Isle of Capri Casinos 8-K Results of Operations and Financial Condition

Exhibit 99.1

FOR IMMEDIATE RELEASE

ISLE OF CAPRI CASINOS, INC. ANNOUNCES SECOND QUARTER RESULTS

BILOXI, MISS. (November 11, 2004)—Isle of Capri Casinos, Inc. (NASDAQ: ISLE) today reported financial results for the fiscal quarter ended October 24, 2004. For the second fiscal quarter, we reported net income of $0.5 million or $0.01 per diluted common share compared to net income of $10.7 million or $0.35 per diluted common share for the same quarter last year. During the quarter ended October 24, 2004, net revenues remained comparable to the same fiscal period in 2004 at $269.7 million, and Adjusted EBITDA ¹ was $49.0 million, compared to $57.9 million for the same period in fiscal 2004.

For the first six months of fiscal 2005, we reported net income of $11.1 million, or $0.36 per diluted share. This compares to net income for the same period in fiscal 2004 of $24.3 million, or $0.79 per diluted share. Net revenues for the six months ended October 24, 2004, were $550.6 million, down from $555.4 million for the comparable period in the previous year. Adjusted EBITDA¹in the six-month period was $109.5 million, a decrease of $16.1 million, or 13%, from the prior year six-month period Adjusted EBITDA¹ of $125.6 million.

Bernard Goldstein, Isle of Capri Casinos, Inc.’s chairman and chief executive officer, said, "Although the second quarter did not meet our expectations, the majority of Isle properties continue to perform steadily. Growth and development can be difficult in the short-term; however, we expect to see improving results as we move into fiscal 2006. "

Operational Review

In Mississippi, our four operations contributed 22% of our net revenues. The Isle-Vicksburg and the Isle-Natchez experienced modest increases in net revenues and Adjusted EBITDA¹ despite aggressive competition in the Vicksburg market. The Isle-Biloxi experienced a decline in net revenues and Adjusted EBITDA¹ primarily due to construction disruptions as we continue our $79.0 million parking and hotel expansion. We expect to complete the se additions in the spring of 2005. The property also faced disturbances in business due to severe hurricane activity, affecting not only Biloxi, but also the surrounding markets from which the casino draws customers. The Isle-Lula showed a decline in margins due to an increasingly competitive environment.

In Louisiana, our two properties contributed 25% of our net revenues. Both the Isle-Bossier City and the Isle-Lake Charles have produced increases in net revenues and Adjusted EBITDA¹. The Isle-Bossier City’s new 265-room hotel and amenities addition, and the refurbishment and expansion of the Isle-Lake Charles’ Grand Palais, have increased these properties’ ability to compete within their markets.

In Missouri, our two properties contributed 15% of our net revenues. Net revenues and Adjusted EBITDA¹ in both Kansas City and Boonville increased. The Isle-Kansas City's operating performance benefited from its gaming floor expansion despite a major new competitor’s product and aggressive marketing by nearby properties. The Isle-Boonville continues to perform well. We are in the planning stages of the construction of an approximately $15.0 million hotel and event center to further enhance the profitability of this property.

In Iowa, our three casinos contributed 20% of our net revenues. Our two casinos in the Quad Cities produced an increase in net revenues, but at less than expected levels due to reduced patronage from the outer markets, particularly Chicagoland. In Marquette, net revenues and Adjusted EBITDA¹ declined. Marquette faced increased competition from a Native American casino that was open for the entire second quarter of fiscal 2005. Additionally, Adjusted EBITDA¹ has decreased in part due to a 2% increase in the Iowa gaming tax rates, which became effective July 1, 2004.

In Colorado, our three casino operations contributed 13% of our net revenues. Construction continues to cause considerable disruption, particularly to parking for the Colorado Central Station-Black Hawk and to the street entrances to both Black Hawk casinos. The initial and most disruptive phase of the $94.0 million expansion is expected to be completed by spring of 2005.

