On April 23, Isle of Capri Casinos announced the sale of its casino in the UK after executing a buy-out of its debts under the Coventry casino lease for a little over $11 million. The casino was sold to the Rank Group for $940,000.The sale ended the Isle of Capri’s only international operation to enable them to focus on its domestic operations.Isle of Capri owns and operates 18 locations in the United States. They have riverboat and land-based casinos in Colorado, Florida, Iowa, Louisiana, Mississippi and Missouri.
“The property will continue to operate under the management of one of the top UK gaming companies, so we do not expect the impact of a closure to be felt by employees or patrons, “ said an Isle senior vice president, Donn Mitchell.
“We built a magnificient facility in Coventry hoping to take advantage of changes in the UK gaming laws that did not occur, and have excuted this deal in order to substantially mitigate the negative financial impact we expected to incur should we have continued to operate our facility there moving forward.”