Isle of Capri sells Biloxi property

Published 11:30 am Monday, March 5, 2012

ST. LOUIS (AP) — Isle of Capri Casinos Inc. is selling a Biloxi, Miss. casino-hotel to Golden Nugget Biloxi Inc. for approximately $45 million.

The transaction for the Isle Casino Hotel is subject to regulatory approval and other customary closing conditions, Isle of Capri said on Monday.

Golden Nugget Biloxi is a subsidiary of Landry’s Inc., which is owned by billionaire Tilman Fertitta.

Isle of Capri shares jumped 18 cents, or 2.8 percent, to $6.55 in morning trading. Its shares are up 67 percent from their 52-week low of $3.90 in early December. They peaked over the past year at $9.89 in late April.

Isle of Capri, which is based in St. Louis, has 15 casino properties. These include casinos in Biloxi, Lula, Natchez and Vicksburg, Miss.; Lake Charles, La.; Bettendorf, Davenport, Marquette and Waterloo, Iowa; Boonville, Caruthersville and Kansas City, Mo., two casinos in Black Hawk, Colo. and a casino and harness track in Pompano Beach, Fla.