This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Isle Of Capri Casinos Enters Into Option Agreement To Sell One Of Two Lake Charles Riverboats

ST. LOUIS, June 14, 2011 /PRNewswire/ -- Isle of Capri Casinos, Inc. (Nasdaq: ISLE) (the "Company") announced today that it has entered into an Option Agreement (the "Agreement") with Paradise Casino, LLC ("Paradise Casino") granting Paradise Casino the right to buy one of the Company's two gaming subsidiaries in Lake Charles, Louisiana.  If the option is exercised and the transaction closes, Paradise Casino will acquire an entity that is licensed and owns the Crown gaming vessel, as well as the furniture, fixtures and equipment located on that vessel.  The Agreement provides that the option must be exercised, if at all, no later than November 30, 2011.  In the event the option is exercised, following the closing of the transaction, the Company plans to consolidate its operations in Lake Charles onto the adjacent Grand Palais gaming vessel, which is the larger of the two vessels.

The Agreement provides that Paradise Casino will immediately begin the process of obtaining regulatory and other approvals including a successful referendum to relocate the facility to Bossier City, Louisiana.  The financial terms of the Agreement and the purchase price have not been disclosed.

Virginia McDowell, the Company's president and chief executive officer commented, "We have previously indicated our desire to explore options for our second gaming facility currently located in Lake Charles.  We believe that the pending transaction for one of the two vessels located at our gaming operation in Lake Charles will provide a solid opportunity for our company."

McDowell continued, "For our team and customers, we will continue to operate our business as usual and are confident that, if the option is exercised and the transaction is completed, we will be able to create an even better work environment and more successful business through this consolidation."

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,058.35 -469.68 -2.84%
S&P 500 1,913.85 -58.33 -2.96%
NASDAQ 4,636.1050 -140.4030 -2.94%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs