ST. LOUIS, Sept. 6 /PRNewswire-FirstCall/ -- Isle of Capri Casinos,
Inc. (NASDAQ:ISLE) today reported financial results for the first
fiscal quarter ended July 29, 2007. The Company reported a 1.7%
increase in net revenues to $278.5 million for the first quarter
compared to net revenues of $274.0 million for the same quarter in
fiscal 2007. The Company reported a loss from continuing operations
for the quarter of $7.1 million or $0.23 per diluted common share
during the first quarter of fiscal 2008 compared to income from
continuing operations of $5.3 million or $0.17 per diluted common
share for the first quarter of fiscal 2007. Adjusted EBITDA(1) from
continuing operations for the first quarter of fiscal 2008
decreased 2.6% to $55.6 million compared to Adjusted EBITDA(1) from
continuing operations of $57.1 million for the comparable quarter
in fiscal 2007. The results from operations for the first quarter
of fiscal 2008 include $6.1 million of pre-opening expense
primarily related to the Company's recently opened Waterloo and
Coventry properties and $2.2 million of loss on early
extinguishment of debt. Combined, these items resulted in a $4.9
million after-tax impact on the quarterly results, or $0.16 loss
per diluted share. The results from continuing operations for the
first quarter of fiscal 2007 include $2.6 million of office
relocation costs and $3.2 million of higher new development costs
compared to the first quarter of fiscal 2008. Combined, these items
resulted in $3.1 million of after-tax impact on the prior year
quarterly results or $0.10 loss per diluted common share. The
Company's Bossier City and Vicksburg properties are reflected as
discontinued operations for fiscal 2007 results. Accordingly, the
operating results for these properties are not included in the net
revenue, income and Adjusted EBITDA(1) from continuing operations
results discussed above. The sale of the Bossier City and Vicksburg
properties closed on July 31, 2006. Accordingly, the net revenues,
income and Adjusted EBITDA(1) for fiscal 2008 are comparable to the
net revenue, income and Adjusted EBITDA(1) from continuing
operations for fiscal 2007 because the Company had no discontinued
operations in fiscal 2008. "First quarter results were generally in
line with our expectations, as we continue to take deliberate,
measured steps toward improving our operating results, and begin
the process of building a more competitive business model. Our
management team, under the direction of new President and Chief
Operating Officer Virginia McDowell, is focused on providing the
best gaming entertainment experience for our guests and making the
changes necessary to improve value for all of our stakeholders,"
Bernard Goldstein, chairman of the board and chief executive
officer, said. Highlights: -- The Company expanded operations
during the first fiscal quarter 2008 with the openings of a casino
and hotel complex in Waterloo, Iowa, a casino and related
entertainment amenities in Coventry, England, a hotel tower in
Bettendorf, Iowa and the acquisition of a casino in Caruthersville,
Missouri. -- In Florida, favorable legislative changes helped to
improve operating results. Daily win per unit during the last week
of August was $223, and the Company's Pompano property continues to
lead the three Broward County racinos with a market share of
approximately 54%. Improvements implemented since July 4, 2007 at
the Pompano property include the addition of ATMs on premises,
increased operating hours, and poker play seven days per week. An
IslePlay trial for downloadable credits began in August with a
complete roll out expected in October. -- Margin improvements have
been realized at nearly all of the Company's same store properties
as a result of cost controls including reductions in payroll
expense, decreased promotional costs, and a decrease in other
operational expenses. Excluding international operations and Biloxi
which had fewer casinos operating in the market during the
comparable prior year period, Adjusted EBITDA(1) margins improved
at the Company's legacy properties over 360 basis points from 25.2%
to 28.9% -- The implementation of a new hotel room revenue
management system contributed to an increase of $1.1 million in
cash room revenue from the Company's hotels. In addition, new
technology added to the Company's website in conjunction with the
introduction of the yield management system led to a 182% increase
in hotel rooms booked via the Internet. Virginia McDowell, the
Company's president and chief operating officer, said, "We are
beginning to see margin improvements at most of our properties as a
result of cost controls introduced during the first quarter, and we
continue to focus on building our database at the Pompano, Waterloo
and Coventry properties. Also, we have developed a plan at Coventry
designed to take full advantage of the September 1st changes in the
gambling advertising and marketing laws. Although we continue to
face seasonality issues at both Pompano and Coventry, we have
marketing plans in place designed to leverage both facilities as
customer counts increase. In addition, we are confident that the
cost containment measures introduced at our properties will
continue to improve results, including markets where we face
competitive pressure. We also continue to focus on service
delivery, and have seen increases in our service scores at many
properties." "We are proceeding with the implementation of our
technology initiatives, including our enterprise data warehouse and
revenue management system, and restructuring our loyalty programs.