The recent tropical storms have caused considerable destruction in the Bahamas. While the Isle-Our Lucaya casino escaped significant damage, our partner hotels, the Westin and the Sheraton were forced to close for major repairs. We in turn closed the casino for much of the quarter. The casino is currently opened on a limited weekend schedule and is expected to return to full-time operations mid-December 2004, when the Our Lucaya Beach and Golf resort is expected to be fully reopened. Second quarter Adjusted EBITDA¹ does not include the anticipated business interruption and other insurance recoveries related to losses in the quarter, which will be recorded when received.

New development expense increased significantly due to efforts related to election campaigns in Florida and Iowa, as well as continued investment in the United Kingdom. Corporate and other expense decreased over the comparable fiscal quarter and six months due to the inclusion in the prior year of a $2.0 million charge related to the accrual of additional loss contingencies for litigation matters.

Timothy Hinkley, Isle of Capri Casinos, Inc.’s president and chief operating officer, said, "It was a challenging quarter. We experienced construction and weather-related disruptions along with some softness in Mississippi; construction disruptions in Colorado; and increased overhead for international and domestic development. However, our properties in Missouri, Louisiana and Iowa continue with solid performance."

Hinkley continued, "As we look to the future, we realize the continued value that lies within reinvestment. Our focus is two-fold: We are concentrated on selected development opportunities - both domestically and within the UK. And we are committed to the improvement of our existing core properties, by enriching the Isle-branded experience and customer loyalty programs through initiatives such as our slot enhancement program. "

Highlights

--We are currently active with expansion opportunities within the U.S. and abroad.

--On November 2, 2004, the passage of Amendment Four, a Florida statewide referendumthat will allow Miami-Dade County and Broward County voters a local option to introduce slot machines at pari-mutuel facilities in those counties, provides a significant opportunity for us. It is expected that a bill setting the rules and regulations for the gaming activity will be introduced into the Florida legislature in the spring of 2005. We own Pompano Park Harness Track in Pompano Beach, Florida, located in Broward County. We also have the exclusive right to negotiate to purchase the Miami Jai Alai facility owned by Florida Gaming, Inc.

--In the UK, construction on our project in Coventry progresses at the football arena. The new UK gaming legislation is continuing to move forward in the British Parliament.

--We announced in October that wewill replace the casino at our Biloxi, Miss. property with a new state-of-the-art casino facility. The approximately $90.0 million new casino, which is in addition to the $79.0 million parking and hotel expansion, is expected to be opened by December 2005, and will feature significantly expanded gaming space, new night clubs and restaurants and other amenities. We plan to construct the barge offsite and then move it into place during a two-week period between Thanksgiving and Christmas of 2005.

--We have increased targeted expansion capital expenditures as a means to enhance our current properties and ensure the properties maintain a competitive position in their markets. We are also enhancing our branded experience as it relates to our gaming, food and beverage and hotel products.

--Our properties in Biloxi, Lula, Vicksburg, Bossier City and Black Hawk are targeted under our slot enhancement program. These six properties will experience product upgrades to operate more competitively within their markets. The slot enhancement program includes increasing our ticket-in / ticket-out slot product to a minimum of 80% of installed games at these properties and the installation of the IGT Advantage slot system. This system will allow for greater interaction directly at the game by our customers. Players will also have the ability to receive and download rewards at the machine.

Isle of Capri Casinos, Inc.

Consolidated Statements of Income

(Unaudited)

(In thousands, except per share amounts)

	Three Months Ended				Six Months Ended
	October 24,		October 26,		October 24,		October 26,
	2004		2003		2004		2003
Revenues:
Casino	$	275,492	$	275,527	$	559,687	$	564,310
Hotel, pari-mutuel, food, beverage & other		52,451		49,252		106,496		103,487
Gross revenues		327,943		324,779		666,183		667,797
Less promotional allowances		58,221		55,113		115,589		112,380
Net revenues		269,722		269,666		550,594		555,417
Operating and other expenses:
Properties		211,519		203,312		424,908		415,138
New development (2)		3,839		989		5,247		1,741
Corporate (3)		5,402		7,478		10,925		12,959
Preopening (4)		192		307		247		598
Depreciation and amortization (5)		25,834		21,437		49,457		43,054
Total operating and other expenses		246,786		233,523		490,784		473,490
Operating income		22,936		36,143		59,810		81,927
Net interest expense (6)		(18,951)		(20,642)		(36,351)		(41,740)
Minority interest (7)		(1,549)		(2,657)		(3,682)		(5,490)
Income before income taxes		2,436		12,844		19,777		34,697
Income tax expense (8)		1,988		2,134		8,720		10,435
Net income	$	448	$	10,710	$	11,057	$	24,262
Net income per diluted common share	$	0.01	$	0.35	$	0.36	$	0.79
Weighted average diluted common shares		30,542		30,827		30,646		30,591

