Isle of Capri Casinos, Inc. Enters into Memorandum of Understanding with Bedford Downs Management Corporation
October 26 2004 - 10:31AM
PR Newswire (US)
Isle of Capri Casinos, Inc. Enters into Memorandum of Understanding
with Bedford Downs Management Corporation BILOXI, Miss., Oct. 26
/PRNewswire-FirstCall/ -- Isle of Capri Casinos, Inc. (NASDAQ:ISLE)
officials announced today that the company has entered into a
memorandum of understanding with Bedford Downs Management
Corporation [BDMC] to acquire a 30 percent interest in that
company's proposed Bedford Downs harness racing facility. BDMC
currently has an application pending with the Pennsylvania Harness
Racing Commission to develop a harness track near New Bedford, Pa.
If BDMC is successful in receiving a harness license, the company
also expects to seek necessary approval to operate slot machines at
the facility. Under the terms of the MOU, Isle would manage any
slot gaming operations at Bedford Downs. The transaction
contemplated under the MOU, and development of this project are
subject to certain conditions including, but not limited to, the
execution of definitive agreements by both parties, and receipt of
all necessary licenses and approvals. 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 (two
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
casinos in Dudley, Walsal and Wolverhampton, England. The company
also owns and operates Pompano Park Harness Racing Track in Pompano
Beach, Florida. CONTACT: Allan B. Solomon, Executive Vice
President/General Counsel, 561/995-6660. Rex Yeisley, Senior Vice
President/Chief Financial Officer, 228/396-7000. Lori Hutzler,
Director of Corporate Communications, 228/396-7031 This press
release contains 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, 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 10-K for the fiscal year ended April 25, 2004 and 10-Q for the
fiscal quarter ended July 25, 2004. 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/ . Photo:
http://www.newscom.com/cgi-bin/prnh/20020502/ISLELOGO AP Archive:
http://photoarchive.ap.org PRN Photo Desk, photodesk@prnewswire.com
DATASOURCE: Isle of Capri Casinos, Inc. CONTACT: Allan B. Solomon,
Executive Vice President/General Counsel, +1-561-995-6660, or Rex
Yeisley, Senior Vice President/Chief Financial Officer,
+1-228-396-7000, or Lori Hutzler, Director of Corporate
Communications, +1-228-396-7031, all for Isle of Capri Casinos,
Inc. Web site: http://www.theislecorp.com/
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