ST. LOUIS, Sept. 6 /PRNewswire-FirstCall/ -- Isle of Capri Casinos,
Inc. (Nasdaq: ISLE) today reported financial results for the first fiscal
quarter ended July 29, 2007. The Company reported a 1.7% increase in net
revenues to $278.5 million for the first quarter compared to net revenues
of $274.0 million for the same quarter in fiscal 2007. The Company reported
a loss from continuing operations for the quarter of $7.1 million or $0.23
per diluted common share during the first quarter of fiscal 2008 compared
to income from continuing operations of $5.3 million or $0.17 per diluted
common share for the first quarter of fiscal 2007. Adjusted EBITDA(1) from
continuing operations for the first quarter of fiscal 2008 decreased 2.6%
to $55.6 million compared to Adjusted EBITDA(1) from continuing operations
of $57.1 million for the comparable quarter in fiscal 2007. The results
from operations for the first quarter of fiscal 2008 include $6.1 million
of pre-opening expense primarily related to the Company's recently opened
Waterloo and Coventry properties and $2.2 million of loss on early
extinguishment of debt. Combined, these items resulted in a $4.9 million
after-tax impact on the quarterly results, or $0.16 loss per diluted share.
The results from continuing operations for the first quarter of fiscal 2007
include $2.6 million of office relocation costs and $3.2 million of higher
new development costs compared to the first quarter of fiscal 2008.
Combined, these items resulted in $3.1 million of after-tax impact on the
prior year quarterly results or $0.10 loss per diluted common share.
The Company's Bossier City and Vicksburg properties are reflected as
discontinued operations for fiscal 2007 results. Accordingly, the operating
results for these properties are not included in the net revenue, income
and Adjusted EBITDA(1) from continuing operations results discussed above.
The sale of the Bossier City and Vicksburg properties closed on July 31,
2006. Accordingly, the net revenues, income and Adjusted EBITDA(1) for
fiscal 2008 are comparable to the net revenue, income and Adjusted
EBITDA(1) from continuing operations for fiscal 2007 because the Company
had no discontinued operations in fiscal 2008.
"First quarter results were generally in line with our expectations, as
we continue to take deliberate, measured steps toward improving our
operating results, and begin the process of building a more competitive
business model. Our management team, under the direction of new President
and Chief Operating Officer Virginia McDowell, is focused on providing the
best gaming entertainment experience for our guests and making the changes
necessary to improve value for all of our stakeholders," Bernard Goldstein,
chairman of the board and chief executive officer, said.
Highlights:
-- The Company expanded operations during the first fiscal quarter 2008
with the openings of a casino and hotel complex in Waterloo, Iowa, a
casino and related entertainment amenities in Coventry, England, a
hotel tower in Bettendorf, Iowa and the acquisition of a casino in
Caruthersville, Missouri.
-- In Florida, favorable legislative changes helped to improve operating
results. Daily win per unit during the last week of August was $223,
and the Company's Pompano property continues to lead the three Broward
County racinos with a market share of approximately 54%. Improvements
implemented since July 4, 2007 at the Pompano property include the
addition of ATMs on premises, increased operating hours, and poker play
seven days per week. An IslePlay trial for downloadable credits began
in August with a complete roll out expected in October.
-- Margin improvements have been realized at nearly all of the Company's
same store properties as a result of cost controls including reductions
in payroll expense, decreased promotional costs, and a decrease in
other operational expenses. Excluding international operations and
Biloxi which had fewer casinos operating in the market during the
comparable prior year period, Adjusted EBITDA(1) margins improved at
the Company's legacy properties over 360 basis points from 25.2% to
28.9%
-- The implementation of a new hotel room revenue management system
contributed to an increase of $1.1 million in cash room revenue from
the Company's hotels. In addition, new technology added to the
Company's website in conjunction with the introduction of the yield
management system led to a 182% increase in hotel rooms booked via the
Internet.
Virginia McDowell, the Company's president and chief operating officer,
said, "We are beginning to see margin improvements at most of our
properties as a result of cost controls introduced during the first
quarter, and we continue to focus on building our database at the Pompano,
Waterloo and Coventry properties. Also, we have developed a plan at
Coventry designed to take full advantage of the September 1st changes in
the gambling advertising and marketing laws. Although we continue to face
seasonality issues at both Pompano and Coventry, we have marketing plans in
place designed to leverage both facilities as customer counts increase. In
addition, we are confident that the cost containment measures introduced at
our properties will continue to improve results, including markets where we
face competitive pressure. We also continue to focus on service delivery,
and have seen increases in our service scores at many properties."
