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Isle of Capri completes $240M property sale
 Message was posted: 11:16 Aug 12th, 2006     
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Casino news source: The Pittsburgh Business Times - http://www.bizjournals.com/


Isle of Capri completes $240M property sale
Pittsburgh Business Times - August 2, 2006

Isle of Capri Casinos Inc. said Monday that it has completed the $240 million cash sale of its Vicksburg, Miss., and Bossier City, La., properties to Legends Gaming LLC subject to closing adjustments.

Isle of Capri, one of three groups bidding to operate a casino in Pittsburgh, announced the sale to privately owned Legends Gaming Feb. 14. Proceeds from the sale are expected to be used to fund existing development projects and/or pay down debt.

According to a Feb. 14 release, Legends Gaming was recently formed to own and operate casinos primarily located in regional markets. Legends' principals are expected to be William McEnery, chairman; Michael Kelly, president and CEO, and G. Dan Marshall, chief operating officer and chief financial officer.

Biloxi, Miss.-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. The company is in the process of relocating its headquarters from Biloxi to St. Louis. The move was announced in November.





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