Casino Plan With Penguins is Isle of Capri's Biggest Bet - Wednesday 25th of January 2006

PITTSBURGH As reported by the Post-Gazette: "The company that built its fortune on riverboat gambling is sailing into new waters.

"Isle of Capri Casinos Inc. operates the most riverboat and dockside casinos in the world, but it has never undertaken a project as ambitious as the one it is proposing in Pittsburgh.

"The $250 million casino would be the 13-year-old gambling operator's largest, not only in number of slot machines 3,000 to start but also in projected revenue and earnings. But making the project even more aggressive is Isle of Capri's pledge to provide $290 million for a new arena for the Pittsburgh Penguins, its partner in bidding for the lone state license available for a casino within the city of Pittsburgh.

"...The company believes it is a gamble worth taking.

"Mr. Hinkley estimated gross revenues at more than $400 million a year and said that, even after adding in construction costs and the 54 percent state tax on slots revenue, the Pittsburgh casino could still turn a profit."Their financing is very solid," said. "They are a major player. We made sure of that."

"...Penguins President Ken Sawyer said the Penguins had discussions with about a dozen casino operators before deciding on Isle of Capri. The company became its operator of choice because it was one of the largest players in the industry, had great success at winning licenses, and offered to build the city a new arena with a commitment on the financing...

"...All of Isle of Capri's casinos have a Caribbean theme. Pittsburgh's proposed casino would retain that trademark flavor with some upgrades..."

Other news from around the same time

Scientific Games Wins Colorado Lottery Contract - Wednesday 25th of January 2006

NEW YORK – Scientific Games Corporation(Nasdaq: SGMS) has been awarded the instant ticket contr....


North Dakota Tribe Seeks Casino - Wednesday 25th of January 2006

NORTH DAKOTA – As reported by the Grand Forks Herald: "A coercive treaty took land in Grand Forks....


Borgata Names President, COO - Wednesday 25th of January 2006

ATLANTIC CITY, New Jersey Borgata Hotel Casino & Spa, a joint venture of Boyd Gaming Corporation....


Live 3D Poker Adds Games to Website - Wednesday 25th of January 2006

CURACAO – Online poker players now have a new place to increase their poker profits thanks to L....


Council Calls for Casino Rethink - Wednesday 25th of January 2006

COVENTRY, UK As reported by the BBC: "Coventry City Council is calling on the government to chan....


Ferris Wheel Puts a Spin on New Frontier - Monday 6th of February 2006

p>Steve Wynn's not talking, but you have to wonder what the design-focused casino boss thinks about ....


Isle of Capri Revises Q3 Earnings - Wednesday 25th of January 2006

BILOXI, Mississippi – Isle of Capri Casino,Inc. (Nasdaq: ISLE) on Monday announced that it expec....


Aristocrat, PokerTek Sign Deal - Wednesday 25th of January 2006

SYDNEY, Australia – Aristocrat Leisure Limited(ASX: ALL) today announced that it has signed a ....


Couple Wins Seats on PartyPoker Cruise - Tuesday 24th of January 2006

GIBRALTAR – This isn't Kansasanymore! That's what Sam and Janice Marsh will be saying while enj....


Short-Coin, Full-Coin, and Profit - Tuesday 24th of January 2006

Hello, John Robison, from Canada enjoying your articles. Question: If I play abuck, say, on a Tripl....