We completed database market research projects at all core
properties in the beginning of the second quarter, and will work
closely with our properties to identify opportunities to eliminate
unprofitable marketing programs, and develop a profitable customer
acquisition strategy." Ms. McDowell continued "As we begin the
process of developing our strategic brand portfolio, we are taking
the opportunity to examine our existing expansion plans to make
certain that our facilities are competitive in our markets, and
create value for our shareholders. In that regard, we are
evaluating the next phase of renovations at our Biloxi property.
The competitive landscape has changed significantly in Biloxi since
Hurricane Katrina, and we want to develop and implement a master
plan for the Company's Biloxi property which will help ensure that
our product will remain competitive in the market. In addition, we
have begun the process of developing a master plan for Pompano Park
that will leverage the approximately 100 remaining acres on the
site. "We are also beginning room renovation projects in Black
Hawk, Lula and Lake Charles which will feature the design elements
and warmer color palette introduced at our hotels in Bettendorf and
Waterloo, and which have been extremely well received by our
customers." Operational Review of the Company's Continuing
Operations for the First Quarter of Fiscal 2008 Compared to the
First Quarter of Fiscal 2007 In Mississippi, the Company's three
continuing operations contributed 20.1% of net revenues. Net
revenues and Adjusted EBITDA(1) at the Biloxi property decreased
significantly from abnormally high prior year operating results due
to increased competition in the market as competitors have
re-opened after closures caused by Hurricane Katrina and the Biloxi
property remains negatively impacted by the destruction of the
Biloxi/Ocean Springs bridge, which is the primary thoroughfare for
travelers from Alabama and Florida to east Biloxi where our Biloxi
property is located. Two lanes of the new Biloxi/Ocean Springs
bridge are scheduled to open in November 2007 and the complete new
bridge with six lanes is scheduled to open in June 2008. The
Natchez property continues to experience decreases in both net
revenues and Adjusted EBITDA(1) primarily resulting from the
re-opening of competing casinos along the Gulf Coast. Net revenues
and Adjusted EBITDA(1) at the Lula property decreased due to
increased competition impacting certain of the property's outlying
primary feeder markets and disruption due to renovations of the
casino floor. In Louisiana, Lake Charles contributed 15.4% of net
revenues. Lake Charles experienced a decrease in net revenues due
to increased competition in the market as competitors have fully
re-opened following closures caused by Hurricane Rita and post
hurricane normalization of population levels in the property's
feeder markets. Adjusted EBITDA(1) increased however, due primarily
to decreased marketing expenses and overall cost control efforts.
