Isle of Capri Casinos to repurchase 1.5 million shares of common stock

Thursday, Nov. 16, 2000 | 9:57 a.m.

Isle of Capri chairman Bernard Goldstein said Wednesday the repurchase program will require approval of an amendment to its credit arrangements, which it plans to seek quickly.

He said the 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 Goldstein.

Isle of Capri officials said they also will acquire shares to satisfy obligations under its stock option and other benefit programs.

Biloxi-based Isle of Capri Casinos owns and operates 14 riverboat, dockside and land-based casinos at more than a dozen locations, including Biloxi, Vicksburg, Tunica, Lula, and Natchez, Miss.; Bossier City and Lake Charles La.; Black Hawk, Colo.; Bettendorf, Davenport and Marquette, Iowa; Kansas City, Mo.; and Las Vegas.

The company also operates Pompano Park Harness Racing Track in Pompano Beach, Fla., and through a joint venture, the Enchanted Capri cruise ship, which features an Isle of Capri Casino, sailing from New Orleans.