ST. LOUIS, June 28 /PRNewswire-FirstCall/ -- Isle of Capri Casinos, Inc. (Nasdaq: ISLE) today announced that it has commenced an offering of 9,000,000 shares of its common stock in an underwritten public offering. The Company intends to grant the underwriters of the offering an option for 30 days to purchase up to 1,350,000 additional shares of common stock to cover over-allotments, if any.

The Company intends to use a portion of the net proceeds from the offering to temporarily repay borrowings outstanding under the revolving line of credit, of which $80 million was incurred to fund the purchase of the Rainbow Casino in Vicksburg, Mississippi, and to use the remaining proceeds for general corporate purposes.

Deutsche Bank Securities and Credit Suisse are acting as the joint book-running managers and Wells Fargo Securities is acting as a joint lead manager. Deutsche Bank Securities and Credit Suisse are acting as the representatives of the underwriters.

The offering is being made only by means of a prospectus supplement and accompanying base prospectus. The Company has filed a registration statement (including the base prospectus) and the prospectus supplement relating to the offering and other documents containing more complete information about the Company with the Securities and Exchange Commission. You may obtain these documents free of charge by visiting the Securities and Exchange Commission website at www.sec.gov. Alternatively, copies of the prospectus supplement and the base prospectus may be obtained from Deutsche Bank Securities, Attention: Prospectus Department, 100 Plaza One, Jersey City, New Jersey 07311, by calling (800) 503-4611 or by e-mail to prospectus.cpdg@db.com, from Credit Suisse, Attention: Prospectus Department, One Madison Avenue, New York, New York 10010, or by calling (800) 221-1037, or from Wells Fargo Securities, Attention: Equity Syndicate Department, 375 Park Avenue, New York, New York 10152, by calling (800) 326-5897 or by e-mail to equity.syndicate@wellsfargo.com.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Isle of Capri Casinos, Inc.

Isle of Capri Casinos, Inc., founded in 1992, is dedicated to providing its customers with an exceptional gaming and entertainment experience at each of its 15 casino properties. The Company owns and operates casinos in Biloxi, Lula, Natchez and Vicksburg, 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. More information is available at the Company's website, http://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/A for the most recently ended fiscal year.

    Contacts    --------    For Isle of Capri Casinos, Inc.,    Dale Black, Chief Financial Officer-314.813.9327    Jill Haynes, Senior Director Corporate Communication-314.813.9368    http://www.islecorp.com/

SOURCE Isle of Capri Casinos, Inc.