Selected Consolidated Balance Sheet Accounts

	October 24, 2004		April 25, 2004
	(Unaudited)
Cash and cash equivalents	$	128,973	$	134,582
Property and equipment, net		945,337		907,460
Debt		1,086,912		1,088,864
Stockholders' equity		248,101		241,406

Isle of Capri Casinos, Inc.

Comparative Financial Highlights by Casino Property

(Unaudited)

(In thousands)

	Three Months Ended
	October 24,							October 26,
	2004							2003
	Net Revenues (9)		Adjusted EBITDA (1)		Adjusted EBITDA Margin %			Net Revenues (9)		Adjusted EBITDA (1)		Adjusted EBITDA Margin %
MISSISSIPPI
BILOXI	$	18,469	$	2,856		15.5	%	$	20,613	$	5,270		25.6	%
NATCHEZ		8,231		1,742		21.2	%		7,843		1,691		21.6	%
VICKSBURG		13,583		3,039		22.4	%		13,056		2,933		22.5	%
LULA		20,372		4,373		21.5	%		20,690		5,682		27.5	%
MISSISSIPPI TOTAL		60,655		12,010		19.8	%		62,202		15,576		25.0	%
LOUISIANA
BOSSIER CITY		26,665		5,643		21.2	%		26,625		4,330		16.3	%
LAKE CHARLES		42,069		9,128		21.7	%		39,799		7,833		19.7	%
LOUISIANA TOTAL		68,734		14,771		21.5	%		66,424		12,163		18.3	%
MISSOURI
KANSAS CITY		23,490		4,316		18.4	%		21,982		3,792		17.3	%
BOONVILLE		18,097		5,303		29.3	%		17,096		4,473		26.2	%
MISSOURI TOTAL		41,587		9,619		23.1	%		39,078		8,265		21.2	%
IOWA
BETTENDORF		25,553		7,732		30.3	%		25,158		7,937		31.5	%
DAVENPORT		17,916		4,500		25.1	%		17,475		4,728		27.1	%
MARQUETTE		11,067		2,827		25.5	%		11,284		3,191		28.3	%
IOWA TOTAL		54,536		15,059		27.6	%		53,917		15,856		29.4	%
COLORADO
BLACK HAWK (10)		25,548		8,852		34.6	%		27,473		9,900		36.0	%
COLORADO CENTRAL
STATION (10)		8,073		409		5.1	%		11,641		2,684		23.1	%
COLORADO
GRANDE (10)		1,951		365		18.7	%		2,281		687		30.1	%
COLORADO TOTAL		35,572		9,626		27.1	%		41,395		13,271		32.1	%
INTERNATIONAL
BLUE CHIP (4) (11)		1,833		(281)		(15.3	%)		-		-		0.0	%
OUR LUCAYA (4)		2,538		(2,130)		(83.9	%)		-		-		0.0	%
INTERNATIONAL TOTAL		4,371		(2,411)		(55.2	%)		-		-		0.0	%
CORPORATE & OTHER (12)		4,267		(9,712)		N/M			6,650		(7,244)		N/M
TOTAL	$	269,722	$	48,962		18.2	%	$	269,666	$	57,887		21.5	%

Isle of Capri Casinos, Inc.