In Missouri, the Company's three properties contributed 16.1% of
net revenues. Net revenues increased due to the acquisition of the
Caruthersville property on June 11, 2007 while revenues at the
Company's other Missouri properties decreased slightly. Adjusted
EBITDA(1) increased in the first quarter of fiscal 2008 due to the
Caruthersville acquisition as well as increases at the Company's
other Missouri properties resulting from decreased marketing
expenses and overall cost control efforts. In Iowa, the Company's
four casinos contributed 19.6% of net revenues. Net revenues and
Adjusted EBITDA(1) increased primarily due to the opening of the
Waterloo property on June 30, 2007. Combined net revenues decreased
moderately at the Company's Quad-City and Marquette properties due
primarily to the impact of increased competition. However, combined
Adjusted EBITDA(1) for these properties decreased only slightly due
to cost control efforts. In Colorado, the Company's two casino
operations contributed 14.1% of net revenues. The Black Hawk
properties experienced a decrease in net revenues compared to the
prior year period primarily due to a planned reduction in
complimentary rooms and food and beverages. Adjusted EBITDA(1)
increased at both Black Hawk properties due to decreases in
marketing expenses and overall cost control efforts. In Florida,
the Pompano property contributed 12.3% of net revenues. Net
revenues and Adjusted EBITDA(1) increased due to the opening of the
slot gaming facility on April 14, 2007. Net revenues from the
Company's international operations decreased primarily due to
decreased revenues at the Our Lucaya property in Freeport, Grand
Bahama slightly offset by the opening of the Coventry, England
property in July. Adjusted EBITDA(1) increased $1.5 million
primarily due to $2.2 million of lease termination costs incurred
in the first quarter of fiscal 2007 related to the Company's
determination in April 2006 that it would close its Our Lucaya
property by June 2007. In April 2007 the Company reached an
agreement with government officials and its landlord to continue
the Our Lucaya operations. Consequently, in the fourth quarter of
fiscal 2007, the Company reversed the $2.2 million lease
termination cost. The improved Adjusted EBITDA(1) at the Our Lucaya
property was offset by a decrease in Adjusted EBITDA(1) from our
United Kingdom operations, primarily due to an initial operating
loss at the Coventry property. Corporate and other expense includes
the Company's corporate office operations and new development
costs. The decrease in corporate and other expense compared to the
first quarter of fiscal 2007 was primarily due to a $3.2 million
decrease in new development costs primarily resulting from costs
incurred in the prior year fiscal quarter related to the pursuit of
gaming licenses in Pittsburgh, Pennsylvania and Singapore.
Operating results from the Company's Vicksburg and Bossier City
properties have been classified as discontinued operations for all
periods presented and thus are not included in the Operational
Review discussed above. Isle of Capri Casinos, Inc. Consolidated
