Isle of Capri Casino extends stay at least until August 31

Wed, Jun 3rd 2009, 12:00 AM

SAINT LOUIS ? May 29 2009 - Isle of Capri Casinos, Inc. (NASDAQ: ISLE) announced today that it has entered into an agreement to continue operating the Isle of Capri Casino in Freeport, Grand Bahama during a transition period, following which Isle of Capri intends to exit the operation. The term of the transition period ends on August 31, 2009, although under certain circumstances, it may be extended for up to two additional months in order to allow sufficient time for a new operator to receive necessary approvals.

Under the agreement, the Company will also continue to assist the Government of the Bahamas and the owner of the Our Lucaya Resort, Hutchison Lucaya Ltd, in their efforts to identify and select a new operator for the casino. A number of entities have already expressed interest in assuming management of the facility, but the final decision as to a new operator will be solely the responsibility of the Bahamian government and Hutchison Lucaya Ltd.

Paul Keller, Senior Vice President and Chief Development Officer at Isle of Capri, said, ?We have worked hard to reach a mutually agreeable conclusion with the Bahamian government, and we truly appreciate all of their hard work on behalf of their citizens to put a plan in place with the goal of a seamless, timely transition. Moving forward, our goal is to fulfill our own strategic plan while helping to ensure that a first-class gaming operation continues on Grand Bahama and that a change in management is as simple as possible for the employees at the facility, who have continued to work hard and prove their dedication through this process.?

Isle of Capri made the announcement following a previous announcement in March 2009 that the Company intends to focus on domestic operations with the goal of increasing free cash flow through improved customer experiences. Since that time, Isle has also exited its operation in Coventry, UK.

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 17 casino properties. The Company owns and operates casinos domestically in Biloxi, Lula and Natchez, Mississippi; Lake Charles, Louisiana; Bettendorf, Davenport, Marquette and Waterloo, Iowa; Boonville, Caruthersville and Kansas City, Missouri, two casinos in Black Hawk, Colorado, and a casino and harness track in Pompano Beach, Florida. More information is available at the Company?s website, www.islecorp.com.

Forward-Looking Statements

This press release may 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 conditions, the economy, 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 and results of operations is included in the Company?s filings with the Securities and Exchange Commission, including, but not limited to, the Company?s annual report on Form 10-K for the most recently ended fiscal year. This and other information is available through the Securities and Exchange Commission at www.sec.gov, or through the Company?s website, www.islecorp.com.

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