Comparative Financial Highlights by Casino Property

(Unaudited)

(In thousands)

	Six Months Ended
	October 24,							October 26,
	2004							2003
	Net Revenues (9)		Adjusted EBITDA (1)		Adjusted EBITDA Margin %			Net Revenues (9)		Adjusted EBITDA (1)		Adjusted EBITDA Margin %
MISSISSIPPI
BILOXI	$	38,766	$	7,034		18.1	%	$	42,799	$	10,872		25.4	%
NATCHEZ		16,762		4,014		23.9	%		16,058		3,932		24.5	%
VICKSBURG		26,633		6,205		23.3	%		27,186		7,056		26.0	%
LULA		41,170		9,616		23.4	%		42,932		11,226		26.1	%
MISSISSIPPI TOTAL		123,331		26,869		21.8	%		128,975		33,086		25.7	%
LOUISIANA
BOSSIER CITY		56,367		12,229		21.7	%		55,419		9,726		17.5	%
LAKE CHARLES		83,804		18,647		22.3	%		83,223		18,826		22.6	%
LOUISIANA TOTAL		140,171		30,876		22.0	%		138,642		28,552		20.6	%
MISSOURI
KANSAS CITY		47,834		9,396		19.6	%		45,344		8,575		18.9	%
BOONVILLE		35,667		10,130		28.4	%		33,984		8,959		26.4	%
MISSOURI TOTAL		83,501		19,526		23.4	%		79,328		17,534		22.1	%
IOWA
BETTENDORF		51,291		16,485		32.1	%		50,192		15,889		31.7	%
DAVENPORT		35,600		9,356		26.3	%		33,998		8,844		26.0	%
MARQUETTE		22,087		6,161		27.9	%		22,246		6,246		28.1	%
IOWA TOTAL		108,978		32,002		29.4	%		106,436		30,979		29.1	%
COLORADO
BLACK HAWK (10)		51,845		19,038		36.7	%		55,553		20,549		37.0	%
COLORADO CENTRAL
STATION (10)		16,416		930		5.7	%		23,660		5,244		22.2	%
COLORADO
GRANDE (10)		4,103		878		21.4	%		4,318		1,201		27.8	%
COLORADO TOTAL		72,364		20,846		28.8	%		83,531		26,994		32.3	%
INTERNATIONAL
BLUE CHIP (4) (11)		3,448		(499)		(14.5	%)		-		-		0.0	%
OUR LUCAYA (4)		9,270		(3,123)		(33.7	%)		-		-		0.0	%
INTERNATIONAL TOTAL		12,718		(3,622)		(28.5	%)		-		-		0.0	%
CORPORATE & OTHER (12)		9,531		(16,983)		N/M			18,505		(11,566)		N/M
TOTAL	$	550,594	$	109,514		19.9	%	$	555,417	$	125,579		22.6	%

Isle of Capri Casinos, Inc.

Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Casino Property

(Unaudited) (In thousands)

Three Months Ended October 24, 2004

	Operating Income (Loss)		Depreciation & Amortization		Preopening(4)		Adjusted EBITDA (1)		Operating Income Margin% (1)
MISSISSIPPI
BILOXI	$	730	$	2,126	$	-	$	2,856		4.0	%
NATCHEZ		922		820		-		1,742		11.2	%
VICKSBURG		1,872		1,167		-		3,039		13.8	%
LULA		24		4,349		-		4,373		0.1	%
MISSISSIPPI TOTAL		3,548		8,462		-		12,010		5.8	%
LOUISIANA
BOSSIER CITY		3,069		2,574		-		5,643		11.5	%
LAKE CHARLES		5,881		3,247		-		9,128		14.0	%
LOUISIANA TOTAL		8,950		5,821		-		14,771		13.0	%
MISSOURI
KANSAS CITY		2,447		1,869		-		4,316		10.4	%
BOONVILLE		3,010		2,293		-		5,303		16.6	%
MISSOURI TOTAL		5,457		4,162		-		9,619		13.1	%
IOWA
BETTENDORF		5,917		1,815		-		7,732		23.2	%
DAVENPORT		3,243		1,257		-		4,500		18.1	%
MARQUETTE		2,022		805		-		2,827		18.3	%
IOWA TOTAL		11,182		3,877		-		15,059		20.5	%
COLORADO
BLACK HAWK (10)		7,094		1,758		-		8,852		27.8	%
COLORADO CENTRAL
STATION (10)		(252)		661		-		409		(3.1	%)
COLORADO
GRANDE (10)		256		109		-		365		13.1	%
COLORADO TOTAL		7,098		2,528		-		9,626		20.0	%
INTERNATIONAL
BLUE CHIP (4) (11)		(528)		55		192		(281)		(28.8	%)
OUR LUCAYA (4)		(2,496)		366		-		(2,130)		(98.3	%)
INTERNATIONAL TOTAL		(3,024)		421		192		(2,411)		(69.2	%)
CORPORATE & OTHER (12)		(10,275)		563		-		(9,712)		N/M
TOTAL	$	22,936	$	25,834	$	192	$	48,962		8.5	%

