Isle of Capri Casinos, Inc. and Nevada Gold & Casinos, Inc. Announce Sale of Colorado Grande Casino in Cripple Creek, Colorado
BILOXI, Miss., April 26 /PRNewswire-FirstCall/ -- Isle of Capri Casinos, Inc. (NASDAQ:ISLE) and Nevada Gold & Casinos, Inc. (AMEX:UWN) announced today that
Isle of Capri Black Hawk L.L.C. ("Isle Black Hawk"), their joint venture, has
sold all of its shares of Colorado Grande Casino, located in Cripple Creek,
Colorado, to a wholly owned subsidiary of Nevada Gold & Casinos, Inc. for $6.5
million.
Isle Black Hawk will record a loss related to the sale of approximately $4.0
million in its fourth quarter of fiscal 2005, which ended April 24, 2005. Isle
of Capri Casinos, Inc.'s and Nevada Gold & Casinos, Inc.'s pro-rata share of
this loss, which was not considered in their previous earnings guidance given
for fourth quarter of fiscal 2005, will be reflected in their respective
consolidated financial statements for the years ended April 24, 2005, and March
31, 2005, respectively.
Isle Black Hawk, the largest hotel casino in Colorado, and Colorado Central
Station Casino are jointly owned by Isle of Capri Casinos, Inc. and Nevada Gold
& Casinos, Inc., which own 57 percent and 43 percent, respectively.
Isle of Capri Casinos, Inc., a leading developer and owner of gaming and
entertainment facilities, operates 15 casinos in 13 locations. The company owns
and operates riverboat and dockside casinos in Biloxi, Vicksburg, Lula and
Natchez, Mississippi; Bossier City and Lake Charles (2 riverboats), Louisiana;
Bettendorf, Davenport and Marquette, Iowa; and Kansas City and Boonville,
Missouri. The company also owns a 57 percent interest in and operates
land-based casinos in Black Hawk (two casinos), Colorado. Isle of Capri's
international gaming interests include a casino that it operates in Freeport,
Grand Bahama, and a two-thirds ownership interest in casinos in Dudley, Walsall
and Wolverhampton, England. The company also owns and operates Pompano Park
Harness Racing Track in Pompano Beach, Florida.
Nevada Gold & Casinos, Inc. of Houston is a developer of gaming properties, and
has real estate interests in Colorado, California and Nevada. UWN owns a 43%
interest in the Isle of Capri Black Hawk L.L.C., which owns Isle of Capri
Casino, a 237-room hotel/casino, Colorado Central Station Casino (both located
in Black Hawk, Colorado, about 35 miles west of Denver) and Colorado Grande
Casino, located in Cripple Creek, Colorado. The LLC is a joint venture with
Isle of Capri Casinos, Inc. UWN has 69% ownership of Dry Creek Casino, LLC,
which is assisting the Dry Creek Rancheria Band of Pomo Indians with their
River Rock Casino, Alexander Valley, Sonoma County, California (about 75 miles
north of San Francisco in the California wine country). UWN has 51% ownership
of Route 66 Casinos, LLC, which has the right to lease gaming equipment to the
Pueblo of Laguna in their Route 66 Casino 11 miles west of Albuquerque, N.M.,
which opened in September 2003. Nevada Gold Tulsa, Inc., a wholly owned
subsidiary, has entered into a contract to develop and manage a casino for the
Muscogee (Creek) Nation in Tulsa, Oklahoma. Also, Gold River, LLC, a wholly
owned subsidiary of UWN, has entered into a development agreement for a gaming
resort in Pauma Valley, California, for the La Jolla Band of Luiseno Indians. The management agreement for La Jolla is currently being finalized and is
expected to be completed in the near future.
CONTACT: Isle of Capri Casinos, Inc.,
Allan B. Solomon, Executive Vice President-561.995.6660
Rex Yeisley, Chief Financial Officer-228.396.7052
Les McMackin, Senior Vice President-228.396.7054
Web site: http://www.islecorp.com/ Nevada Gold & Casinos, Inc.,
H. Thomas Winn or Christopher Domijan-713.621.2245
or
Integrated Corporate Relations
Don Duffy-203.222.9013
Web site: http://www.nevadagold.com/ 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, 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, results of operations and expansion projects is
included in the filings of the Isle of Capri Casinos, Inc. and Nevada Gold &
Casinos, Inc. with the Securities and Exchange Commission. http://www.newscom.com/cgi-bin/prnh/20020502/ISLELOGO http://photoarchive.ap.org/ DATASOURCE: Isle of Capri Casinos, Inc.
CONTACT: Allan B. Solomon, Executive Vice President, +1-561-995-6660, or Rex Yeisley, Chief Financial Officer, +1-228-396-7052, or Les McMackin, Senior Vice President, +1-228-396-7054, all of Isle of Capri; or H. Thomas Winn or Christopher Domijan, both of Nevada Gold & Casinos, +1-713-621-2245; or Don Duffy, Integrated Corporate Relations, +1-203-222-9013, for Nevada Gold & Casinos, Inc.
Web site: http://www.islecorp.com/ http://www.nevadagold.com/
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