Isle of Capri Losing Money as Casino Expansion Explodes
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While the vast majority of casino operations continue expanding at a fantastic rate, Isle of Capri Casinos, Inc. is being forced to reorganize, reassign workers, and cut back on corporate staff, due to a quarterly loss of over $24 million.
Isle of Capri officials blame unavoidable one-time costs for their financial distress, including damages to Biloxi locations from Hurricane Katrina and the subsequent relocation of the corporate headquarters from Mississippi to Missouri.
Another problem has been the Isle’s casino in Coventry, England, which has underperformed in the face of new laws forbidding smoking at the property.
Restructuring has begun at the top, where successful executives have been raided away from Trump Enterprises. Virginia McDowell, president and CEO of Isle of Capri, came over from Trump in July to replace retiring Tim Hinkley, and this week Trump’s chief financial officer, Dale Black, left to join the Isle in the same position.
Although the financial pinch has caused Isle of Capri to announce the elimination of roughly 40 of the 200 positions at its corporate headquarters, an Isle spokesman stated most of those losing jobs would be transferred to jobs nearer the Isle’s operations rather than let go.
Isle of Capri currently runs 18 casino locations, including riverboats and land-based operations, in seven states and overseas.
Slot Machine Repair Class To Be Offered at Hollywood School
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The Governor of Florida has just signed a compact with the Seminole Indians to allow additional casino gambling at their casinos. The fallout from this decision has already begun.
Sheridan Technical Center in Hollywood has decided to start a class that would teach students how to fix slot machines. The class would feature Las Vegas style slot machines.
The idea is the first in the South Florida area. It is expected that other schools will follow the lead and offer classes in the quickly growing field of casino gambling.
Other schools around the country have tried to incorporate poker dealing classes into their curriculum. Some have been successful, while others have given in to political pressure and dropped the classes.
There are still some hurdles that must be cleared before the class could be offered. One of the things that needs to be done is there must be rules established as to how these slot machines would be allowed to be used in schools.
Currently there are eleven applicants on the waiting list for the new program. The machines that will be used in the class will cost about $15,000 each. The class would begin with twenty machines being used.