Statements of Income* (Unaudited) (In thousands, except per share
amounts) Three Months Ended July 29, July 30, 2007 2006 (Restated)
Revenues: Casino $277,234 $277,620 Hotel, pari-mutuel, food,
beverage & other 52,485 54,424 Gross revenues 329,719 332,044
Less promotional allowances 51,186 58,076 Net revenues(2) 278,533
273,968 Operating and other expenses: Properties 212,782 203,348
New development(3) 1,523 4,726 Corporate and other(4) 9,492 10,319
Preopening(5) 6,133 249 Depreciation and amortization 30,557 23,986
Total operating and other expenses 260,487 242,628 Operating income
18,046 31,340 Interest expense, net (24,720) (19,487) Loss on early
extinguishment of debt (2,192) - Income (loss) from continuing
operations before income taxes and minority interest (8,866) 11,853
Income tax (provision) benefit(6) 3,678 (5,487) Minority
interest(7) (1,927) (1,038) Income (loss) from continuing
operations (7,115) 5,328 Income from discontinued operations
(including gain on sale of discontinued operations), net of income
taxes(8) - 3,956 Net income (loss) $(7,115) $9,284 Earnings (loss)
per common share - basic: Income (loss) from continuing operations
$(0.23) $0.18 Income from discontinued operations (including gain
on sale of assets), net of income taxes - 0.13 Net income (loss)
$(0.23) $0.31 Earnings (loss) per common share - diluted: Income
(loss) from continuing operations $(0.23) $0.17 Income from
discontinued operations (including gain on sale of assets), net of
income taxes - 0.13 Net income (loss) $(0.23) $0.30 Weighted
average basic common shares 30,417 30,422 Weighted average diluted
common shares 30,417 31,404 Selected Consolidated Balance Sheet
Accounts* (In Thousands) July 29 April 29 2007 2007 (Unaudited)
(Audited) Cash and cash equivalents $136,856 $188,114 Property and
equipment, net 1,437,908 1,338,570 Debt 1,496,946 1,417,979
Stockholders' equity 277,491 281,822 * Excludes properties
classified as discontinued operations. Discontinued operations
include the Company's Bossier City, Louisiana and Vicksburg,
Mississippi properties which were sold on July 31, 2006. Isle of
Capri Casinos, Inc. Comparative Financial Highlights by Casino
Property (Unaudited) (In thousands) Three Months Ended July 29,
2007 July 30, 2006 (Restated) Net Adjusted Adjusted Net Adjusted
Revenues EBITDA(1) EBITDA(1) Revenues Adjusted EBITDA(1) (2) Margin
% (2) EBITDA(1) Margin % MISSISSIPPI BILOXI $26,752 $6,309 23.6%
$52,855 $22,560 42.7% NATCHEZ 9,655 3,033 31.4% 11,157 3,275 29.4%
LULA 19,516 5,445 27.9% 21,371 5,730 26.8% MISSISSIPPI TOTAL 55,923
14,787 26.4% 85,383 31,565 37.0% LOUISIANA LAKE CHARLES 43,001
10,549 24.5% 44,667 10,011 22.4% MISSOURI KANSAS CITY 19,710 3,722
18.9% 20,710 2,900 14.0% BOONVILLE 20,666 6,637 32.1% 20,121 5,362
26.6% CARUTHERSVILLE 4,380 1,118 25.5% - - - MISSOURI TOTAL 44,756
11,477 25.6% 40,831 8,262 20.2% IOWA BETTENDORF 23,447 7,686 32.8%
23,378 6,717 28.7% DAVENPORT 13,609 3,606 26.5% 16,935 5,125 30.3%
MARQUETTE 9,497 2,687 28.3% 10,201 2,323 22.8% WATERLOO 8,114 2,839
35.0% - - - IOWA TOTAL 54,667 16,818 30.8% 50,514 14,165 28.0%
COLORADO BLACK HAWK/ COLORADO CENTRAL STATION(9) 39,215 13,899
