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Isle of Capri Casinos Receives Approval UK Gaming Board

Through a definitive agreement, which is expected to close by the end of the year, Isle of Capri Casinos, Inc. will acquire a two thirds interest in Blue Chip Casinos Plc for 5 million pounds sterling ($8 million). The remaining one-third interest of Blue Chip is held by English private investors. Blue Chip is acquiring the Castle Casino located in Dudley, England, near Birmingham, and also received consent to develop and operate two other properties in that area. Isle of Capri was advised in the transaction by CIBC World Markets PLC and S.J. Varghese & Co. Blue Chip was advised by Dawnay Day Corporate Finance Limited.

Bernard Goldstein, Isle of Capri Casinos chairman and chief executive officer, said, "Isle of Capri has been a pioneer in the regional gaming industry in the United States, and we continue that tradition by being the first American casino company to enter the United Kingdom market."

Timothy M. Hinkley, president and chief operating officer of the Isle of Capri, said, "Through our ownership in Blue Chip, we believe we gain an advantage -- giving us valuable experience prior to enactment of the proposed UK gaming reforms. This is the company's first step in our U.K. strategy, applying our proven business model of being first in regional markets with a highly branded product. We look forward to introducing Isle Style gaming to the United Kingdom."

Also, as recently announced, Isle of Capri has signed Heads of Terms to own and operate a 100,000-square-foot entertainment complex, including an Isle of Capri Casino, in Coventry, England adjacent to the City's planned football arena. The project is subject to receiving all necessary approvals.

Isle of Capri regards the United Kingdom as the cornerstone of its international expansion. Isle plans several additional regional entertainment complexes which will feature an Isle of Capri casino, as well as development of a local-market Isle Club concept.

Isle of Capri Casinos, Inc. owns and operates 15 riverboat, dockside and land-based casinos at 14 locations, including Biloxi, Vicksburg, Lula and Natchez, Mississippi; Bossier City and Lake Charles (two riverboats), Louisiana; Black Hawk (two land-based casinos) and Cripple Creek, Colorado; Bettendorf, Davenport and Marquette, Iowa; and Kansas City and Boonville, Missouri. The company also operates Pompano Park Harness Racing Track in Pompano Beach, Florida.

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