Three Months Ended October 26, 2003

	Operating Income (Loss)		Depreciation & Amortization		Preopening(4)		Adjusted EBITDA (1)		Operating Income Margin% (1)
MISSISSIPPI
BILOXI	$	3,346	$	1,924	$	-	$	5,270		16.2	%
NATCHEZ		1,104		587		-		1,691		14.1	%
VICKSBURG		1,742		1,191		-		2,933		13.3	%
LULA		3,221		2,461		-		5,682		15.6	%
MISSISSIPPI TOTAL		9,413		6,163		-		15,576		15.1	%
LOUISIANA
BOSSIER CITY		2,447		1,883		-		4,330		9.2	%
LAKE CHARLES		5,043		2,790		-		7,833		12.7	%
LOUISIANA TOTAL		7,490		4,673		-		12,163		11.3	%
MISSOURI
KANSAS CITY		2,260		1,532		-		3,792		10.3	%
BOONVILLE		2,948		1,525		-		4,473		17.2	%
MISSOURI TOTAL		5,208		3,057		-		8,265		13.3	%
IOWA
BETTENDORF		6,075		1,862		-		7,937		24.1	%
DAVENPORT		2,513		2,215		-		4,728		14.4	%
MARQUETTE		2,450		741		-		3,191		21.7	%
IOWA TOTAL		11,038		4,818		-		15,856		20.5	%
COLORADO
BLACK HAWK (10)		8,191		1,709		-		9,900		29.8	%
COLORADO CENTRAL
STATION (10)		2,352		332		-		2,684		20.2	%
COLORADO
GRANDE (10)		616		71		-		687		27.0	%
COLORADO TOTAL		11,159		2,112		-		13,271		27.0	%
INTERNATIONAL
BLUE CHIP (4) (11)		-		-		-		-		0.0	%
OUR LUCAYA (4)		(307)		-		307		-		0.0	%
INTERNATIONAL TOTAL		(307)		-		307		-		0.0	%
CORPORATE & OTHER (12)		(7,858)		614		-		(7,244)		N/M
TOTAL	$	36,143	$	21,437	$	307	$	57,887		13.4	%

Isle of Capri Casinos, Inc.

Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Casino Property

(Unaudited) (In thousands)

Six Months Ended October 24, 2004

	Operating Income (Loss)		Depreciation & Amortization		Preopening(4)		Adjusted EBITDA (1)		Operating Income Margin% (1)
MISSISSIPPI
BILOXI	$	2,959	$	4,075	$	-	$	7,034		7.6	%
NATCHEZ		2,417		1,597		-		4,014		14.4	%
VICKSBURG		3,885		2,320		-		6,205		14.6	%
LULA		3,174		6,442		-		9,616		7.7	%
MISSISSIPPI TOTAL		12,435		14,434		-		26,869		10.1	%
LOUISIANA
BOSSIER CITY		6,978		5,251		-		12,229		12.4	%
LAKE CHARLES		12,211		6,436		-		18,647		14.6	%
LOUISIANA TOTAL		19,189		11,687		-		30,876		13.7	%
MISSOURI
KANSAS CITY		5,530		3,866		-		9,396		11.6	%
BOONVILLE		6,180		3,950		-		10,130		17.3	%
MISSOURI TOTAL		11,710		7,816		-		19,526		14.0	%
IOWA
BETTENDORF		12,926		3,559		-		16,485		25.2	%
DAVENPORT		5,902		3,454		-		9,356		16.6	%
MARQUETTE		4,521		1,640		-		6,161		20.5	%
IOWA TOTAL		23,349		8,653		-		32,002		21.4	%
COLORADO
BLACK HAWK (10)		15,564		3,474		-		19,038		30.0	%
COLORADO CENTRAL
STATION (10)		(298)		1,228		-		930		(1.8	%)
COLORADO
GRANDE (10)		668		210		-		878		16.3	%
COLORADO TOTAL		15,934		4,912		-		20,846		22.0	%
INTERNATIONAL
BLUE CHIP (4) (11)		(855)		109		247		(499)		(24.8	%)
OUR LUCAYA (4)		(3,824)		701		-		(3,123)		(41.3	%)
INTERNATIONAL TOTAL		(4,679)		810		247		(3,622)		(36.8	%)
CORPORATE & OTHER (12)		(18,128)		1,145		-		(16,983)		N/M
TOTAL	$	59,810	$	49,457	$	247	$	109,514		10.9	%

