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Casino Operator Seeks Stake in Proposed Horse Racing Facility

NEW BEDFORD, PA-Isle of Capri Casinos Inc., a publicly traded casino operator based out of Biloxi, MS, enters into an MOU with Bedford Downs Management Corp. to acquire a 30% interest in that company's proposed harness racing facility near New Bedford.

By Brian K. Miller | Updated on October 26, 2004

NEW BEDFORD, PA-Isle of Capri Casinos Inc., a publicly traded casino operator from Biloxi, MS, has entered into a memorandum of understanding with Bedford Downs Management Corp. to acquire a 30% interest in that company’s proposed harness racing facility near New Bedford. BDMC currently has an application pending with the Pennsylvania Harness Racing Commission to develop the facility.If BDMC is successful in receiving a harness license, Isle of Capri Casinos says it will seek the necessary approvals to operate slot machines at the facility. Under the terms of the MOU, Isle would manage any slot gaming operations at Bedford Downs. The transaction contemplated under the MOU is predicated upon, among other things, the harness racing facility being built and upon slot machines being approved for the facility. A representative of Isle of Capri Casinos was not immediately available for comment Tuesday afternoon. The company operates 16 casinos in 14 locations, including riverboat and dockside casinos in Biloxi, Vicksburg, Lula and Natchez, MS; Bossier City and Lake Charles (two riverboats), LA; Bettendorf, Davenport and Marquette, IA; and Kansas City and Boonville, MO. The company also owns interests in casinos in Colorado, and internationally in Freeport, Grand Bahama, and in Dudley, Walsal and Wolverhampton, England.

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