Morgan Joseph Maintains a 'Hold' on Isle of Capri Casinos (ISLE); Smart Deal: Isle Enters Option to Sell One of Its Lake Charles Riverboats

Morgan Joseph maintains a 'Hold' on Isle of Capri Casinos (NASDAQ: ISLE).

Morgan analyst says, "Addition By Subtraction. Isle of Capri Casinos owns two riverboats in Lake Charles, Louisiana. One is the main casino, and the other is
for overflow—but there hasn't been overflow for quite some time. As such, the company has entered into an option agreement to sell the second riverboat to Paradise Casino (private) for an undisclosed amount. Paradise has until November 30, 2011, to exercise the option...We Think All Regulatory Hurdles Will Be Cleared and Isle will sell the license. We expect the company to use the proceeds to pay down debt."

For more ratings news on Isle of Capri Casinos click here and for the rating history of Isle of Capri Casinos click here.

Shares of Isle of Capri Casinos closed at $8.24 yesterday.

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