ST. LOUIS, Nov. 13 /PRNewswire-FirstCall/ -- Isle of Capri Casinos, Inc. announced today that the Company has executed a definitive agreement pursuant to which it will acquire the 43% interest in Isle of Capri-Black Hawk LLC which is currently owned by an affiliate of Nevada Gold & Casinos, Inc. Isle of Capri Casinos, Inc. currently owns 57% of Isle of Capri-Black Hawk LLC. Under the terms of the agreement, the Company has agreed to pay $64.6 million for the remaining 43% interest.
Isle of Capri-Black Hawk, LLC owns Isle of Capri-Black Hawk and Colorado Central Station, both of which are in Black Hawk, Colorado.
Bernard Goldstein, chairman and chief executive officer, said, "We are pleased that we have been able to come to an agreement that is beneficial to both parties. We have enjoyed our relationship with Nevada Gold, and wish them well in future endeavors."
The transaction is subject to certain significant conditions, including approval of the agreement by Nevada Gold shareholders, as well as customary closing conditions.
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 3000 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, Senior Director of Corporate Communication-314.813.9368