"We are proceeding with the implementation of our technology
initiatives, including our enterprise data warehouse and revenue management
system, and restructuring our loyalty programs. We completed database
market research projects at all core properties in the beginning of the
second quarter, and will work closely with our properties to identify
opportunities to eliminate unprofitable marketing programs, and develop a
profitable customer acquisition strategy."
Ms. McDowell continued "As we begin the process of developing our
strategic brand portfolio, we are taking the opportunity to examine our
existing expansion plans to make certain that our facilities are
competitive in our markets, and create value for our shareholders. In that
regard, we are evaluating the next phase of renovations at our Biloxi
property. The competitive landscape has changed significantly in Biloxi
since Hurricane Katrina, and we want to develop and implement a master plan
for the Company's Biloxi property which will help ensure that our product
will remain competitive in the market. In addition, we have begun the
process of developing a master plan for Pompano Park that will leverage the
approximately 100 remaining acres on the site.
"We are also beginning room renovation projects in Black Hawk, Lula and
Lake Charles which will feature the design elements and warmer color
palette introduced at our hotels in Bettendorf and Waterloo, and which have
been extremely well received by our customers."
Operational Review of the Company's Continuing Operations for the First
Quarter of Fiscal 2008 Compared to the First Quarter of Fiscal 2007
In Mississippi, the Company's three continuing operations contributed
20.1% of net revenues. Net revenues and Adjusted EBITDA(1) at the Biloxi
property decreased significantly from abnormally high prior year operating
results due to increased competition in the market as competitors have
re-opened after closures caused by Hurricane Katrina and the Biloxi
property remains negatively impacted by the destruction of the Biloxi/Ocean
Springs bridge, which is the primary thoroughfare for travelers from
Alabama and Florida to east Biloxi where our Biloxi property is located.
Two lanes of the new Biloxi/Ocean Springs bridge are scheduled to open in
November 2007 and the complete new bridge with six lanes is scheduled to
open in June 2008. The Natchez property continues to experience decreases
in both net revenues and Adjusted EBITDA(1) primarily resulting from the
re-opening of competing casinos along the Gulf Coast. Net revenues and
Adjusted EBITDA(1) at the Lula property decreased due to increased
competition impacting certain of the property's outlying primary feeder
markets and disruption due to renovations of the casino floor.
In Louisiana, Lake Charles contributed 15.4% of net revenues. Lake
Charles experienced a decrease in net revenues due to increased competition
in the market as competitors have fully re-opened following closures caused
by Hurricane Rita and post hurricane normalization of population levels in
the property's feeder markets. Adjusted EBITDA(1) increased however, due
primarily to decreased marketing expenses and overall cost control efforts.
In Missouri, the Company's three properties contributed 16.1% of net
revenues. Net revenues increased due to the acquisition of the
Caruthersville property on June 11, 2007 while revenues at the Company's
other Missouri properties decreased slightly. Adjusted EBITDA(1) increased
in the first quarter of fiscal 2008 due to the Caruthersville acquisition
as well as increases at the Company's other Missouri properties resulting
from decreased marketing expenses and overall cost control efforts.
In Iowa, the Company's four casinos contributed 19.6% of net revenues.
Net revenues and Adjusted EBITDA(1) increased primarily due to the opening
of the Waterloo property on June 30, 2007. Combined net revenues decreased
moderately at the Company's Quad-City and Marquette properties due
primarily to the impact of increased competition. However, combined
Adjusted EBITDA(1) for these properties decreased only slightly due to cost
control efforts.
In Colorado, the Company's two casino operations contributed 14.1% of
net revenues. The Black Hawk properties experienced a decrease in net
revenues compared to the prior year period primarily due to a planned
reduction in complimentary rooms and food and beverages. Adjusted EBITDA(1)
increased at both Black Hawk properties due to decreases in marketing
expenses and overall cost control efforts.
In Florida, the Pompano property contributed 12.3% of net revenues. Net
revenues and Adjusted EBITDA(1) increased due to the opening of the slot
gaming facility on April 14, 2007.
