Isle of Capri Announces Final Plans for Biloxi Casino Resort
JANUARY 23, 2007. Isle of Capri Casinos, Inc. (NASDAQ:ISLE) announced today final construction plans for the Isle of Capri Biloxi Casino Resort. The more than $180 million construction project will be largely funded by insurance proceeds associated with Hurricane Katrina. The project includes a land-based casino with approximately 2,100 slot machines, 50 table games, a new poker room, rebuilding the Company's signature steakhouse, Farraddays', as well as an expanded tropical-themed buffet, plus one other restaurant yet to be named.
Approximately 45,000 square feet of convention space that is currently serving as gaming space will be restored to its original use. In addition, the casino entryway will be renovated to allow guests easier access.
When complete, this project will return the Isle of Capri Biloxi Casino Resort to the planned pre-Katrina levels. The Biloxi property also includes 731 hotel rooms, a European Spa, infinity pool and waterfall which opened to the public last summer.
"The Mississippi Coast continues to work toward a complete restoration and Isle of Capri is actively participating in the continued evolution of the region. We have worked closely with our insurance carriers, as well as the City of Biloxi and the Mississippi Gaming Commission, throughout the past year to return our property to pre-Katrina levels. I am proud of the work we have done thus far and I am quite sure that our guests and the community will enjoy everything the Isle of Capri offers when this project is completed," Tim Hinkley, president and chief operating officer, said.
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