35.4% 39,615 11,106 28.0% FLORIDA POMPANO(10) 34,197 (289) (0.8%)
5,832 (1,229) (21.1%) INTERNATIONAL BLUE CHIP 2,478 24 1.0% 2,179
(209) (9.6%) COVENTRY 401 (1,306) (325.7%) - - - OUR LUCAYA(11)
3,830 (47) (1.2%) 4,930 (2,660) (54.0%) INTERNATIONAL TOTAL 6,709
(1,329) (19.8%) 7,109 (2,869) (40.4%) CORPORATE & OTHER(10) 65
(10,301) N/M 17 (13,906) N/M TOTAL $ 278,533 $55,611 20.0% $273,968
$57,105 20.8% Note: Excludes properties classified as discontinued
operations. Discontinued operations include the Company's Bossier
City, Louisiana and Vicksburg, Mississippi properties which were
sold on July 31, 2006. N/M: Not Meaningful Isle of Capri Casinos,
Inc. Reconciliation of Operating Income (Loss) to Adjusted EBITDA
by Casino Property (Unaudited) (In thousands) Three Months Ended
July 29, 2007 Operating Stock Income Depreciation & Preopening
Compensation Adjusted (Loss) Amortization (5) Expense(4) EBITDA(1)
MISSISSIPPI BILOXI $1,507 $4,785 $- $17 $6,309 NATCHEZ 2,064 960 -
9 3,033 LULA 2,593 2,835 - 17 5,445 MISSISSIPPI TOTAL 6,164 8,580 -
43 14,787 LOUISIANA LAKE CHARLES 6,671 3,874 - 4 10,549 MISSOURI
KANSAS CITY 2,416 1,294 - 12 3,722 BOONVILLE 5,384 1,228 - 25 6,637
CARUTHERSVILLE 826 292 - - 1,118 MISSOURI TOTAL 8,626 2,814 - 37
11,477 IOWA BETTENDORF 5,228 2,484 - (26) 7,686 DAVENPORT 2,217
1,349 - 40 3,606 MARQUETTE 1,941 817 - (71) 2,687 WATERLOO (1,222)
942 3,023 96 2,839 IOWA TOTAL 8,164 5,592 3,023 39 16,818 COLORADO
BLACK HAWK/ COLORADO CENTRAL STATION(9) 9,904 3,971 - 24 13,899
FLORIDA POMPANO(10) (4,454) 3,848 307 10 (289) INTERNATIONAL BLUE
CHIP (102) 126 - - 24 COVENTRY(12) (4,947) 838 2,803 - (1,306) OUR
LUCAYA(11) (59) - - 12 (47) INTERNATIONAL TOTAL (5,108) 964 2,803
12 (1,329) CORPORATE & OTHER(10) (11,921) 914 - 706 (10,301)
TOTAL $18,046 $30,557 $6,133 $875 $55,611 Isle of Capri Casinos,
Inc. Reconciliation of Operating Income (Loss) to Adjusted EBITDA
by Casino Property (Unaudited) (In thousands) (Restated) Three
Months Ended July 30, 2006 Operating Stock Income Depreciation
& Preopening Compensation Adjusted (Loss) Amortization (5)
Expense(4) EBITDA(1) MISSISSIPPI BILOXI $18,309 $4,202 $- $49
$22,560 NATCHEZ 2,334 925 - 16 3,275 LULA 3,199 2,477 - 54 5,730
MISSISSIPPI TOTAL 23,842 7,604 - 119 31,565 LOUISIANA LAKE CHARLES
6,028 3,956 - 27 10,011 MISSOURI KANSAS CITY 1,013 1,848 - 39 2,900
BOONVILLE 4,043 1,279 - 40 5,362 CARUTHERSVILLE - - - - - MISSOURI
TOTAL 5,056 3,127 - 79 8,262 IOWA BETTENDORF 4,899 1,799 - 19 6,717
DAVENPORT 3,612 1,502 - 11 5,125 MARQUETTE 1,458 812 - 53 2,323
WATERLOO (47) - 47 - - IOWA TOTAL 9,922 4,113 47 83 14,165 COLORADO
BLACK HAWK/ COLORADO CENTRAL STATION(9) 7,132 3,920 - 54 11,106
FLORIDA POMPANO(10) (1,369) 55 75 10 (1,229) INTERNATIONAL BLUE
CHIP (318) 109 - - (209) COVENTRY(12) (592) 465 127 - - OUR
LUCAYA(11) (2,762) 79 - 23 (2,660) INTERNATIONAL TOTAL (3,672) 653
127 23 (2,869) CORPORATE & OTHER(10) (15,599) 558 - 1,135
(13,906) TOTAL $31,340 $23,986 $249 $1,530 $57,105 Note: Excludes
properties classified as discontinued operations. Discontinued
operations include the Company's Bossier City, Louisiana and
Vicksburg, Mississippi properties which were sold on July 31, 2006.
