ST. LOUIS, March 5, 2012 /PRNewswire/ -- Isle of Capri
Casinos, Inc. (NASDAQ: ISLE) announced today that it has entered
into a definitive purchase agreement with Golden Nugget Biloxi,
Inc., a wholly owned subsidiary of Landry's, Inc., to sell its Isle
Casino Hotel in Biloxi,
Mississippi.
Under the terms of the agreement, Golden Nugget Biloxi, Inc. has
agreed to pay Isle of Capri Casinos, Inc. approximately
$45 million. The transaction is
subject to regulatory approval and other customary closing
conditions.
Virginia McDowell, president and
chief executive officer of Isle of Capri, commented, "This
transaction allows us to monetize an asset at a deleveraging price.
We have enjoyed 20 years of owning and operating Isle Casino Hotel
Biloxi and we appreciate the hard work and dedication of our team.
Moving forward we plan to continue implementation of several
initiatives to improve the product offering at our properties
including the continued roll out of our exciting Farmers' Pick
Buffet, and the rebranding of several of our casinos to the Lady
Luck Brand including the recently announced rebrand of our casino
in Vicksburg, Miss."
ABOUT ISLE OF CAPRI CASINOS, INC.
Isle of Capri Casinos, Inc. is dedicated to providing its
customers with an exceptional gaming and entertainment experience
at each of its 15 casino properties. The Company owns and operates
casinos in Biloxi, Lula, Natchez
and Vicksburg, Mississippi;
Lake Charles, Louisiana;
Bettendorf, Davenport, Marquette and Waterloo, Iowa; Boonville, Caruthersville and Kansas City, Missouri, two casinos in
Black Hawk, Colorado, and a casino
and harness track in Pompano Beach,
Florida. The Company was chosen to develop a new,
Isle-branded gaming facility in Cape
Girardeau, Missouri, which is expected to open by
Thanksgiving 2012. Additionally, the
Company and its partner Nemacolin Woodlands Resort were selected to
be awarded a "resort license" for a casino at Nemacolin Woodlands
Resort in Pennsylvania. More
information is available at the Company's website,
www.islecorp.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.
CONTACTS:
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Isle of
Capri Casinos, Inc.,
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Dale
Black, Chief Financial Officer-314.813.9327
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Jill
Alexander, Senior Director, Corporate
Communication-314.813.9368
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SOURCE Isle of Capri Casinos, Inc.