|BILOXI, Miss., June 11, 1999 - Isle of Capri Casinos,
Inc. (Nasdaq: ISLE) announced today that its majority-owned subsidiary,
Isle of Capri Black Hawk, L.L.C., will construct a 237-room hotel above
its existing Black Hawk, Colorado property. The Company plans to spend
approximately $29 million on the construction of the hotel. This hotel
construction is an addition to the Isle of Capri Casinos' previously announced
Millennium Expansion Program. The construction of the hotel is planned
to take approximately 14 months and will be financed from a combination
of existing cash flows and financing provided by the owners. The property
is a joint venture between Isle of Capri Casinos, Inc. and Nevada Gold
Casinos, Inc. (OTC Bulletin Board: UWIN) of which Isle of Capri Casinos,
Inc. owns 57% of the joint venture and is the manager of its business operations.
The hotel will be built above the existing casino and parking garage, which was designed and constructed to accept a hotel structure of this size. The hotel will include 124 of the Company's new Paradise (deluxe) room product and 113 rooms of the Company's new Cabana (standard) room product.
"Our plans from the start included a hotel with this facility and with our Millennium Expansion Program and the Black Hawk market, we felt the timing was right to begin construction," stated Bernard Goldstein, Chairman of the Board and Chief Executive Officer.
John M. Gallaway, President and Chief Operating Officer, said, "The addition of the hotel to our Black Hawk property will further solidify our position as having the best product in the market. We think that the market has been very receptive to our Isle of Capri brand and building this hotel will be the natural extension of our brand in this market. The new hotel will embody "Isle Style," featuring a casual elegance with a Caribbean soul."
Isle of Capri Casinos, Inc. owns and operates six riverboat, dockside and land-based casinos at five locations, including the Isle of Capri Casino, Crowne Plaza Resort in Biloxi, Mississippi; the Isle of Capri Casino Hotel in Vicksburg, Mississippi; the Isle of Capri Casino Hotel in Bossier City, Louisiana; two riverboats operating as the Isle of Capri Casino Hotel in Lake Charles, Louisiana, and (through a 57%-owned subsidiary) the Isle of Capri Casino in Black Hawk, Colorado. The Company also operates Pompano Park Harness Racing Track in Pompano Beach, Florida and through a joint venture, the Enchanted Capri cruise ship, that features an Isle of Capri Casino, sailing from New Orleans, Louisiana.
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, permits, competition and business conditions in the gaming industry.
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 Annual Report and its Form 10-K for the fiscal year ended April 26, 1998.
|Also See:||Bob Fiore Appointed Vice President and General Manager at the Isle Of Capri Casino-Black Hawk, CO / Sept 1998|