| Type | Public |
|---|---|
| Industry | Gambling |
| Genre | Casinos |
| Predecessor | Kana Corporation, Anubis II Corporation, Casino America, Inc |
| Founded | 1992 |
| Founder(s) | Bernard Goldstein (casino owner) |
| Headquarters | Creve Coeur, Missouri, United States |
| Revenue | US$1.13 billion (2008)[1] |
| Operating income | -$51.35 million |
| Net income | -$96.87 million |
| Total assets | $2 billion |
| Total equity | $188.01 million |
| Employees | 8,559 |
| Website | http://www.islecorp.com/ |
Isle of Capri Casinos, Inc. (NASDAQ: ISLE) is a gaming company headquartered in Creve Coeur, Missouri[2] which operates casinos and associated entertainment and lodging facilities in the United States and abroad.
Currently operating 15 casinos in six states across the U.S., as well as a property in the Caribbean, Isle of Capri properties have nearly 2 million visitors each year. These properties have a total of about 15,000 slot machines, 400 table games, 3,100 hotel rooms; and three dozen restaurants.
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The company was founded in 1990 by Bernard Goldstein (born 1929) who rolled his two privately held companies Riverboat Corporation of Mississippi and Riverboat Services into a newly named Kana Corporation.[3]
In April 1992 it was renamed Anubis II Corporation. In June 1992 it was renamed again to Casino America, Inc. and began trading on the NASDQ under the ticker symbol CSNO. In 1995 an announced move to trade to the New York Stock Exchange. In September 1998 it became Capris Casinos, Inc.[3] and changed its ticker symbol to "ISLE."[4]
Goldstein's first casino operations were in the Quad City area of Iowa and Illinois where Goldstein operated the riverboats Diamond Lady and the Emerald Lady under the corporate name Steamboat Casino Cruises.[5] The two boats which sailed from Bettendorf, Iowa on April 1, 1991 were the first modern riverboat gambling boats.[6]
Isle of Capri Casinos opened it first casino in Biloxi, Mississippi in August 1992, and was the first gaming establishment to trade on the NASDAQ.
In 2005, its Biloxi casino (but not its hotel) was destroyed and its Lake Charles facilities were damaged by Hurricanes Katrina and Rita, respectively.[7][8]
In August 2006, Isle of Capri Casinos moved its headquarters from Biloxi to St. Louis suburb Creve Coeur, Missouri.[9] Missouri had offered $4.2 million in tax incentives to lure the operation. Company officials said they were looking for new headquarters after evacuating their building three times in 2004-05 due to hurricanes.[10]
On February 14, 2006, Isle of Capri sold the Isle of Capri Bossier City and Isle of Capri Vicksburg to Legends Gaming for $240 million. The properties are now known as "Diamond Jack's".
The company competed for a gambling license in the city of Pittsburgh, Pennsylvania in 2006, offering $290 million toward the construction of a new arena for the Pittsburgh Penguins as an incentive and thus drawing enormous public support in Pittsburgh. The Pennsylvania Gaming Control Board nevertheless awarded the license to PITG Gaming Majestic Star instead, who was required to partially fund the building of the new arena, the Consol Energy Center.[11]
On March 19, 2007 Isle of Capri purchased Casino Aztar in Caruthersville from Columbia Sussex for about $45 million. The casino was re-branded Lady Luck Casino on June 10, 2008.[12]
In April, 2007 the Company opened a casino called the Isle Casino & Racing at Pompano Park.
On July 1, 2007 Isle of Capri opened a new property in Waterloo, Iowa.
In a move to increase brand recognition, all of the companies casinos will be rebranded under the Lady Luck or Isle brands. It has not been determined which casinos will receive which designation, but the company has said that the more local properties will receive the Lady Luck designation.
On April 5, 2010 Isle of Capri and Bally Gaming announced that Isle of Capri would acquire Bally's Rainbow Casino for $80,000,000.[13]
On June 9, 2010, Isle of Capri Casinos, Inc. completed the acquisition of Rainbow Casino in Vicksburg, Miss. from Bally Technologies, Inc.
On December 1, 2010, the Missouri Gaming Commission awarded the company the state's 13th gaming license for a casino project in Cape Girardeau. The project is expected to include 1,000 slot machines, 28 table games, 3 restaurants, a lounge and terrace overlooking the Mississippi River and a 750-seat event center at an estimated cost of $125 million.
On April 14, 2011, Isle of Capri Casinos Inc. and Nemacolin Woodlands Resort were selected as the recipients of Pennsylvania's last casino resort license by the state's gaming board. Lady Luck Casino Nemacolin is expected to include 600 slot machines, 28 table games, a casual dining restaurant and lounge.