Isle of Capri Casinos (ISLE), the operator of 14 casinos in the midwestern and southern United States, posted a loss of $10.6 million in its fiscal third quarter due to consumer cutbacks on discretionary spending.
The company posted a profit of $46.1 million for the same period in the year prior. Revenue during the quarter totaled $227 million, down 25% from $301.8 million in the previous year.
“The ongoing pressure the macroeconomic environment is placing on our markets has negatively impacted our revenues,” said Isle of Capri’s CEO James Perry in a statement.
“Overall, as we are bumping along the bottom of this economic cycle, we continue to generate free cash flow while managing with a solid operating plan and an eye towards increased future profitability,” said Perry.