Press Release: Isle of Capri Casinos, Inc.
August 16, 2002
BILOXI, MS -- Isle of Capri Casinos, Inc. (Nasdaq: ISLE) officials unveiled plans yesterday for a $135 million
multi-property expansion at three of its casinos. The plan will include upgraded and additional amenities to the
Biloxi, MS., Bossier City, LA. and Marquette, IA properties. This plan, which will utilize free cash, establishes
the company's commitment to develop its portfolio of properties to feature a more resort-oriented product.
The estimated $79 million Biloxi plan will include an additional 400 hotel rooms, an Isle-branded Kitt's Kitchen
restaurant, a 12,000 square-foot multi-purpose center, an expanded pool and spa area and a 1,000-space parking
facility. The parking garage will provide a podium for future expansion for an additional hotel tower. Construction
will begin this fall with a projected construction period of approximately 24 months.
The approximate $50 million plan for Bossier City features a hotel tower, with 265 rooms, a Kitt's Kitchen restaurant,
a new pool and deck, and a 12,000-square-foot convention/entertainment center. Construction will also begin this
fall and will span about 18 months.
The Marquette property phase of the plan will include $6 million in improvements including a 60-room Inn at the
Isle and improved parking. The construction, beginning in spring 2003, will last 16 months.
Bernard Goldstein, chairman and chief executive officer said, "Having achieved our targeted credit statistics,
we believe the company is now in the position to fund expansions to our existing product with excess free cash
flow while maintaining or improving these credit ratios. Isle of Capri has made a name for itself by offering our
players a fun environment with resort-style amenities; therefore, we must evolve our properties to meet our customers'
expectations to continue to be successful."
"Our goal over the past year has been to pay down debt and get our credit ratios in line, as it will continue
to be moving forward. With our present free cash flow, we feel we can continue this strategy as well as improve
our current properties with this expansion plan," said John M. Gallaway, president and chief operating officer.
Isle of Capri Casinos, Inc. owns and operates 15 riverboat, dockside and land-based casinos at 14 locations, including
Biloxi, Vicksburg, Tunica, Lula and Natchez, Mississippi; Bossier City and Lake Charles (two riverboats), Louisiana;
Black Hawk, Colorado; Bettendorf, Davenport and Marquette, Iowa; Kansas City and Boonville, Missouri; and Las Vegas,
Nevada. The company also operates Pompano Park Harness Racing Track in Pompano Beach, Florida.
This press release contains 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, factors affecting the cost and timing of development
and construction activities (which may include weather conditions, unanticipated site conditions, the need for
change orders and the performance of our contractors), weather, permits, competition and business conditions in
the gaming industry, particularly in our markets, and other factors affecting our free cash flow. 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 fiscal year ended April 28, 2002.
Contacts: Allan B. Solomon, Executive Vice President-561.995.6660
Rex Yeisley, Chief Financial Officer-228.396.7052
Lori Hutzler, Director of Corporate Communications-
228.396.7031
SOURCE: Isle of Capri Casinos, Inc.