isle was forced to close.
On May 12, the boat reopened after having being repositioned when the river hit between 52 and 52.5 feet.
Employees of the casino were paid throughout the closure.
Comments
Posted by fire39212 (anonymous) on July 5, 2008 at 12:50 a.m. (Suggest removal)
I hate to hear they lost money....
Posted by sandyman7 (anonymous) on July 5, 2008 at 8:21 a.m. (Suggest removal)
OMG The "Boat" lost money.....What a misleading lie.....It may not have made as much as it wanted, but "LOST" money just isn't true, in my opinion.Lost means, according to Webster, to ruin...to destroy...to fail to gain or win...to fail to hear or understand...So its just hard for me to feel sorry for the isle of capri's owners that take millions of dollars from Natchez to Los Vegas....
Posted by Hardcorps (anonymous) on July 5, 2008 at 9:51 a.m. (Suggest removal)
The Isle is the last thing keeping the lights on in Natchez. Without their tax money this town would go down in a hurry.
Posted by Krogers (anonymous) on July 5, 2008 at 10:22 a.m. (Suggest removal)
They haven't lost any money, just reduced their expectations. It's all gravy for those guys. The high water problem is just an opportunity for them to poor mouth. For the most part the casino is raking in easy money off people who haven't got sense enough to hold onto the little money they manage to bring in. That's my observation, although I rarely visit the casino myself, I guess I could be wrong on that.
It's sad when a community is depending on casinos to stay alive and maintain an economy, as I believe the casino business is corrupt and evil.
I agree with you sandyman7.
Posted by fire39212 (anonymous) on July 5, 2008 at 11:28 a.m. (Suggest removal)
Amen Krogers and sandyman7....
I hope you know i was being sarcastic in the above post lol...
Posted by destiny (anonymous) on July 5, 2008 at 1:14 p.m. (Suggest removal)
sweet fire, I know and I'm sure most of the bloggers know your frame of mind when you post. Your comments always start my day off on a good note and Hardcore and Krogers is really getting down today, Glad I tuned in.
Posted by freedom42 (anonymous) on July 5, 2008 at 4:27 p.m. (Suggest removal)
Too bad, so sad. The rest of the town's not complaining that I hear.
Posted by southernbelle (anonymous) on July 6, 2008 at 8:54 a.m. (Suggest removal)
I think the poor boat will come out a winner. After all it holds all the cards. I wish it would turn into a ghost ship for childrens entertainment . Maybe Natchez Ghost Tours could buy it and incorporate it into their business. Maybe some of the old rundown houses could do the same and it would bring in even more tourists . Hey ya'll it is as good of an idea as I've heard in the past few years for Natchez, so don't laugh.
Posted by NtzMom55 (anonymous) on July 8, 2008 at 2:19 a.m. (Suggest removal)
I guess one can say their profits were "watered down".
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