Net revenues from the Company's international operations decreased
primarily due to decreased revenues at the Our Lucaya property in Freeport,
Grand Bahama slightly offset by the opening of the Coventry, England
property in July. Adjusted EBITDA(1) increased $1.5 million primarily due
to $2.2 million of lease termination costs incurred in the first quarter of
fiscal 2007 related to the Company's determination in April 2006 that it
would close its Our Lucaya property by June 2007. In April 2007 the Company
reached an agreement with government officials and its landlord to continue
the Our Lucaya operations. Consequently, in the fourth quarter of fiscal
2007, the Company reversed the $2.2 million lease termination cost. The
improved Adjusted EBITDA(1) at the Our Lucaya property was offset by a
decrease in Adjusted EBITDA(1) from our United Kingdom operations,
primarily due to an initial operating loss at the Coventry property.
Corporate and other expense includes the Company's corporate office
operations and new development costs. The decrease in corporate and other
expense compared to the first quarter of fiscal 2007 was primarily due to a
$3.2 million decrease in new development costs primarily resulting from
costs incurred in the prior year fiscal quarter related to the pursuit of
gaming licenses in Pittsburgh, Pennsylvania and Singapore.
Operating results from the Company's Vicksburg and Bossier City
properties have been classified as discontinued operations for all periods
presented and thus are not included in the Operational Review discussed
above.
Isle of Capri Casinos, Inc.
Consolidated Statements of Income*
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended
July 29, July 30,
2007 2006
(Restated)
Revenues:
Casino $277,234 $277,620
Hotel, pari-mutuel, food, beverage
& other 52,485 54,424
Gross revenues 329,719 332,044
Less promotional allowances 51,186 58,076
Net revenues(2) 278,533 273,968
Operating and other expenses:
Properties 212,782 203,348
New development(3) 1,523 4,726
Corporate and other(4) 9,492 10,319
Preopening(5) 6,133 249
Depreciation and amortization 30,557 23,986
Total operating and other expenses 260,487 242,628
Operating income 18,046 31,340
Interest expense, net (24,720) (19,487)
Loss on early extinguishment of debt (2,192) -
Income (loss) from continuing
operations before income taxes and
minority interest (8,866) 11,853
Income tax (provision) benefit(6) 3,678 (5,487)
Minority interest(7) (1,927) (1,038)
Income (loss) from continuing
operations (7,115) 5,328
Income from discontinued operations
(including gain on sale of discontinued
operations), net of income taxes(8) - 3,956
Net income (loss) $(7,115) $9,284
Earnings (loss) per common share -
basic:
Income (loss) from continuing
operations $(0.23) $0.18
Income from discontinued operations
(including gain on sale of assets),
net of income taxes - 0.13
Net income (loss) $(0.23) $0.31
Earnings (loss) per common share -
diluted:
Income (loss) from continuing
operations $(0.23) $0.17
Income from discontinued operations
(including gain on sale of assets),
net of income taxes - 0.13
Net income (loss) $(0.23) $0.30
Weighted average basic common shares 30,417 30,422
Weighted average diluted common
shares 30,417 31,404
Selected Consolidated Balance Sheet Accounts*
(In Thousands)
July 29 April 29
2007 2007
(Unaudited) (Audited)
Cash and cash equivalents $136,856 $188,114
Property and equipment, net 1,437,908 1,338,570
Debt 1,496,946 1,417,979
Stockholders' equity 277,491 281,822
* Excludes properties classified as discontinued operations. Discontinued
operations include the Company's Bossier City, Louisiana and Vicksburg,
Mississippi properties which were sold on July 31, 2006.
Isle of Capri Casinos, Inc.
