Isle of Capri Casinos, Inc. Signs Definitive Agreement With Lemieux Group LP To Pursue Gaming License in Pittsburgh and Fund New
December 21 2005 - 2:22PM
PR Newswire (US)
BILOXI, Miss., Dec. 21 /PRNewswire-FirstCall/ -- Isle of Capri
Casinos, Inc. (NASDAQ:ISLE) announced today that the company has
signed a joint development agreement with the Lemieux Group LP that
includes a provision for Isle to fund a new multi-purpose arena and
pursue a gaming license in Pittsburgh. Other terms of the agreement
have not been disclosed. "We look forward to working closely with
the Penguins as well as state and local officials as we move
through the application process. Redevelopment of the Lower Hill
and Uptown Districts will return the neighborhood to the community,
and funding a new multi-purpose arena will keep the Penguins in
Pittsburgh, making this project a win/win for the entire community.
At the Isle, we believe that downtown Pittsburgh will become the
best entertainment venue in the region," Tim Hinkley, president and
chief operating officer, said. If awarded the Pittsburgh gaming
license, Isle of Capri Casinos, Inc. anticipates that the
construction phase of the project would begin in early 2007, with
the prospect of a temporary casino being a possibility. The
transaction contemplated under the definitive agreement and
development of this project are subject to certain conditions,
including but not limited to, the receipt of all necessary
licenses, approvals and permits. 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. 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.
CONTACTS: Isle of Capri Casinos, Inc. Allan B. Solomon, Executive
Vice President - 561.995.6660 Donn Mitchell, Chief Accounting
Officer - 228.396.7030 Jill Haynes, Director of Corporate
Communication - 228.396.7031 NOTE: Other Isle of Capri Casinos,
Inc. press releases and a corporate profile are available at
http://www.prnewswire.com/ . Isle of Capri Casinos, Inc.'s home
page is http://www.islecorp.com/ .
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 Donn Mitchell, Chief Accounting Officer,
+1-228-396-7030, or Jill Haynes, Director of Corporate
Communication, +1-228-396-7031, all of Isle of Capri Casinos, Inc.
Web site: http://www.theislecorp.com/
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