Isle of Capri Casinos, Inc. Announces Agreement to Sell Vicksburg, Miss. and Bossier City, La. Properties
February 14 2006 - 8:15AM
PR Newswire (US)
BILOXI, Miss., Feb. 14 /PRNewswire-FirstCall/ -- Isle of Capri
Casinos, Inc. (NASDAQ:ISLE) announced this morning the execution of
an agreement to sell the Company's properties in Bossier City, La.
and Vicksburg, Miss. to privately owned Legends Gaming, LLC for
$240 million cash. Proceeds from the sale are expected to be used
to fund existing development projects and/or pay down debt. The
agreement is subject to regulatory approvals and other customary
closing conditions. Legends Gaming, LLC was recently formed to own
and operate casinos primarily located in regional markets. Legends'
principals are expected to be William J. McEnery, chairman; Michael
E. Kelly, president and chief executive officer, and G. Dan
Marshall, chief operating officer and chief financial officer. "We
determined that the sale of our Vicksburg and Bossier City
properties will allow the Isle to focus on opportunities that more
closely match our portfolio and strategic vision," said Timothy M.
Hinkley, president and chief operating officer. "Both of these
properties have been a part of the Isle family since the early days
and our team members have been a valuable asset. Over the years,
the Vicksburg and Bossier City communities have been good for our
industry and we expect Legends Gaming will be as warmly welcomed as
we were." "We are extremely pleased to have entered into this
agreement with Isle of Capri and for the opportunity they have
provided for Legends to commence casino operations in Louisiana and
Mississippi. We look forward to working with team members, gaming
regulators and the local Bossier City and Vicksburg communities in
an effort to continue to provide a first-class entertainment venue
in these markets," McEnery said. The company expects to complete
the transaction in the second or third calendar quarter of 2006.
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 Financial
Officer-228.396.7052 Jill Haynes, Director of Corporate
Communication-228.396.7031 Legends Gaming, LLC Michael E. Kelly,
President and Chief Executive Officer-702.287.4312 G. Dan Marshall,
Chief Operating Officer and Chief Financial Officer- 815.469.1564
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/
. First Call Analyst: FCMN Contact: Jill_Haynes@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 Financial Officer,
+1-228-396-7052, or Jill Haynes, Director of Corporate
Communication, +1-228-396-7031, all of Isle of Capri Casinos, Inc.;
or Michael E. Kelly, President and Chief Executive Officer,
+1-702-287-4312, or G. Dan Marshall, Chief Operating Officer and
Chief Financial Officer, +1-815-469-1564, both of Legends Gaming,
LLC Web site: http://www.islecorp.com/
Copyright
Isleworth Healthcare Acq... (NASDAQ:ISLE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Isleworth Healthcare Acq... (NASDAQ:ISLE)
Historical Stock Chart
From Jul 2023 to Jul 2024