Comparative Financial Highlights by Casino Property
(Unaudited)
(In thousands)
Three Months Ended
July 29, 2007 July 30, 2006
(Restated)
Net Adjusted Adjusted Net Adjusted
Revenues EBITDA(1) EBITDA(1) Revenues Adjusted EBITDA(1)
(2) Margin % (2) EBITDA(1) Margin %
MISSISSIPPI
BILOXI $26,752 $6,309 23.6% $52,855 $22,560 42.7%
NATCHEZ 9,655 3,033 31.4% 11,157 3,275 29.4%
LULA 19,516 5,445 27.9% 21,371 5,730 26.8%
MISSISSIPPI
TOTAL 55,923 14,787 26.4% 85,383 31,565 37.0%
LOUISIANA
LAKE CHARLES 43,001 10,549 24.5% 44,667 10,011 22.4%
MISSOURI
KANSAS CITY 19,710 3,722 18.9% 20,710 2,900 14.0%
BOONVILLE 20,666 6,637 32.1% 20,121 5,362 26.6%
CARUTHERSVILLE 4,380 1,118 25.5% - - -
MISSOURI
TOTAL 44,756 11,477 25.6% 40,831 8,262 20.2%
IOWA
BETTENDORF 23,447 7,686 32.8% 23,378 6,717 28.7%
DAVENPORT 13,609 3,606 26.5% 16,935 5,125 30.3%
MARQUETTE 9,497 2,687 28.3% 10,201 2,323 22.8%
WATERLOO 8,114 2,839 35.0% - - -
IOWA TOTAL 54,667 16,818 30.8% 50,514 14,165 28.0%
COLORADO
BLACK HAWK/
COLORADO
CENTRAL
STATION(9) 39,215 13,899 35.4% 39,615 11,106 28.0%
FLORIDA
POMPANO(10) 34,197 (289) (0.8%) 5,832 (1,229) (21.1%)
INTERNATIONAL
BLUE CHIP 2,478 24 1.0% 2,179 (209) (9.6%)
COVENTRY 401 (1,306)
(325.7%) - - -
OUR LUCAYA(11) 3,830 (47) (1.2%) 4,930 (2,660) (54.0%)
INTERNATIONAL
TOTAL 6,709 (1,329) (19.8%) 7,109 (2,869) (40.4%)
CORPORATE
& OTHER(10) 65 (10,301) N/M 17 (13,906) N/M
TOTAL $ 278,533 $55,611 20.0% $273,968 $57,105 20.8%
Note: Excludes properties classified as discontinued operations.
Discontinued operations include the Company's Bossier City, Louisiana and
Vicksburg, Mississippi properties which were sold on July 31, 2006.
N/M: Not Meaningful
Isle of Capri Casinos, Inc.
Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Casino
Property
(Unaudited) (In thousands)
Three Months Ended July 29, 2007
Operating Stock
Income Depreciation & Preopening Compensation Adjusted
(Loss) Amortization (5) Expense(4) EBITDA(1)
MISSISSIPPI
BILOXI $1,507 $4,785 $- $17 $6,309
NATCHEZ 2,064 960 - 9 3,033
LULA 2,593 2,835 - 17 5,445
MISSISSIPPI
TOTAL 6,164 8,580 - 43 14,787
LOUISIANA
LAKE CHARLES 6,671 3,874 - 4 10,549
MISSOURI
KANSAS CITY 2,416 1,294 - 12 3,722
BOONVILLE 5,384 1,228 - 25 6,637
CARUTHERSVILLE 826 292 - - 1,118
MISSOURI TOTAL 8,626 2,814 - 37 11,477
IOWA
BETTENDORF 5,228 2,484 - (26) 7,686
DAVENPORT 2,217 1,349 - 40 3,606
MARQUETTE 1,941 817 - (71) 2,687
WATERLOO (1,222) 942 3,023 96 2,839
IOWA TOTAL 8,164 5,592 3,023 39 16,818
COLORADO
BLACK HAWK/
COLORADO
CENTRAL
STATION(9) 9,904 3,971 - 24 13,899
FLORIDA
POMPANO(10) (4,454) 3,848 307 10 (289)
INTERNATIONAL
BLUE CHIP (102) 126 - - 24
COVENTRY(12) (4,947) 838 2,803 - (1,306)
OUR LUCAYA(11) (59) - - 12 (47)
INTERNATIONAL
TOTAL (5,108) 964 2,803 12 (1,329)
CORPORATE &
OTHER(10) (11,921) 914 - 706 (10,301)
TOTAL $18,046 $30,557 $6,133 $875 $55,611
Isle of Capri Casinos, Inc.
Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Casino
Property
(Unaudited) (In thousands)
(Restated)
Three Months Ended July 30, 2006
Operating Stock
Income Depreciation & Preopening Compensation Adjusted
(Loss) Amortization (5) Expense(4) EBITDA(1)
MISSISSIPPI
BILOXI $18,309 $4,202 $- $49 $22,560
NATCHEZ 2,334 925 - 16 3,275
LULA 3,199 2,477 - 54 5,730
MISSISSIPPI
TOTAL 23,842 7,604 - 119 31,565
LOUISIANA
LAKE CHARLES 6,028 3,956 - 27 10,011
MISSOURI
KANSAS CITY 1,013 1,848 - 39 2,900
BOONVILLE 4,043 1,279 - 40 5,362
CARUTHERSVILLE - - - - -
MISSOURI TOTAL 5,056 3,127 - 79 8,262
IOWA
BETTENDORF 4,899 1,799 - 19 6,717
DAVENPORT 3,612 1,502 - 11 5,125
MARQUETTE 1,458 812 - 53 2,323
WATERLOO (47) - 47 - -
IOWA TOTAL 9,922 4,113 47 83 14,165
COLORADO
BLACK HAWK/
COLORADO
CENTRAL
STATION(9) 7,132 3,920 - 54 11,106
FLORIDA
POMPANO(10) (1,369) 55 75 10 (1,229)
INTERNATIONAL
BLUE CHIP (318) 109 - - (209)
COVENTRY(12) (592) 465 127 - -
OUR LUCAYA(11) (2,762) 79 - 23 (2,660)
INTERNATIONAL
TOTAL (3,672) 653 127 23 (2,869)
CORPORATE &
OTHER(10) (15,599) 558 - 1,135 (13,906)
TOTAL $31,340 $23,986 $249 $1,530 $57,105
Note: Excludes properties classified as discontinued operations.
Discontinued operations include the Company's Bossier City, Louisiana and
Vicksburg, Mississippi properties which were sold on July 31, 2006.
1. EBITDA is "earnings before interest, income taxes, depreciation and
amortization." Isle of Capri calculates Adjusted EBITDA at its
properties by adding depreciation and amortization, pre-opening
expense, management fees, other charges and non-cash items to
Operating Income (Loss). Adjusted EBITDA is presented solely as a
supplemental disclosure because management believes that it is 1) a
widely used measure of operating performance in the gaming industry
and 2) a principal basis of valuing gaming companies. Management uses
property level Adjusted EBITDA as the primary measure of the Company's
operating properties' performance, including the evaluation of
operating personnel. Adjusted EBITDA should not be construed as an
alternative to operating income as an indicator of the Company's
operating performance, as an alternative to cash flows from operating
activities as a measure of liquidity or as an alternative to any other
measure determined in accordance with U.S. generally accepted
accounting principles (GAAP). The Company has significant uses of cash
flows, including capital expenditures, interest payments, taxes and
debt principal repayments, which are not reflected in Adjusted EBITDA.
Also, other gaming companies that report Adjusted EBITDA information
may calculate Adjusted EBITDA in a different manner than the Company.
Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by
net revenues. Fiscal 2007 results reflect the Company's Bossier City
and Vicksburg properties as discontinued operations. Reconciliations
of operating income to Adjusted EBITDA and operating income as a
percentage of net revenues are included in the financial schedules
accompanying this release. A reconciliation of Adjusted EBITDA with
the Company's net income is shown below (in thousands).
Three Months Ended
July 29 July 30
2007 2006
(Restated)
Adjusted EBITDA $55,611 $57,105
(Add)/deduct:
Depreciation and amortization 30,557 23,986
Stock compensation expense 875 1,530
Preopening (5) 6,133 249
Interest expense, net 24,720 19,487
Loss on early extinguishment of debt 2,192 -
Income tax provision (benefit) (6) (3,678) 5,487
Minority interest (7) 1,927 1,038
Income from discontinued operations,
net of income taxes (8) - (3,956)
Net income (loss) $(7,115) $9,284
2. Net revenues are presented net of complimentaries, slot points expense
and cash coupon redemptions. Fiscal 2007 results reflect the Bossier
City and Vicksburg properties as discontinued operations.
3. New development expenses include incremental costs incurred pursuing
new opportunities within the industry. Such costs include legal and
other professional fees, application fees and personnel and travel
costs. These expenses are detailed in the table below.
Three Months Ended
July 29 July 30
2007 2006
(Restated)
Domestic(a) $1,284 $4,174
International(b) 239 552
$1,523 $4,726
(a) Relates primarily to the Company's development efforts in
West Harrison County, Mississippi in the current and prior
year and Pittsburgh, Pennsylvania in the prior year. The
Company was notified in December 2006 that it was not awarded
the license in Pittsburgh.
(b) Fiscal 2007 includes development expenses related to the
Company's development agreement with Eighth Wonder related to
Singapore. The Company was notified in December 2006 that it
was not awarded this license.
