BILOXI, Miss., Jan. 29 /PRNewswire-FirstCall/ -- Isle of Capri Casino, Inc. announced today that the company will relocate its corporate headquarters to the St. Louis County municipality of Creve Coeur while maintaining a regional presence in Biloxi, Miss. The Company plans to relocate approximately 150 corporate positions at an estimated cost of approximately $10 million over the next eight months. The relocation process will begin in early summer 2006.
"In thirteen short years, Isle of Capri has grown from a million dollar company to a billion dollar corporation with strong Mississippi roots. Although we are moving our corporate headquarters to Missouri, we plan to continue supporting redevelopment efforts along the Gulf Coast long into the future," Tim Hinkley, president and chief operating officer, said. "The State of Missouri and the City of Creve Coeur have warmly welcomed our Isle team members and we look forward to settling into our new headquarters."
The real estate transaction was handled by St. Louis broker Regan Trittler, vice president of Equis Corporation. Isle of Capri will lease approximately 48,000 sq. ft. across three floors at the Creve Coeur Corporate Center located at 600 Emerson Drive, as well as 5,000 sq. ft. of storage space in the building.
"We are pleased that Isle of Capri has chosen Missouri as its new headquarters and bringing more than 150 high-paying jobs to the St. Louis area while also creating new economic opportunities for the community of Creve Coeur," said Greg Steinhoff, director of the Missouri Department of Economic Development. "We are excited to begin working with our newest business partners and look forward to future cooperation between Isle of Capri and the Show Me State."
Mayor Harold Dielmann, said, "With 150 high quality jobs, we are pleased to welcome Isle of Capri to our community. Isle of Capri is arriving at an exciting time in Creve Coeur, as we begin implementation of our downtown center and help Creve Coeur regain its number one position in St. Louis. Isle of Capri will add vitality to our local economy as well as another member for our Chamber of Commerce."
The Regional Chamber and Growth Association's economist estimates that the move, with its initial 150 employees, will generate a total economic impact of some $36.8 million per year for the region.
"Clearly, this major corporate headquarters relocation is a prime example of what a responsive region and State can accomplish when it works collaboratively on economic development. In this case, St. Louis competed and we won, because of the strong working relationship between RCGA and its partners at the Missouri Department of Economic Development, the St. Louis County Economic Council and the City of Creve Coeur," Jim Alexander, St. Louis Regional Chamber & Growth Association, vice president for business recruitment, said.
Isle of Capri Casinos, Inc., a leading developer and owner of gaming and entertainment facilities, operates 15 casinos in 13 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), 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, Walsall and Wolverhampton, England. The company also owns and operates Pompano Park Harness Racing Track in Pompano Beach, Florida.
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-228.396.7052
Jill Haynes, Director of Corporate Communication-228.396.7031
http://www.islecorp.com/
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/.
FCMN Contact: Jill_Haynes@islecorp.com
