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Isle of Capri Announces Transition Plan for Casino Operations on Grand Bahama IslandJune 1, 2009 By: Joe Pike
Isle of Capri Casinos, Inc. announced that it has entered into an agreement to continue operating the Isle of Capri Casino in Freeport, Grand Bahama during a transition period, following which Isle of Capri intends to exit the operation. The term of the transition period ends on August 31, although under certain circumstances it may be extended for up to two additional months in order to allow sufficient time for a new operator to receive necessary approvals.
Under the agreement, the company will also continue to assist the Government of the Bahamas and the owner of the Our Lucaya Resort, Hutchison Lucaya Ltd, in their efforts to identify and select a new operator for the casino. A number of entities have already expressed interest in assuming management of the facility, but the final decision as to a new operator will be solely the responsibility of the Bahamian government and Hutchison Lucaya Ltd.