1. EBITDA is "earnings before interest, income taxes, depreciation
and amortization." Isle of Capri calculates Adjusted EBITDA at its
properties by adding depreciation and amortization, pre-opening
expense, management fees, other charges and non-cash items to
Operating Income (Loss). Adjusted EBITDA is presented solely as a
supplemental disclosure because management believes that it is 1) a
widely used measure of operating performance in the gaming industry
and 2) a principal basis of valuing gaming companies. Management
uses property level Adjusted EBITDA as the primary measure of the
Company's operating properties' performance, including the
evaluation of operating personnel. Adjusted EBITDA should not be
construed as an alternative to operating income as an indicator of
the Company's operating performance, as an alternative to cash
flows from operating activities as a measure of liquidity or as an
alternative to any other measure determined in accordance with U.S.
generally accepted accounting principles (GAAP). The Company has
significant uses of cash flows, including capital expenditures,
interest payments, taxes and debt principal repayments, which are
not reflected in Adjusted EBITDA. Also, other gaming companies that
report Adjusted EBITDA information may calculate Adjusted EBITDA in
a different manner than the Company. Adjusted EBITDA Margin is
calculated by dividing Adjusted EBITDA by net revenues. Fiscal 2007
results reflect the Company's Bossier City and Vicksburg properties
as discontinued operations. Reconciliations of operating income to
Adjusted EBITDA and operating income as a percentage of net
revenues are included in the financial schedules accompanying this
release. A reconciliation of Adjusted EBITDA with the Company's net
income is shown below (in thousands). Three Months Ended July 29
July 30 2007 2006 (Restated) Adjusted EBITDA $55,611 $57,105
(Add)/deduct: Depreciation and amortization 30,557 23,986 Stock
compensation expense 875 1,530 Preopening (5) 6,133 249 Interest
expense, net 24,720 19,487 Loss on early extinguishment of debt
2,192 - Income tax provision (benefit) (6) (3,678) 5,487 Minority
interest (7) 1,927 1,038 Income from discontinued operations, net
of income taxes (8) - (3,956) Net income (loss) $(7,115) $9,284 2.
Net revenues are presented net of complimentaries, slot points
expense and cash coupon redemptions. Fiscal 2007 results reflect
the Bossier City and Vicksburg properties as discontinued
operations. 3. New development expenses include incremental costs
incurred pursuing new opportunities within the industry. Such costs
include legal and other professional fees, application fees and
personnel and travel costs. These expenses are detailed in the
table below. Three Months Ended July 29 July 30 2007 2006
(Restated) Domestic(a) $1,284 $4,174 International(b) 239 552
$1,523 $4,726 (a) Relates primarily to the Company's development
efforts in West Harrison County, Mississippi in the current and
prior year and Pittsburgh, Pennsylvania in the prior year. The
Company was notified in December 2006 that it was not awarded the
license in Pittsburgh. (b) Fiscal 2007 includes development
expenses related to the Company's development agreement with Eighth
Wonder related to Singapore. The Company was notified in December
2006 that it was not awarded this license. 4. Included in Corporate
expenses for the three months ended July 29, 2007 and July 30, 2006
was $0.7 million and $1.1 million, respectively, of compensation
cost related to stock options recognized. Also included in
Corporate expenses for the three months ended July 30, 2006 was
$2.6 million related to the relocation of the Company's corporate
headquarters to Saint Louis, Missouri. Corporate expenses for the
three months ended July 29, 2007 included increased professional
fees compared to the prior year first quarter. 5. Pre-opening
expenses for the three months ended July 29, 2007 and July 30, 2006
are related to our development at Pompano Beach, Florida, opening
of the hotel and casino in Waterloo, Iowa, and the opening of our
new casino development in Coventry, England. 6. The Company's
effective tax rate from continuing operations for the three months
ended July 29, 2007 was a benefit of 41.48% compared to an expense
of 46.29% for the three months ended July 30, 2006, which, in each
case, includes an unrelated party's portion of the Colorado Central
Station-Black Hawk's income taxes. The Company's effective tax rate
from combining continuing and discontinued operations for the
quarter ended July 29, 2007 was a benefit of 41.48%, as there were
no discontinued operations for the quarter ended July 29, 2007,
compared to an expense of 45.16% for the quarter ended July 30,
2006. The primary drivers for the difference between the Company's
effective tax rate and the statutory tax rates were permanent
differences from non-deductible expenses, employment tax credits,
change in state valuation allowances, certain international
operations, taxes related to minority interests, and qualified
stock option expenses that are not deductible. 7. Minority interest
represents unrelated third parties' interest in Isle of Capri at
Black Hawk's income before income taxes and Colorado Central
Station's net income. 8. On July 31, 2006, the first day of the
second quarter of fiscal 2007, the Company completed the sale of
the Bossier City and Vicksburg properties to Legends Gaming, LLC.
