[LETTERHEAD]
FOR IMMEDIATE RELEASE
ISLE OF CAPRI CASINOS, INC. PLANS TO REPURCHASE
UP TO AN ADDITIONAL 1,500,000 SHARES OF ITS COMMON STOCK
BILOXI, Miss., January 11, 2001. Isle of Capri Casinos, Inc. (Nasdaq: ISLE)
today announced that its board of directors has authorized the repurchase
of up to an additional 1,500,000 shares of the Company's common stock, bringing
the total shares that can be repurchased by the Company to 3,000,000 shares.
The Company as of this date has repurchased 1,417,500 shares. Stock
repurchases may be made periodically in the open market, in privately
negotiated transactions or a combination of both. The extent and timing of
these transactions will depend on market conditions and other business
considerations. No date was established for the completion of the program.
"Our stock repurchase plan reflects our commitment to maximize shareholder
value. We believe Isle of Capri Casinos, Inc.'s stock is currently undervalued,
and we currently have an opportunity to repurchase our shares at what we believe
are very attractive levels," said Bernard Goldstein, chairman of Isle of Capri
Casinos.
"We also have an opportunity to acquire shares to satisfy our obligations under
our stock option and other benefit programs," said John M. Gallaway, president
of Isle of Capri Casinos.
Isle of Capri Casinos, Inc. owns and operates 14 riverboat, dockside and
land-based casinos at 13 locations, including Biloxi, Vicksburg, Tunica, Lula,
and Natchez, Mississippi; Bossier City and Lake Charles (two riverboats),
Louisiana; Black Hawk, Colorado; Bettendorf, Davenport and Marquette, Iowa;
Kansas City, Missouri; and Las Vegas, Nevada. The company also operates Pompano
Park Harness Racing Track in Pompano Beach, Florida. More information on Isle of
Capri Casinos' locations can be found at www.isleofcapricasino.com.
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This press release may be deemed to contain 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, weather, permits,
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 Form 10-K for the fiscal year
ended April 30, 2000 and its Form 10-Q for the quarterly periods ended July 30,
2000 and October 29, 2000.
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
NOTE: Other Isle of Capri Casinos, Inc. press releases and a corporate profile
are available by fax at no charge. For a menu of available Isle of Capri
Casinos, Inc. press releases, call 800.758.5804, ext. 145913 or log on to
http://www.prnewswire.com. Isle of Capri Casinos, Inc.'s home page is
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http://www.theislecorp.com.
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