ST. LOUIS, Oct. 13, 2016 /PRNewswire/ -- Isle of Capri
Casinos, Inc. (NASDAQ:ISLE) announced today that it has entered
into a definitive agreement to sell Lady Luck Casino Marquette to
an affiliate of Casino Queen ("CQ"), based in Swansea, Illinois.
Under the terms of the agreement, CQ Holdings Company, Inc. will
purchase Lady Luck Casino Marquette for cash consideration of
approximately $40.0 million subject
to a customary working capital adjustment. The consideration
represents 7.5x the trailing-twelve months Adjusted EBITDA through
the first quarter of fiscal 2017.
Eric Hausler, chief executive
officer of Isle of Capri Casinos, commented, "Since we acquired
Lady Luck Casino Marquette in March
2000, our talented team members have built fantastic
customer relationships. Our Marquette team will continue
providing customers with the same great experiences for which they
are known."
Lady Luck Casino Marquette will be accounted for as discontinued
operations beginning in the fiscal 2017 second quarter. The
sale is expected to close in early fiscal 2018, subject to the
approval of the Iowa Racing and Gaming Commission, the Illinois
Gaming Control Board and customary closing conditions.
This transaction is expressly permitted by the recently signed
definitive merger agreement pursuant to which Eldorado Resorts,
Inc. will acquire all of the outstanding shares of Isle of Capri
Casinos, Inc. and is not expected to alter the timing of the
transaction with Eldorado.
About Isle of Capri Casinos, Inc.
Isle of Capri Casinos, Inc. is a leading regional gaming
and entertainment company dedicated to providing guests with
exceptional experience at each of the 14 casino properties that it
owns or operates, primarily under the Isle and Lady Luck
brands. On September 19, 2016,
Eldorado Resorts, Inc. and Isle of Capri Casinos, Inc. announced
that they have entered into a definitive merger agreement whereby
Eldorado will acquire all of the
outstanding shares of Isle of Capri. Isle of Capri currently
operates gaming and entertainment facilities in Colorado, Florida, Iowa, Louisiana, Mississippi, Missouri, and Pennsylvania. More
information is available at www.islecorp.com.
Important Information for Investors and Stockholders
The information in this communication is not a substitute
for the prospectus/proxy statement that Eldorado Resorts, Inc.
("Eldorado") and Isle of Capri
Casinos, Inc. ("Isle") will file with the Securities and Exchange
Commission ("SEC"), which will include a prospectus with respect to
shares of Eldorado common stock to be issued in the merger and a
proxy statement of each of Eldorado and Isle in connection with the
merger between Eldorado and Isle
(the "Prospectus/Proxy Statement"). The Prospectus/Proxy Statement
will be sent or given to the stockholders of Eldorado and Isle when it becomes available
and will contain important information about the merger and related
matters, including detailed risk factors. ELDORADO'S AND ISLE's SECURITY HOLDERS ARE
ADVISED TO READ THE PROSPECTUS/PROXY STATEMENT CAREFULLY WHEN IT
BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION
ABOUT THE PROPOSED MERGER. The Prospectus/Proxy Statement and other
documents that will be filed with the SEC by Eldorado and Isle will be available without
charge at the SEC's website, www.sec.gov, or by directing a request
when such a filing is made to Isle of Capri Casinos, Inc. by mail
at 600 Emerson Road, Suite 300, Saint
Louis, Missouri 63141, Attention: Investor Relations, by
telephone at (314) 813-9200, or by going to the Investors page on
Isle's corporate website at www.islecorp.com. A final proxy
statement or proxy/prospectus statement will be mailed to
stockholders of Eldorado and Isle
as of their respective record dates.
The information in this communication is neither an offer to
sell nor the solicitation of an offer to sell, subscribe for or buy
any securities, nor shall there be any sale, issuance or transfer
of securities in any jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of such jurisdiction. This communication
is also not a solicitation of any vote in any jurisdiction pursuant
to the proposed transactions or otherwise. No offer of securities
or solicitation will be made except by means of a prospectus
meeting the requirements of Section 10 of the Securities Act of
1933, as amended.
Proxy Solicitation
Eldorado and Isle, and certain
of their respective directors and executive officers may be deemed
to be participants in the solicitation of proxies in connection
with the proposed transactions and may have direct or indirect
interests in the proposed transactions. Information about the
directors and executive officers of Eldorado is set forth in the proxy statement
for its 2016 annual meeting of shareholders, which was filed with
the SEC on April 29, 2016, and in its
Annual Report on Form 10-K for the fiscal year ended December 31, 2015, which was filed with the SEC
on March 15, 2016. Information about
the directors and executive officers of Isle is set forth in the
proxy statement for its 2016 annual meeting of shareholders, which
was filed with the SEC on August 22,
2016, and in its Annual Report on Form 10-K for the fiscal
year ended April 24, 2016, which was
filed with the SEC on June 21, 2016.
Investors may obtain additional information regarding the interests
of such participants in the proposed transactions by reading the
Prospectus/Proxy Statement for such proposed transactions when it
becomes available.
Forward-Looking Statements
This press release may be deemed to contain forward-looking
statements, which are subject to change. These forward-looking
statements may be significantly impacted, either positively or
negatively by various factors, including without limitation,
licensing, and other regulatory approvals, financing sources,
development and construction activities, costs and delays, weather,
permits, competition and business conditions in the gaming
industry. The forward-looking statements are subject to numerous
risks and uncertainties that could cause actual results to differ
materially from those expressed in or implied by the statements
herein.
Additional information concerning potential factors that could
affect the Company's financial condition, results of operations and
expansion projects, is included in the filings of the Company with
the Securities and Exchange Commission, including, but not limited
to, its Form 10-K for the most recently ended fiscal year.
CONTACT:
Isle of Capri Casinos, Inc.,
Jill Alexander, Senior Director of
Corporate Communication-314.813.9368
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SOURCE Isle of Capri Casinos, Inc.