Greektown Casino and Isle of Capri Casinos Announce Partnership; Greektown Names New Management

DETROIT, Jan. 5 /PRNewswire-FirstCall/ -- Isle of Capri Casinos, Inc. (Nasdaq: ISLE) and the management board of Greektown Casino, LLC announced today that Isle of Capri has been engaged to provide marketing and operational consulting services to Greektown Casino-Hotel in Detroit, Michigan through the completion of its current Chapter 11 reorganization process.

The management board of Greektown Casino-Hotel also announced today that Cliff Vallier has been named as the property's chief executive officer, effective immediately. Both announcements are subject to approval from the U.S. Bankruptcy Court and the Michigan Gaming Control Board.

"This new leadership has the extensive experience and demonstrated ability necessary to boost the performance of the property over the long term," said Greektown Casino-Hotel Management Board member Jake Miklojcik. "As we look to the future and continue to seek opportunities to improve performance, maximize profits and minimize costs, Mr. Vallier and Isle of Capri know the Midwest market, they know casino management and they are positioned to take the property to the next level."

Vallier has 18 years of gaming management experience, including the past seven years with Greektown Casino, where he has served as chief financial officer/assistant general manager, interim CEO, vice president of finance, and senior director of finance. He earned a bachelor's degree in business administration from Northern Michigan University in 1988.

Virginia McDowell, the president and chief operating officer of Isle of Capri, commented, "Our company recognizes that, even in this challenging economic environment, we have the opportunity to provide services to gaming assets in new and existing markets in order to leverage our operational expertise while having a positive impact on our balance sheet. We firmly believe in the upside potential at Greektown, and the team now in place has the skills and experiences to help guide the management through the remainder of their reorganization."

Greektown Casino-Hotel, located at 555 E. Lafayette Boulevard in Detroit's Greektown Entertainment District, opened on Nov. 10, 2000. Readers of The Detroit News and Detroit Free Press have voted Greektown Casino-Hotel Michigan and Detroit's "Best Casino" numerous times. Greektown Casino-Hotel offers such amenities as the International Buffet, the Eclipz Lounge and a VIP lounge for players. In addition to being named "Best Casino" by readers of The News and Free Press, Greektown Casino-Hotel also placed first in other categories in The News' reader survey, including "Best Slots," "Best Wait Staff Outfits," "Best Craps Tables," "Best Blackjack Tables," "Best High Rollers Area," "Best Casino Restaurant," and "Best Casino Entertainment." Greektown Casino-Hotel opened its new 400-room hotel tower February 2009. For reservations and group events, call 877-GCH-5554 or visit www.greektowncasinohotel.com.

Isle of Capri Casinos, Inc. creates value for customers, clients, shareholders and employees by providing regional gaming and leisure experiences matched to customer preferences, focused on operational effectiveness and organic growth for the company's properties. With solid regional diversification across the U.S., Isle of Capri has a seasoned management team who believes in strategic business plan to increase value through strong fiscal discipline and targeted operating strategies.

The Company owns and operates 14 casino properties in six states. Collectively, these properties boast over 15,000 slot machines and nearly 400 table games, over 3,100 hotel rooms and more than three dozen restaurants. The company's properties are in Biloxi, Lula and Natchez, Mississippi; Lake Charles, Louisiana; Bettendorf, Davenport, Marquette and Waterloo, Iowa; Boonville, Caruthersville and Kansas City, Missouri; two casinos in Black Hawk, Colorado; and a casino and harness track in Pompano Beach, Florida.

One of the largest publicly-traded gaming companies in the United States, Isle of Capri is traded on the NASDAQ stock exchange under ticker symbol ISLE. More information is available at the Company's website, www.islecorp.com.

Forward-Looking Statements

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 most recently ended fiscal year.

    CONTACTS:
    For Isle of Capri Casinos, Inc.,
      Dale Black, Chief Financial Officer, 314.813.9327,
      [email protected]
      Jill Haynes, Senior Director Corporate Communication, 314.813.9368,
      [email protected]
    For Greektown Casino-Hotel,
      Roger Martin, o: 517-485-6600, c: 517-290-2330, [email protected]

SOURCE Isle of Capri Casinos, Inc.