The operating results from these properties for the periods prior
to the completion of the sale transaction are reflected as income
from discontinued operations, net of income taxes. 9. As management
fees are eliminated in consolidation, Adjusted EBITDA(1) for the
combined Black Hawk/Colorado Central Station property does not
include management fees. The following table shows management fees
and Adjusted EBITDA(1) inclusive of management fees for the three
months ended July 29, 2007 and July 30, 2006: 10. In the prior
year, the Company reported the results of Pompano in Corporate and
Other. On April 14, 2007, the Company opened a slot gaming facility
at Pompano Beach, Florida and consequently, has removed the results
of Pompano from Corporate and Other and is now resenting these
results separately as Florida operations. 11. In April 2006 the
Company determined it would close its property in Freeport, Grand
Bahama by June 2007. In the first quarter of fiscal 2007, the
Company recognized $2.2 million in lease termination costs. In
April 2007 the Company reached an agreement with government
officials and its landlord to continue the operations at the Our
Lucaya property. Consequently, in the fourth quarter of fiscal
2007, the Company reversed the $2.2 million lease termination cost.
12. Depreciation and amortization for Coventry includes expense
related to the Ricoh(TM) Arena Convention Center which under
Emerging Issues Task Force 97-10 the Company has been determined to
be the owner of for accounting purposes only, even though the
Company does not own or control the assets. The related
depreciation expense is approximately $0.5 million per fiscal
quarter. Isle of Capri Casinos, Inc., founded in 1992, is dedicated
to providing its customers with an exceptional gaming and
entertainment experience at each of its 18 casino properties. The
Company owns and operates casinos in Biloxi, Lula and Natchez,
Mississippi; Lake Charles, Louisiana; Bettendorf, Davenport,
Marquette and Waterloo, Iowa; Boonville, Caruthersville and Kansas
City, Missouri and a casino and harness track in Pompano Beach,
Florida. The Company also operates and has a 57 percent ownership
interest in two casinos in Black Hawk, Colorado. Isle of Capri
Casinos' international gaming interests include a casino that it
operates in Freeport, Grand Bahama, a casino in Coventry, England,
and a two-thirds ownership interest in casinos in Dudley and
Wolverhampton, England. There are four Isle of Capri Casinos brands
including "the isle," Isle of Capri, Colorado Central Station and
Rhythm City, providing over 16,000 slot machines, 550 table games
and 3,000 hotel rooms for our guests' enjoyment. 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.
CONTACTS: Isle of Capri Casinos, Inc. Allan B. Solomon, Executive
Vice President-561.995-6660 Donn Mitchell, Chief Financial
Officer-314.813.9319 Jill Haynes, Senior Director of Corporate
Communication-314.813.9368 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/ This press release contains
forward-looking statements, which are subject to change.
Forward-looking statements generally can be identified by the use
of forward-looking terminology such as "may", "will", "expect",
"intend", "estimate", "anticipate", "believe" or "continue" or the
negative thereof or variations thereon or similar terminology.
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, permits, weather, 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 Annual Report on Form 10-K for
the fiscal year ended April 29, 2007. DATASOURCE: Isle of Capri
Casinos, Inc. CONTACT: Allan B. Solomon, Executive Vice President,
+1-561-995-6660, or Donn Mitchell, Chief Financial Officer,
+1-314-813-9319, or Jill Haynes, Senior Director of Corporate
Communication, +1-314-813-9368, all of Isle of Capri Casinos, Inc.
Web site: http://www.islecorp.com/
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