Heard the news from earlier this week that Isle LC is in negotiations to sell it 2nd gaming license and boat "Crown". Poker tables would be relocated to the main boat "Grand". Probably a smart financial move by Isle. Crown has been losing money and with a new third casino coming to LC it makes sense. see Isle Corp release below:
ST. LOUIS – June 14, 2011 – Isle of Capri Casinos, Inc. (the "Company") announced today that it has entered into an Option Agreement (the "Agreement") with Paradise Casino, LLC ("Paradise Casino") granting Paradise Casino the right to buy one of the Company's two gaming subsidiaries in Lake Charles, Louisiana. If the option is exercised and the transaction closes, Paradise Casino will acquire an entity that is licensed and owns the Crown gaming vessel, as well as the furniture, fixtures and equipment located on that vessel. The Agreement provides that the option must be exercised, if at all, no later than November 30, 2011. In the event the option is exercised, following the closing of the transaction, the Company plans to consolidate its operations in Lake Charles onto the adjacent Grand Palais gaming vessel, which is the larger of the two vessels.
The Agreement provides that Paradise Casino will immediately begin the process of obtaining regulatory and other approvals including a successful referendum to relocate the facility to Bossier City, Louisiana. The financial terms of the Agreement and the purchase price have not been disclosed.
Isle Lake Charles selling boat
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Lucky Larry
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wilcoxfun
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I would suspect with them moving into southern Missouri soon that this is an excellent business move.
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