4. Included in Corporate expenses for the three months ended July 29,
2007 and July 30, 2006 was $0.7 million and $1.1 million,
respectively, of compensation cost related to stock options
recognized. Also included in Corporate expenses for the three months
ended July 30, 2006 was $2.6 million related to the relocation of the
Company's corporate headquarters to Saint Louis, Missouri. Corporate
expenses for the three months ended July 29, 2007 included increased
professional fees compared to the prior year first quarter.
5. Pre-opening expenses for the three months ended July 29, 2007 and
July 30, 2006 are related to our development at Pompano Beach,
Florida, opening of the hotel and casino in Waterloo, Iowa, and the
opening of our new casino development in Coventry, England.
6. The Company's effective tax rate from continuing operations for the
three months ended July 29, 2007 was a benefit of 41.48% compared to
an expense of 46.29% for the three months ended July 30, 2006, which,
in each case, includes an unrelated party's portion of the Colorado
Central Station-Black Hawk's income taxes. The Company's effective tax
rate from combining continuing and discontinued operations for the
quarter ended July 29, 2007 was a benefit of 41.48%, as there were no
discontinued operations for the quarter ended July 29, 2007, compared
to an expense of 45.16% for the quarter ended July 30, 2006. The
primary drivers for the difference between the Company's effective tax
rate and the statutory tax rates were permanent differences from
non-deductible expenses, employment tax credits, change in state
valuation allowances, certain international operations, taxes related
to minority interests, and qualified stock option expenses that are
not deductible.
7. Minority interest represents unrelated third parties' interest in Isle
of Capri at Black Hawk's income before income taxes and Colorado
Central Station's net income.
8. On July 31, 2006, the first day of the second quarter of fiscal 2007,
the Company completed the sale of the Bossier City and Vicksburg
properties to Legends Gaming, LLC. The operating results from these
properties for the periods prior to the completion of the sale
transaction are reflected as income from discontinued operations, net
of income taxes.
9. As management fees are eliminated in consolidation, Adjusted EBITDA(1)
for the combined Black Hawk/Colorado Central Station property does not
include management fees. The following table shows management fees and
Adjusted EBITDA(1) inclusive of management fees for the three months
ended July 29, 2007 and July 30, 2006:
10. In the prior year, the Company reported the results of Pompano in
Corporate and Other. On April 14, 2007, the Company opened a slot
gaming facility at Pompano Beach, Florida and consequently, has
removed the results of Pompano from Corporate and Other and is now
resenting these results separately as Florida operations.
11. In April 2006 the Company determined it would close its property in
Freeport, Grand Bahama by June 2007. In the first quarter of fiscal
2007, the Company recognized $2.2 million in lease termination costs.
In April 2007 the Company reached an agreement with government
officials and its landlord to continue the operations at the Our
Lucaya property. Consequently, in the fourth quarter of fiscal 2007,
the Company reversed the $2.2 million lease termination cost.
12. Depreciation and amortization for Coventry includes expense related
to the Ricoh(TM) Arena Convention Center which under Emerging Issues
Task Force 97-10 the Company has been determined to be the owner of
for accounting purposes only, even though the Company does not own or
control the assets. The related depreciation expense is approximately
$0.5 million per fiscal quarter.
Isle of Capri Casinos, Inc., founded in 1992, is dedicated to providing
its customers with an exceptional gaming and entertainment experience at
each of its 18 casino properties. The Company owns and operates casinos in
Biloxi, Lula and Natchez, Mississippi; Lake Charles, Louisiana; Bettendorf,
Davenport, Marquette and Waterloo, Iowa; Boonville, Caruthersville and
Kansas City, 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, a casino in Coventry, England, and a two-thirds
ownership interest in casinos in Dudley and Wolverhampton, England.
There are four Isle of Capri Casinos brands including "the isle," Isle
of Capri, Colorado Central Station and Rhythm City, providing over 16,000
slot machines, 550 table games and 3,000 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.
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, Senior Director of Corporate Communication-314.813.9368
NOTE: 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
This press release contains forward-looking statements, which are
subject to change. Forward-looking statements generally can be identified
by the use of forward-looking terminology such as "may", "will", "expect",
"intend", "estimate", "anticipate", "believe" or "continue" or the negative
thereof or variations thereon or similar terminology. 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 Annual Report on
Form 10-K for the fiscal year ended April 29, 2007.
SOURCE Isle of Capri Casinos, Inc.
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Related links:
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, Senior Director of Corporate
Communication, +1-314-813-9368, all of Isle of Capri Casinos,
Inc.
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