Six Months Ended October 26, 2003

	Operating Income (Loss)		Depreciation & Amortization		Preopening(4)		Adjusted EBITDA (1)		Operating Income Margin% (1)
MISSISSIPPI
BILOXI	$	7,040	$	3,832	$	-	$	10,872		16.4	%
NATCHEZ		2,743		1,189		-		3,932		17.1	%
VICKSBURG		4,619		2,437		-		7,056		17.0	%
LULA		6,277		4,949		-		11,226		14.6	%
MISSISSIPPI TOTAL		20,679		12,407		-		33,086		16.0	%
LOUISIANA
BOSSIER CITY		5,848		3,878		-		9,726		10.6	%
LAKE CHARLES		13,279		5,547		-		18,826		16.0	%
LOUISIANA TOTAL		19,127		9,425		-		28,552		13.8	%
MISSOURI
KANSAS CITY		5,588		2,987		-		8,575		12.3	%
BOONVILLE		5,962		2,997		-		8,959		17.5	%
MISSOURI TOTAL		11,550		5,984		-		17,534		14.6	%
IOWA				��
BETTENDORF		12,128		3,761		-		15,889		24.2	%
DAVENPORT		4,348		4,496		-		8,844		12.8	%
MARQUETTE		4,704		1,542		-		6,246		21.1	%
IOWA TOTAL		21,180		9,799		-		30,979		19.9	%
COLORADO
BLACK HAWK (10)		17,106		3,443		-		20,549		30.8	%
COLORADO CENTRAL
STATION (10)		4,543		701		-		5,244		19.2	%
COLORADO
GRANDE (10)		1,060		141		-		1,201		24.5	%
COLORADO TOTAL		22,709		4,285		-		26,994		27.2	%
INTERNATIONAL
BLUE CHIP (4) (11)		-		-		-		-		0.0	%
OUR LUCAYA (4)		(598)		-		598		-		0.0	%
INTERNATIONAL TOTAL		(598)		-		598		-		0.0	%
CORPORATE & OTHER (12)		(12,720)		1,154		-		(11,566)		N/M
TOTAL	$	81,927	$	43,054	$	598	$	125,579		14.8	%

1.   EBITDA is "earnings before interest, income taxes, depreciation and amortization." Isle of Capri calculates Adjusted EBITDA at its properties by adding preopening expense, management fees, other charges and non-cash items to EBITDA. Adjusted EBITDA is presented solely as a supplemental disclosure because management believes that it is 1) a widely used measure of operating performance in the gaming industry, and 2) a principal basis of valuing gaming companies. Management uses property level Adjusted EBITDA (Adjusted EBITDA before corporate expense) as the primary measure of the company’s operating properties’ performance, including the evaluation of operating personnel. Adjusted EBITDA should not be construed as an alternative to operating income, as an indicator of the company’s operating performance, as an alternative to cash flows from operating activities, as a measure of liquidity, or as an alternative to any other measure determined in accordance with accounting principles generally accepted in the United States. The company has significant uses of cash flows, including capital expenditures, interest payments, taxes and debt principal repayments, which are not reflected in Adjusted EBITDA. Also, other gaming companies that report Adjusted EBITDA information may calculate Adjusted EBITDA in a different manner than the company. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by net revenues. Reconciliations of operating income to Adjusted EBITDA and operating income as a percentage of net revenues are included in the financial schedules accompanying this release.

