April 23, 2009 (FinancialWire) — Isle of Capri Casinos, Inc. (NASDAQ: ISLE) has signed an agreement with The Rank Group PLC to sell the company’s casino asset and take over the existing leased premises at the Ricoh Arena in Coventry, UK. The total price is £650,000, or roughly $940,000.

The company previously indicated its intention to exit its international operations in order to focus on continuing to improve operating results and increase free cash flow from its domestic property portfolio.

In conjunction with the transaction, Isle of Capri also executed a buy-out of the company’s obligations under the Coventry casino lease for pounds Sterling 7.7 million, or around $11.2 million, and releases Isle from its parent guaranty under the lease.

St. Louis-based Isle of Capri Casinos owns and operates casino properties in Mississippi, Louisiana, Iowa, Missouri, Colorado, and a casino and harness track in Florida.

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