Isle of Capri Casinos has entered into a definitive purchase agreement with Scott County Casino, LLC to sell its Rhythm City Casino in Davenport, Iowa.
Under the terms of the agreement, Scott County Casino, led by Dan Kehl, has agreed to pay Isle of Capri Casinos, Inc. approximately US$51m. The transaction is expected to close early in 2014, subject to regulatory approval and other customary closing conditions.
Virginia McDowell, President and Chief Executive Officer of Isle of Capri, said: “While there have been many participants in this long and sometimes arduous process, the most valuable contribution came from our Rhythm City employees, who never lost their focus on providing a great experience for our customers. We thank them for their dedication and commitment to creating value for all Isle stakeholders. Our focus now turns to planning a smooth transition.