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Isle of Capri Casinos Plans to Acquire Bedford Downs Interest

BILOXI, Mississippi – (PRESS RELEASE) -- Isle of Capri Casinos, Inc. (Nasdaq: ISLE) officials announced today that the company has entered into a memorandum of understanding with Bedford Downs Management Corporation [BDMC] to acquire a 30 percent interest in that company's proposed Bedford Downs harness racing facility.

BDMC currently has an application pending with the Pennsylvania Harness Racing Commission to develop a harness track near New Bedford, Pa.

If BDMC is successful in receiving a harness license, the company also expects to seek necessary approval to operate slot machines at the facility. Under the terms of the MOU, Isle would manage any slot gaming operations at Bedford Downs.

The transaction contemplated under the MOU, and development of this project are subject to certain conditions including, but not limited to, the execution of definitive agreements by both parties, and receipt of all necessary licenses and approvals.

Isle of Capri Casinos, Inc., a leading developer and owner of gaming and entertainment facilities, operates 16 casinos in 14 locations. The company owns and operates riverboat and dockside casinos in Biloxi, Vicksburg, Lula and Natchez, Mississippi; Bossier City and Lake Charles (two riverboats), Louisiana; Bettendorf, Davenport and Marquette, Iowa; and Kansas City and Boonville, Missouri. The company also owns a 57 percent interest in and operates land-based casinos in Black Hawk (two casinos) and Cripple Creek, Colorado. Isle of Capri's international gaming interests include a casino that it operates in Freeport, Grand Bahama, and a two-thirds ownership interest in casinos in Dudley, Walsal and Wolverhampton, England. The company also owns and operates Pompano Park Harness Racing Track in Pompano Beach, Florida.

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