Updated from 2:07 p.m. EDT
Isle of Capri
got on a roll in the last quarter, posting a fiscal fourth-quarter profit Wednesday that beat Wall Street expectations.
St. Louis-based Isle of Capri Isle earned $14.6 million, or 46 cents per share, for the period ended April 26. A year earlier, it had lost $51.3 million, or $1.66 per share.
The year-ago results included an impairment charge of $1.60 per share related to U.K. operations. The current quarter's results also benefited from a $57.7 million gain related to an early retirement of some debt.
Income from continuing operations was $24.8 million, or 78 cents per share, compared with a loss from continuing operations of $6 million, or 20 cents per share, in the prior-year period.
Analysts had forecast a loss of 3 cents per share, according to Thomson Reuters.
Revenue fell 2% to $287.2 million from $292.6 million on declines in casino, room, food and beverage revenue. Wall Street estimated revenue of $279.7 million.
For the year, Isle made a profit of $43.6 million, or $1.39 per share, compared with a loss of $96.9 million, or $3.16 per share, the previous year.
Isle of Capri shares closed up 4.9% to $13.17 on Wednesday.
Atlantic City's 11 casinos reported more revenue declines in May, down 15.4% from a year ago. The trendy Borgata, jointly owned by MGM Mirage and Boyd Gaming, saw the smallest revenue drop: 3%.
The Jersey casinos made $351.3 million in May, down from $415.3 million in May 2008. Of that, slot machines accounted for $246.6 million, down 14.9%, while table games brought in $104.7 million, down 16.7%.
Atlantic City's gaming revenue is in the third year of a decline that began with the opening of out-of-state slots parlors near Philadelphia in November 2006.
A.C. also faces competition from racetrack slots in New York and Pennsylvania, and now
Las Vegas Sands
, which looks like it has a winner in its new Bethlehem, Pa., casino, according to one analyst.
Las Vegas Sands opened the $743 million Sands Casino Resort Bethlehem just before Memorial Day weekend, and had $10.7 million in gaming revenue in May, according to Janet Brashear of Bernstein Research.
It also plans to add 2,000 more slots to the property in November. The casino also could be helped if Pennsylvania approves table games, Brashear added.
But Las Vegas Sands, led by billionaire Sheldon Adelson, still has debt of $10.41 billion at the end of the first quarter.
"By 2010 first quarter the rubber meets the road, and the company will need to have executed on one of its strategies to monetize assets or sell equity in order to avoid a breach," Brashear wrote.
Las Vegas Sands has said it may sell some noncore assets to boost its liquidity.
She reiterated a rating of outperform rating and a $10 price target. Las Vegas Sands shares finished down 2.7% to $9.49.
was down 1.5% to $7.04.
was down 2.5% to $37.35.
was up 2.1% to $9.75.
Penn National Gaming
was down 2.4% to $31.03.
was down 5.1% to $18.75.
Melco Crown Entertainment
was down 2.2% to $5.68.
was down 2.8% to $11.72.
Elsewhere, the Fontainebleau Hotel in Las Vegas has filed for Chapter 11 bankruptcy protection. The hotel
for $3 billion, saying they had reneged on financing for the hotel's project on the Las Vegas Strip.
The hotel withdrew the $3 billion lawsuit in Las Vegas and refiled the case in the U.S. Bankruptcy Court in Florida, reported
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