Gambling operator Isle of Capri Casinos announced that it will shut down its casino in Natchez, Mississippi. The property is known to be one of the oldest gambling venues within the state’s borders.
Isle of Capri has been running the casino since 2000. It features as many as 520 slot machines and 6 table games. Virginia McDowell, Chief Executive Officer and President of the gaming company based in St. Louis, Missouri, said in a Tuesday statement that they are extremely proud with what they have accomplished over the past 15 years and are thankful to their Natchez team members for their hard work and dedication.
Ms. McDowell also noted that her company will sell its Natchez-based hotel and several non-gaming assets to Casino Holding Investment Partners for the amount of $11.5 million. The transaction is likely to be completed in October 2015, provided that all closing conditions are fulfilled by that time. The Isle of Capri property will be fully operational until then.
Isle of Capri said that its Natchez casino generated annual revenue of $23 million for the fiscal 2015. According to a snapshot posted by the operator in June, its revenue has been declining since the opening of Magnolia Bluffs Casino. Overall, the company posted a 5% increase in its revenue for 2015.
Rival Magnolia Bluffs Casino opened doors in 2012. The casino is about the same size as the Isle of Capri one, but it does not feature a hotel. It is owned by Casino Holding Investment Partners, the company which is to purchase the Isle of Capri hotel.
Jay McDaniel, Deputy Executive Director of the Mississippi Gaming Commission, said that up to now, no applications for restructuring plan or other changes have been submitted at any of the casinos. He explained that the state gambling regulator requires to receive plans for any kind of such ownership changes. Thus, commissioners are able to make sure that all the related processes are completed in a proper manner. Mr. McDaniel noted that usually a given company makes its decision and the commission gives the necessary approvals and helps it through the process.
Currently, there are 18 casinos from Tunica to Natchez and along the Mississippi River, the Isle of Capri property included. And there are a total of 12 coastal gambling venues.
