Isle of Capri Casinos has NASDAQ Delisting Hearing, Awaits Panel Decision

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Isle of Capri Casinos has NASDAQ Delisting Hearing, Awaits Panel Decision
    ST. LOUIS, May 1 /PRNewswire-FirstCall/ -- Isle of Capri Casinos, Inc.
(Nasdaq: ISLE) announced that on April 26, 2007 the Company participated in
a hearing before the NASDAQ Listing Qualifications Panel resulting from the
Company's inability to file its Quarterly Report on Form 10-Q by the March
9 due date, as previously announced.
    The Company's failure to file its Form 10-Q for the third fiscal
quarter ended January 28, 2007 by the March 9 due date resulted from the
Company's restatement of its financial statements for the fiscal years
ended April 25, 2004; April 24, 2005 and April 30, 2006, and the quarterly
results for fiscal 2005 and 2006 included therein, and for the first two
quarters of fiscal 2007. The failure to make a timely quarterly filing
meant that Isle of Capri Casinos is not in compliance with the filing
requirements for continued listing of its common stock on the NASDAQ Global
Select Market as set forth in Marketplace Rule 4310(c)(14).
    On April 25, 2007, NASDAQ notified the Company that the Quarterly
Report of Form 10-Q that the Company filed on April 18, 2007 did not cure
the Company's deficiency under Marketplace Rule 4310(c)(14) because it had
not been reviewed by the Company's independent auditors (pending completion
of the restatement). The Company expects to receive the decision of the
NASDAQ Listing Qualifications Panel within a few weeks, regarding its
request for an exception giving it time for its auditors to complete their
review and for the Company to amend the Quarterly Report on Form 10-Q to
meet the requirements of Marketplace Rule 4310(c)(14). In the meantime, the
Company's common stock will remain listed on the NASDAQ Global Select
Market.
    Isle of Capri Casinos, Inc., founded in 1992, is dedicated to providing
its customers with an exceptional gaming and entertainment experience.
Welcoming guests at each of its 15 casino properties are team members
committed to superior service and a fun atmosphere. The Company owns and
operates casinos in Biloxi, Lula and Natchez, Mississippi; Lake Charles,
Louisiana; Bettendorf, Davenport and Marquette, Iowa; Kansas City and
Boonville, Missouri and a casino and harness track in Pompano Beach,
Florida. The Company also operates and has a 57 percent ownership interest
in two casinos in Black Hawk, Colorado. Isle of Capri Casinos'
international gaming interests include a casino that it operates in
Freeport, Grand Bahama and a two-thirds ownership interest in casinos in
Dudley and Wolverhampton.
    The Company is also developing a new casino and hotel in Waterloo,
Iowa, as well as a casino in Coventry, England. The Company has also signed
an agreement to acquire a casino in Caruthersville, Missouri. There are
four Isle of Capri Casinos brands including the isle, Isle of Capri,
Colorado Central Station and Rhythm City, providing over 12,000 slot
machines, 500 table games and 2600 hotel rooms for our guests' enjoyment.
    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
most recently ended fiscal year.
    CONTACTS:
    Isle of Capri Casinos, Inc.,
    Allan B. Solomon, Executive Vice President-561.995.6660
    Donn Mitchell, Chief Financial Officer-314.813.9319
    Jill Haynes, Director of Corporate Communication-314.813.9368
    http://www.islecorp.com
SOURCE Isle of Capri Casinos, Inc.
http://www.islecorp.com
CONTACT:
Allan B. Solomon, Executive Vice President,
+1-561-995-6660, or Donn Mitchell, Chief Financial Officer,
+1-314-813-9319, or Jill Haynes, Director of Corporate
Communication, +1-314-813-9368, all of Isle of Capri Casinos,
Inc.