2.   New development expenses include incremental costs incurred pursuing new opportunities within the industry. Such costs include, but are not limited to, legal and other professional fees, application fees, as well as personnel and travel costs. New development expenses for the three and six months ended October 24, 2004, include $1.9 million related to contributions to Floridians for a Level Playing Field, a coalition of pari-mutuel facilities, including Pompano Park, which supported a referendum related to the installation and operation of slot machines at existing pari-mutuel sites in Miami-Dade and Broward counties in the state of Florida. New development expenses for the three and six months ended October 24, 2004 also include UK related expenditures of $1.0 million and $1.8 million, respectively, compared to $0.5 million and $1.0 million for the three and six months ended October 26, 2003, respectively, and other dome stic development expenses of $0.9 million and $1.5 million for the three and six months ended October 24, 2004, respectively, compared to $0.5 million and $0.8 million for the three and six months ended October 26, 2003, respectively.

3.   Corporate expenses for the three and six months ended October 26, 2003, include a $2.0 million charge related to the accrual of additional loss contingencies for litigation matters.

4.   Preopening expenses for the three and six months ended October 24, 2004, relate to the October 2004 opening of the Blue Chip-Walsall pub-style casino. For the fiscal quarter and six months ended October 26, 2003, preopening expenses incurred related to opening the casino at Our Lucaya Beach and Golf Resort, Grand Bahama Island.

5.   Depreciation and amortization expense for the quarter ended October 24, 2004, includes a one-time $2.9 million depreciation adjustment related to a misclassification of certain land improvements resulting from the conversion of the company’s manual system to a computerized asset tracking system in fiscal 2002.

6.   Consolidated net interest expense is comprised of the following components:

	Restricted Group		Colorado		Blue Chip		Consolidated		Restricted Group		Colorado		Blue Chip		Consolidated
	(In thousands)
	Three Months Ended October 24, 2004								Six Months Ended October 24, 2004
Interest expense	$	16,961	$	2,705	$	115	$	19,781	$	32,589	$	5,116	$	188	$	37,893
Interest income		(267)		(21)		(11)		(299)		(611)		(52)		(12)		(675)
Capitalized interest		(270)		(261)		-		(531)		(468)		(399)		-		(867)
Net interest expense	$	16,424	$	2,423	$	104	$	18,951	$	31,510	$	4,665	$	176	$	36,351
	Three Months Ended October 26, 2003								Six Months Ended October 26, 2003
Interest expense	$	18,536	$	2,836	$	-	$	21,372	$	37,024	$	5,747	$	-	$	42,771
Interest income		(222)		(33)		-		(255)		(277)		(63)		-		(340)
Capitalized interest		(475)		-		-		(475)		(691)		-		-		(691)
Net interest expense	$	17,839	$	2,803	$	-	$	20,642	$	36,056	$	5,684	$	-	$	41,740

Blue Chip includes Blue Chip-Dudley’s, Blue Chip-Wolverhampton’s and Blue Chip-Walsall’s components of net interest expense. Colorado includes the Isle-Black Hawk’s, the Colorado Central Station-Black Hawk’s and the Colorado Grande-Cripple Creek’s components of net interest expense.

7.   Minority interest represents unrelated third parties’ portions of the Isle-Black Hawk’s income before income taxes, Blue Chip Casinos, PLC’s net income, and the Colorado Central Station-Black Hawk’s and the Colorado Grande-Cripple Creek’s net income.

8.   Our effective tax rate for the quarter and six months ended October 24, 2004, was 66.3% and 42.9%, respectively, which excludes an unrelated party’s portion of the Colorado Central Station-Black Hawk’s and the Colorado Grande-Cripple Creek’s income taxes. This increase in rate, over the comparable prior fiscal periods, is attributable to the effect of permanent items on lower earnings for the quarter and the impact of not benefiting from our current operating losses in the UK. During the second quarter of the previous fiscal year, the Internal Revenue Service concluded a federal tax examination covering four tax years without significant adjustments and provided administrative guidance on certain other tax matters for other open years. As a result, we analyzed our tax accruals and reduced income tax expense by approximately $3.0 million for the three and six months ended October 26, 2003, for previously acc rued income tax liabilities. This had the effect of reducing our effective tax rate to 14.5% and 28.8% for the three and six months ended October 26, 2003, respectively, excluding an unrelated party’s portion of the Colorado Central Station-Black Hawk’s and the Colorado Grande-Cripple Creek’s income taxes. Excluding the impact of these developments, our fiscal 2004 effective tax rate for the six months ended October 26, 2003, would have been 37.3%, excluding an unrelated party’s portion of the Colorado Central Station-Black Hawk’s and the Colorado Grande-Cripple Creek’s income taxes.

