Isle of Capri Casinos, Inc. and Nevada Gold & Casinos, Inc. Announce Sale of Colorado Grande Casino in Cripple Creek, Colorado
April 26 2005 - 2:16PM
PR Newswire (US)
Isle of Capri Casinos, Inc. and Nevada Gold & Casinos, Inc.
Announce Sale of Colorado Grande Casino in Cripple Creek, Colorado
BILOXI, Miss., April 26 /PRNewswire-FirstCall/ -- Isle of Capri
Casinos, Inc. (NASDAQ:ISLE) and Nevada Gold & Casinos, Inc.
(AMEX:UWN) announced today that Isle of Capri Black Hawk L.L.C.
("Isle Black Hawk"), their joint venture, has sold all of its
shares of Colorado Grande Casino, located in Cripple Creek,
Colorado, to a wholly owned subsidiary of Nevada Gold &
Casinos, Inc. for $6.5 million. Isle Black Hawk will record a loss
related to the sale of approximately $4.0 million in its fourth
quarter of fiscal 2005, which ended April 24, 2005. Isle of Capri
Casinos, Inc.'s and Nevada Gold & Casinos, Inc.'s pro-rata
share of this loss, which was not considered in their previous
earnings guidance given for fourth quarter of fiscal 2005, will be
reflected in their respective consolidated financial statements for
the years ended April 24, 2005, and March 31, 2005, respectively.
Isle Black Hawk, the largest hotel casino in Colorado, and Colorado
Central Station Casino are jointly owned by Isle of Capri Casinos,
Inc. and Nevada Gold & Casinos, Inc., which own 57 percent and
43 percent, respectively. Isle of Capri Casinos, Inc., a leading
developer and owner of gaming and entertainment facilities,
operates 15 casinos in 13 locations. The company owns and operates
riverboat and dockside casinos in Biloxi, Vicksburg, Lula and
Natchez, Mississippi; Bossier City and Lake Charles (2 riverboats),
Louisiana; Bettendorf, Davenport and Marquette, Iowa; and Kansas
City and Boonville, Missouri. The company also owns a 57 percent
interest in and operates land-based casinos in Black Hawk (two
casinos), Colorado. Isle of Capri's international gaming interests
include a casino that it operates in Freeport, Grand Bahama, and a
two-thirds ownership interest in casinos in Dudley, Walsall and
Wolverhampton, England. The company also owns and operates Pompano
Park Harness Racing Track in Pompano Beach, Florida. Nevada Gold
& Casinos, Inc. of Houston is a developer of gaming properties,
and has real estate interests in Colorado, California and Nevada.
UWN owns a 43% interest in the Isle of Capri Black Hawk L.L.C.,
which owns Isle of Capri Casino, a 237-room hotel/casino, Colorado
Central Station Casino (both located in Black Hawk, Colorado, about
35 miles west of Denver) and Colorado Grande Casino, located in
Cripple Creek, Colorado. The LLC is a joint venture with Isle of
Capri Casinos, Inc. UWN has 69% ownership of Dry Creek Casino, LLC,
which is assisting the Dry Creek Rancheria Band of Pomo Indians
with their River Rock Casino, Alexander Valley, Sonoma County,
California (about 75 miles north of San Francisco in the California
wine country). UWN has 51% ownership of Route 66 Casinos, LLC,
which has the right to lease gaming equipment to the Pueblo of
Laguna in their Route 66 Casino 11 miles west of Albuquerque, N.M.,
which opened in September 2003. Nevada Gold Tulsa, Inc., a wholly
owned subsidiary, has entered into a contract to develop and manage
a casino for the Muscogee (Creek) Nation in Tulsa, Oklahoma. Also,
Gold River, LLC, a wholly owned subsidiary of UWN, has entered into
a development agreement for a gaming resort in Pauma Valley,
California, for the La Jolla Band of Luiseno Indians. The
management agreement for La Jolla is currently being finalized and
is expected to be completed in the near future. CONTACT: Isle of
Capri Casinos, Inc., Allan B. Solomon, Executive Vice
President-561.995.6660 Rex Yeisley, Chief Financial
Officer-228.396.7052 Les McMackin, Senior Vice
President-228.396.7054 Web site: http://www.islecorp.com/ Nevada
Gold & Casinos, Inc., H. Thomas Winn or Christopher
Domijan-713.621.2245 or Integrated Corporate Relations Don
Duffy-203.222.9013 Web site: http://www.nevadagold.com/ 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 Isle of Capri
Casinos, Inc. and Nevada Gold & Casinos, Inc. with the
Securities and Exchange Commission.
http://www.newscom.com/cgi-bin/prnh/20020502/ISLELOGO
http://photoarchive.ap.org/ DATASOURCE: Isle of Capri Casinos, Inc.
CONTACT: Allan B. Solomon, Executive Vice President,
+1-561-995-6660, or Rex Yeisley, Chief Financial Officer,
+1-228-396-7052, or Les McMackin, Senior Vice President,
+1-228-396-7054, all of Isle of Capri; or H. Thomas Winn or
Christopher Domijan, both of Nevada Gold & Casinos,
+1-713-621-2245; or Don Duffy, Integrated Corporate Relations,
+1-203-222-9013, for Nevada Gold & Casinos, Inc. Web site:
http://www.islecorp.com/ http://www.nevadagold.com/
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