Press Release: Isle of Capri Casinos, Inc.
July 19, 2002
BILOXI, MS -- Isle of Capri Casinos, Inc. (Nasdaq: ISLE) officials announced yesterday the execution of an agreement
to sell the Lady Luck Casino Hotel in Las Vegas to AMX Nevada, LLC. The agreement is subject to contingencies including
the completion of due diligence by the purchaser.
Bernard Goldstein, chairman and chief executive officer said, "In 2000, we acquired the Lady Luck Gaming Corporation
as it offered four riverboat casinos that would work well with our business strategy. As part of that acquisition,
we were required to purchase the land-based Las Vegas casino, which we recognized at that time, did not fit our
core business model."
"Acquiring the Lady Luck riverboats proved to be a great step in the direction of growth for our company.
We have continued to operate the Lady Luck Casino Hotel in Las Vegas under that name as we valued the equity established
in the brand and it allowed us to keep our options open. This sale, if consummated, will allow the Isle of Capri
Casinos to return its focus to what we know best, operating regional casinos outside of Las Vegas and Atlantic
City," said John M. Gallaway, president and chief operating officer.
The purchase price was not divulged. Subject to the satisfaction of the contingencies in the agreement, the company
expects to complete the transaction in the fall of 2002.
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 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 fiscal year ended April 29, 2001.
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.