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Florida green-lights Isle of Capri's $167M casino
 Message was posted: 07:49 Jan 11th, 2007     
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Casino news source: Sun Herald - http://www.sunherald.com


Florida green-lights Isle of Capri's $167M casino
St. Louis Business Journal - 4:12 PM CST Wednesday

Isle of Capri Casinos Inc. said Wednesday that the Florida Department of Business and Professional Regulation awarded it a gaming license for its planned $167 million casino.

The St. Louis-based casino operator is planning to open the new casino in Pompano Beach, Fla., by winter or early spring this year. Isle of Capri also owns and operates Pompano Park Harness Racing Track in Pompano Beach.

Jill Haynes, an Isle of Capri spokeswoman, said construction on the project began in June 2006 and the building is 75 percent completed.

In a Dec. 7 filing with the Securities and Exchange Commission, the company said it plans to construct a gaming facility that includes 1,500 slot machines, four restaurants and a feature bar at Pompano Park adjacent to the existing grandstand at a cost of $167 million.

"The future of Isle of Capri looks like Pompano Park," Timothy Hinkley, president and chief operating officer of the company, said in a statement. Calling the project "a tropical paradise," he said the development would debut under a new name, offering Las Vegas-style gaming and harness racing.

Isle of Capri reported in its SEC filing that a Florida statute became effective Jan. 4, 2006, allowing Pompano Park and three other pari-mutuel facilities in Broward County to offer slot machine gaming. Although there are pari-mutuel facilities in other Florida counties, slot machine gaming is only authorized in Broward County, where Pompano Park is located, the company said.

The statute requires Pompano Park to pay an annual license fee of $3 million and gaming taxes equal to 50 percent of the park's net slot machine revenue plus combined county and city taxes, according to the filing.

St. Louis-based Isle of Capri Casinos (Nasdaq: ISLE) currently owns and operates riverboat, dockside and land-based casinos at 13 locations in Mississippi, Louisiana, Colorado, Iowa, Missouri and Nevada.





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