Isle of Capri Casinos, Inc., Selected as Successful Bidder for the 10th Illinois Casino License
March 15 2004 - 9:00PM
PR Newswire (US)
Isle of Capri Casinos, Inc., Selected as Successful Bidder for the
10th Illinois Casino License BILOXI, Miss., March 15
/PRNewswire-FirstCall/ -- Isle of Capri Casinos, Inc. officials
announced today that the company has been selected by the Illinois
Gaming Board as the successful bidder for the 10th Illinois gaming
license. The company was selected by the gaming board after bidding
$518 million at a bankruptcy auction held last week. (Logo:
http://www.newscom.com/cgi-bin/prnh/20020502/ISLELOGO) Isle of
Capri's project will be located on a nine-acre site in the Village
of Rosemont, located next to Chicago's O'Hare International
Airport, in close proximity to the one million square foot Stephens
convention center, and near the over 6,000 hotel rooms located in
the Village. Isle of Capri expects to spend an additional $150
million on the project, in addition to amounts already expended at
the site. The site has an existing parking garage and
infrastructure, including a basin and barge. The company's project
includes constructing a single level 40,000 square foot casino,
with 1,200 gaming positions, four of its signature restaurants, a
12,000 square foot entertainment venue, and 7,500 square feet of
retail space. Isle of Capri will own 80percent of its Rosemont
subsidiary, with the remaining 20 percent to be owned by qualified
minority investors, as required by statute. Bernard Goldstein, Isle
of Capri Casinos chairman and chief executive officer, said, "We
believe that our proposal offers the best project in the best
location and the IGB's decision supports that view. Our company is
ready to spread our Isle Style success to Chicagoland." "The
Illinois Gaming Board's selection of the Isle will bring the most
benefits to the most residents of Cook County and the state," said
Timothy M. Hinkley, president and chief operating officer of the
Isle of Capri. "We are looking forward to working with the Gaming
Board staff during the licensing process and debuting the next
generation of our Isle product in the Chicagoland market." The
project is subject to contingencies including findings of
suitability and final approval of the Illinois Gaming Board and
approval of the U.S. Bankruptcy Court. The company expects to begin
construction on the project promptly following final Bankruptcy
Court and Gaming Board approval and open the project within eight
months of commencing construction. Isle of Capri Casinos, Inc., a
leading developer and owner of gaming entertainment facilities,
operates 16 casinos in 14 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) and Cripple Creek, 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 a casino in
Dudley, 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 fiscal year ended April 27, 2003 and
Forms 10-Q for the quarters ended since that date. Contacts: Allan
B. Solomon, Executive Vice President - 561.995.6660 Rex Yeisley,
Chief Financial Officer - 228.396.7052 Lori Eckert, Director of
Corporate Communications - 228.396.7031 Web site:
http://www.islecorp.com/
http://www.newscom.com/cgi-bin/prnh/20020502/ISLELOGODATASOURCE:
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 Lori Eckert, Director of Corporate
Communications, +1-228-396-7031, all of Isle of Capri Casinos Web
site: http://www.theislecorp.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