9.   Net revenues are presented net of complimentaries, slot points expense and cash coupon redemptions.

10.   As management fees are eliminated in consolidation, Adjusted EBITDA for the Isle-Black Hawk, the Colorado Central Station-Black Hawk and the Colorado Grande-Cripple Creek, does not include management fees. The following table shows management fees and Adjusted EBITDA inclusive of management fees for the three and six months ended October 24, 2004, and October 26, 2003:

	Three Months Ended				Six Months Ended
	October 24, 2004		October 26, 2003		October 24, 2004		October 26, 2003
	(In thousands)
Management Fees
Isle - Black Hawk	$	1,204	$	1,244	$	2,472	$	2,508
Colorado Central Station		255		358		519		901
Colorado Grande		89		110		190		212
Adjusted EBITDA with Management Fees
Isle - Black Hawk		7,648		8,656		16,566		18,041
Colorado Central Station		154		2,326		411		4,343
Colorado Grande		276		577		688		989

11.   The Isle of Capri Casinos, Inc. acquired a two-thirds interest in Blue Chip Casinos, PLC on November 28, 2003. Blue Chip Casinos, PLC owns and operates pub-style casinos in Dudley, Wolverhampton and Walsall, England.

12.   For the three months ended October 24, 2004, corporate and other includes net revenues of $4,155 and Adjusted EBITDA of ($583) for Pompano Park. For the six months ended October 24, 2004, corporate and other includes net revenues of $9,302 and Adjusted EBITDA of ($1,043) for Pompano Park. For the three months ended October 26, 2003, corporate and other includes net revenues of $3,786 and Adjusted EBITDA of ($428) for Pompano Park, as well as net revenues of $2,777 and Adjusted EBITDA of $1,564 for the Lady Luck-Las Vegas. For the six months ended October 26, 2003, corporate and other includes net revenues of $8,894 and Adjusted EBITDA of ($814) for Pompano Park, as well as net revenues of $8,365 and Adjusted EBITDA of $2,702 for the Lady Luck-Las Vegas. The sale of the Lady Luck-Las Vegas was finalized on September 3, 2003.

Isle of Capri Casinos, Inc., a leading developer and owner of gaming and entertainment facilities, operates 16 casinos in 14 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 (2 casinos) and Cripple Creek, Colorado. Isle of Capri's international gaming interests include a casino that it operates in Freeport, Grand Bahamas, and a two-thirds ownership interest in casinos in Dudley, Wolverhampton and Walsall, England. The company also owns and operates Pompano Park Harness Racing Track in Pompano Beach, Florida.

As a publicly held company, we regularly file reports with the Securities and Exchange Commission (the "SEC"). These reports are required by the Securities Exchange Act of 1934 and include:

·   Annual Reports on Form 10-K;

·   Quarterly Reports on Form 10-Q;

·   Current Reports on Form 8-K; and

·   All amendments to those reports.

Our Internet website is http://www.islecorp.com. We make our filings available free of charge on our Internet website as soon as reasonably practical after we electronically file or furnish such reports to the SEC.

You may read and copy the reports, statements and other information we file with the SEC at the SEC’s public reference room at 450 Fifth Street, N.W., Washington, D.C. 20546. You can request copies of these documents by writing to the SEC but must pay photocopying fees. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference rooms. Our SEC filings are also available to the public on the SEC’s Internet site (http://www.sec.gov).

Contact:

Allan B. Solomon, Executive Vice President, 561-995-6660

Rex Yeisley, Chief Financial Officer, 228-396-7052

Lori Hutzler, Director of Corporate Communications, 228-396-7031

This press release contains 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, permits, weather, 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 company with the Securities and Exchange Commission, including but not limited to, its 10-K for the fiscal year ended April 25, 2004, and Form 10-Q for the fiscal quarters ended since that date.