Statement from Isle of Capri Casinos, Inc.
March 20 2004 - 5:44PM
PR Newswire (US)
Statement from Isle of Capri Casinos, Inc. BILOXI, Miss., March 20
/PRNewswire-FirstCall/ -- The following is a statement by Timothy
M. Hinkley, President and COO of Isle of Capri Casinos, Inc.: "The
selection of Isle of Capri Casinos, Inc. as the winning bidder for
the Illinois 10th gaming license has generated much attention. Most
recently, there has been a question regarding a 1993 fine incurred
by Isle Chairman and CEO Bernard Goldstein in Illinois, as well as
the speculation that Goldstein agreed that he would never again
seek a gaming license in that state. There are specific points we
wish to express with regard to this subject: 1. Bernard Goldstein
never agreed to forego the opportunity to again hold a license in
Illinois. There was absolutely no agreement, oral, written or
otherwise, between Goldstein and the Illinois Gaming Board that he
would not hold a license in the future. 2. Goldstein did agree with
the IGB in 1993 to pay a fine in full settlement of allegations
that equipment used for training purposes, not for gaming, was
leased from an unlicensed entity in which Goldstein was a
shareholder to a related company. It is important to note that
Goldstein did not agree with the allegations and had no personal
involvement in the transactions alleged in the complaint; however,
he made the business decision to settle. Goldstein and the company
view regulatory compliance as a serious matter and recognize fines
do occur within our industry. 3. A negotiated settlement was
approved and signed by the IGB outlining the terms of the fine. The
terms of the settlement absolutely include no agreement that
Goldstein would relinquish his licenseor no longer be eligible for
a license in Illinois. Goldstein surrendered his Illinois license
in connection with the sale of his interests in an Illinois gaming
operation in a transaction which was completed months prior to
thesettlement. In fact, immediate members of Goldstein's family,
who were also shareholders in the same company and were involved in
the settlement proceedings, continued to hold licenses for several
more years. This matter was fully reviewed by the IGB staff as part
of the bidding process in which Isle of Capri was selected as the
10th gaming winner. 4. We support Governor Blagojevich's call for a
full open and public review of the selection process. We
believethat this investigation will reaffirm that the process was
fair and that Isle does have the best proposal for the people of
Illinois. Isle of Capri Casinos and its management have been
through more than 50 licensing, renewal and suitability reviews in
our company's history and are currently licensed in six states and
two foreign jurisdictions. We are proud of our reputation." Isle of
Capri Casinos, Inc., a leading developer and owner of gaming and
entertainment facilities, operates 16casinos 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. 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 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, Inc., +1-228-396-7031 Web site:
http://www.theislecorp.com/
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