"In the gaming industry, there are not many opportunities topurchase a casino at an attractive price, hence our purchase," saysa spokeswoman for Isle of Capri. She could not comment further onthe transaction or future plans for the casino. "At this time, weare working through the due diligence process and we will examineour plans for the property as we move through the process."
As GSRreported, the casino was part of a $3.1-billion acquisition ofAztar Corp. and Winmar Tahoe Inc., the gaming affiliate of FortMitchell, KY-based Columbia Sussex Corp. Aztar Corp. had anagreement last year for Fortunes Entertainment LLC to purchase thecasino but Fortunes Entertainment could not earn state licensing bya Nov. 19 deadline. Casino Aztar employs 283 people in SoutheastMissouri and contributes more than $6 million in annual fees andtaxes. The Missouri Gaming Commission appointed a supervisor of theproperty early this year.
A representative from the gaming commission could not be reachedbefore deadline. Isle of Capri currently operates 13 casinos inlocations in Missouri, Mississippi, Louisiana, Iowa, and Colorado.Banc of America Securities LLC is the financial advisor forColumbia Sussex Corp. for the sale.
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