BILOXI, Miss., June 8 /PRNewswire/ -- Isle of Capri Casinos, Inc.
(Nasdaq: ISLE) announced today that it has purchased a new, much larger casino
barge to replace the existing casino barge at its Biloxi property. The
Company plans to spend approximately $43 million on the outfitting and
equipping of the new barge. This barge construction is part of the Isle of
Capri Casinos' previously announced Millennium Expansion Program. The
outfitting of the barge is planned to take approximately 7 months and will be
financed from a combination of existing cash flows and recent financing.
The new casino barge will increase the current gaming space by
approximately 50% to approximately 55,000 sq. ft., and will allow for all the
gaming activity to take place on a single level. This barge also has two
additional levels that will allow for consolidation of administrative space
and for future expansion opportunities. The current Biloxi casino barge will
be moved to the Company's planned Coahoma County, Mississippi location, which
has a planned opening in the second half of 2000.
"When we opened the first casino in the South in Biloxi seven years ago,
with the Diamond Lady and Emerald Lady riverboats, we knew then that the
market had a great deal of potential. Now seven years later, we still think
the market will grow and by putting a large barge in, we will be giving our
Biloxi property the ability to take better advantage of this growth," stated
Bernard Goldstein, Chairman of the Board and Chief Executive Officer.
John M. Gallaway, President and Chief Operating Officer, said, "By placing
a new barge at our Biloxi property, we will be upgrading our product to meet
our customers' expectations. The Biloxi market has evolved significantly
since we opened seven years ago and we intend to continue to be a part of the
market's evolutionary process. We will be further evolving 'Isle Style,'
giving our customers what they want."
Isle of Capri Casinos, Inc. owns and operates six riverboat, dockside and
land-based casinos at five locations, including the Isle of Capri Casino,
Crowne Plaza Resort in Biloxi, Mississippi; the Isle of Capri Casino & Hotel
in Vicksburg, Mississippi; the Isle of Capri Casino & Hotel in Bossier City,
Louisiana; two riverboats operating as the Isle of Capri Casino & Hotel in
Lake Charles, Louisiana, and (through a 57% owned subsidiary) the Isle of
Capri Casino in Black Hawk, Colorado. The Company also operates Pompano Park
Harness Racing Track in Pompano Beach, Florida, and through a joint venture,
the Enchanted Capri cruise ship, that features an Isle of Capri Casino,
sailing from New Orleans, Louisiana.
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,
permits, competition and business conditions in the gaming industry.
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 and its Form 10-K
for the fiscal year ended April 26, 1998.
SOURCE Isle of Capri Casinos, Inc.
Company News On-Call: http: //www.prnewswire.com/comp/145913.html or fax, 800-758-5804, ext. 145913
CONTACT: Allan B. Solomon, Executive Vice President, 561-995-6660, or Rex Yeisley, Chief Financial Officer, 228-436-7052, both of Isle of Capri Casinos, Inc.
Web Site: http: //www.theislecorp.com