Isle of Capri Struggling
Just trying to work out a few figures, The Isle price (as oppossed to the Oil price) has dropped amazingly over the last 12 months. July 07 the share price was $23.50 now it has reached danger point at $4.45, giving them a net value of £70,000,000. Bare in mind they have 14 casinos in the US, 1 in the Bahamas and 4 in the UK and the total cost of the Ricoh Complex was £36,000,000. It appears they are in a whole heap of shit.
It was reported in May that the Isle of Capri in Coventry was up for sale, blaming their losses on location. To be honest I can’t see anyone having any interest in the property (as a casino), add that to astronimcal 10 year lease they took out at time of purchase, and the demise of the whole gaming industry at the moment, outlook does not look bright.
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wow, that does look bad for them. still cannot believe the decision for a 10 year lease. what were they thinking?