Isle of Capri Casinos, Inc. (NASDAQ:ISLE) today announced that it has, together with the management board of Greektown Casino, LLC, mutually agreed to terminate the proposed agreement under which Isle of Capri would provide transitional marketing and operational consulting services to Greektown Hotel-Casino in Detroit, Michigan through the property's emergence from its current Chapter 11 reorganization process.
The Company made the announcement today following the confirmation on January 22, 2010 of a plan of reorganization to exit Greektown Casino-Hotel from bankruptcy. Upon exiting from Chapter 11 reorganization, the property will be under new ownership and management.
The Company released the following statement:
"In light of the recent confirmation of the plan of reorganization and Greektown's expected exit from bankruptcy in the coming months, it became clear to our company and Greektown that the short-term transitional consulting services that we were to provide may not represent the most expeditious course of action for Isle of Capri or Greektown Casino. Moving forward, Isle of Capri remains committed to its belief that it can have a positive impact on existing properties and its own balance sheet by utilizing the extensive experience of its management team through management and consulting contracts in gaming markets across the United States."
Isle of Capri Casinos, Inc. owns and operates 14 casino properties in six states. Collectively, these properties boast over 15,000 slot machines and nearly 400 table games, over 3,100 hotel rooms and more than three dozen restaurants. The company's properties are in Biloxi, Lula and Natchez, Mississippi; Lake Charles, Louisiana; Bettendorf, Davenport, Marquette and Waterloo, Iowa; Boonville, Caruthersville and Kansas City, Missouri; two casinos in Black Hawk, Colorado; and a casino and harness track in Pompano Beach, Florida. One of the largest publicly-traded gaming companies in the United States, Isle of Capri is traded on the NASDAQ stock exchange under ticker symbol ISLE.
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