Isle of Capri Sells Two Casinos

The deal is worth $240 million.
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Isle of Capri Casinos

(ISLE)

is selling its properties in Bossier City, La., and Vicksburg, Miss., for $240 million to Legends Gaming LLC, a privately owned firm.

The casino and horsetrack operator said Tuesday that it will use the proceeds from the sale to fund existing development projects or to pay down debt.

"We determined that the sale of our Vicksburg and Bossier City properties will allow the Isle to focus on opportunities that more closely match our portfolio and strategic vision," the company said. "Both of these properties have been a part of the Isle family since the early days and our team members have been a valuable asset."

Isle of Capri, based in Biloxi, Miss., expects to complete the transaction in the second or third quarter of the calendar year.

Shares of Isle of Capri were gaining 42 cents, or 1.5%, to $28.76.