Although the bid for Isle of Capri to operate the Greektown casino in Detroit fell through, the company remains active in bids to manage casinos for other owners.
It was revealed last month that Isle had reached agreement with a group of Station Casinos debtors to take over management at four of the company properties if a judge rejects a lease arrangement on the properties that was part of the deal when Station Casinos went private in 2007. The “PropCo” properties-Palace Station, Sunset Station, Boulder Station and Red Rock Casino Resort-would be turned over to the debtor as a result of the Station Casinos bankruptcy proceedings.
The Isle agreement is independent of an offer by Boyd Gaming to buy the company, which Boyd increased late last year. Station has an exclusive agreement with the court to propose its own reorganization plan until March 25.
In Pennsylvania, the company announced it would bid on one of the final casino licenses-a “Category 2” resort license-at Nemacolin Woodlands Resort in Farmington, Fayette County. There have been few bidders on these secondary licenses because of various restrictions, but changes to the legislation included in the table game bill signed last month by Governor Ed Rendell made it feasible to operate now.
Nemacolin Woodlands President and Owner Maggie Hardy Magerko said the reduction of the patron expenditure aspect of the bill from $25 to $10 and the addition of more slot machines for each property made the licensing “a very attractive opportunity.”
Isle President and COO Virginia McDowell told Global Gaming Business that the developments were part of the strategy developed by the company about a year ago.
“Our plan was to seek management contracts and transitional consulting agreements,” she says. “We have a very talented group of executives with experience in more than 75 major gaming properties in every major jurisdiction. It requires little to no investment from us and produces revenue, so it’s a win-win for everyone involved, especially our shareholders.”