ISLE Isleworth Healthcare Acquisition Corporation

Isle of Capri President Responds to Attorney General Madigan's Letter Regarding 10th Casino License in Illinois BILOXI, Miss., April 1 /PRNewswire-FirstCall/ -- At a press conference Thursday, Isle of Capri Casinos, Inc. President and Chief Operating Officer Timothy M. Hinkley presented facts and further details to demonstrate that the company's winning proposal for the 10th casino license is the best for the state of Illinois. Hinkley responded to issues raised by Illinois Attorney General Lisa Madigan in her letter to the Illinois Gaming Board (IGB) last week, in which Madigan questioned the IGB's decision to grant Illinois' 10th gaming license to Isle of Capri. Hinkley also expressed confidence that Eric Holder's outside investigation of the licensing process, commissioned last week by Governor Rod Blagojevich, will vindicate the board's decision. Hinkley commented on the benefits of the Isle proposal, saying, "Isle of Capri was the winner among the seven bids for Illinois' 10th gaming license because our proposal will generate the most money for the people of Illinois and area communities. Isle will generate these financial benefits in the quickest manner upon opening its doors and into the future. Isle submittedthe best and highest offer. It's that simple." In answering Attorney General Madigan's concerns about Isle of Capri's financial strength, Hinkley said, "Just recently, Isle set out to sell $400 million in Senior Subordinated Notes, but demand was so great, that we were over-subscribed and able to complete a $500 million Senior Subordinated Note offering at a seven percent interest rate, evidencing the strong support for the company in the financial markets." Hinkley added, "Standard and Poor's andMoody have noted the strengths of our financial situations and affirmed our debt ratings." Hinkley also addressed the issue of the company's integrity. "We operate in a highly regulated industry. We recognize that regardless of preventative steps taken to ensure that we operate our business within regulation, there is the possibility for human error. We do our best to comply at all times with all regulations in the jurisdictions in which we operate. The frequent nature of fines and penalties does not excuse them. We are proud of our record and compare favorably with the other gaming companies operating in our jurisdictions, including companies that currently operate in Illinois." Hinkley also reviewed a number of factors he believes the IGB -- and the independent investment banking firm commissioned to evaluate the bids -- used in granting the license to Rosemont and Isle of Capri: -- Isle of Capri will pay $518 million for this license. -- Isle of Capri will pay approximately $1.1 billion in gaming taxes over the first five years of operation in Illinois. -- Infrastructure is already in place in Rosemont. Isle of Capri has guaranteed it will complete and open a casino within 270 days of receiving all necessary approvals to begin construction and will pay $500,000 for each day the project is delayed up to $105 million -- which is testament to its confidence in its ability to quickly construct and open the casino. -- Isle of Capri's proposal requires Rosemont to drop its litigation -- ensuring certainty of opening and greater proceeds to the people of Illinois. -- The Village of Rosemont has an agreement that will distribute approximately $18 million annually to 70municipalities. Again, the dollars involved, and the number of municipalities to benefit, are far greater than under any other proposal considered by the Illinois Gaming Board. Hinkley noted, "Rothschild, the investment banker charged with evaluating the proposals, evidently saw the obvious financial benefits of our proposal, because it recommended to the IGB that Isle of Capri be awarded the license. The Rothschild recommendation has been lost in all of the subsequent discussion of what motivated the board to choose Rosemont and Isle of Capri. Also lost in the discussion is the fact that the board was actually duty bound to accept Rothschild's recommendation, or come up with very good reasons why in writing it should not." "Let me be clear: We support Ms. Madigan's desire to ensure a fair and open process. That is why we participated. We thought it was fair and open. Our issue is not with her objectives for the process; it is rather her wanting to change the ground rules after the fact," concluded Hinkley. Isle of Capri Casinos, Inc., a leading developer and owner of gaming and 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 casinosin 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. 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 Form 10-Q for the fiscal quarters ended since that date. Contacts: Lori Hutzler, Director of Corporate Communications -- 228.396.7031 or 228.365.7416. Visit the Web site: http://www.islecorp.com/ . http://www.newscom.com/cgi-bin/prnh/20020502/ISLELOGO http://photoarchive.ap.org/ DATASOURCE: Isle of Capri Casinos, Inc. CONTACT: Lori Hutzler, Director of Corporate Communications of Isle of Capri Casinos, +1-228-396-7031 or +1-228-365-7416 Web site: http://www.islecorp.com/

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