ISLE

Isle of Capri Casinos, Inc. (ISLE)

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Isle of Capri Casinos (ISLE)

F1Q10 Earnings Call

August 26, 2010; 10:00 am ET

Executives

Jim Perry - Chairman & Chief Executive Officer

Virginia McDowell - President & Chief Operating Officer

Dale Black - Senior Vice President & Chief Financial Officer

Jill Haynes - Senior Director of Corporate Communications

Analysts

Larry Klatzkin - Unidentified Company

David Katz - Oppenheimer

Dennis Forst - KeyBanc

Steve Wieczynski - Stifel Nicolaus

John Maxwell - Jefferies & Co.

Steve Altebrando - Sidoti & Co.

Justin Sebastiano - Morgan Joseph

Susan Berliner - JP Morgan

Presentation

Operator

Ladies and gentlemen, thank you so much for standing by. Welcome to the Isle of Capri Casinos first quarter conference call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session with instructions given at that time. As a reminder, today’s conference is being recorded and will be made available for replay. Information regarding accessing the replay will be given at the end of today’s conference call.

Jill Haynes

Before we begin, I will read the safe harbor statement. This conference call could contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are based on the current belief and expectations of Isle of Capri Casinos Management and are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements.

These statements maybe significantly impacted either positively or negatively by various factors including without limitation, licensing or other regulatory approvals, financing sources, development and construction activities, costs and delays, permits, weather, competition and business conditions in the gaming industry. Such risks are more fully discussed in Isle of Capri Casinos filings with the Securities and Exchange Commission. This information set forth herein should be considered in light of such risks.

Isle of Capri Casinos does not assume any obligation to update the information contained in this conference call. Also, this conference call could contain non-GAAP financial measures such as EBITDA. Following this call, a reconciliation of non-GAAP financial measures to GAAP financial measures will be posted on the Isle of Capri website.

We are joined on the call today by Jim Perry, Chairman and Chief Executive Officer; Virginia McDowell, President and Chief Operating Officer; and Dale Black, Chief Financial Officer.

With that, I’d like to turn the call over to Chairman and CEO, Jim Perry.

Jim Perry

Thank you, Jill. Good morning and welcome to our first quarter call. Before I turn the call over to Virginia and Dale to respond your question, I just want to share some observations about our company and our industry. At Isle over the past few months, when asked about, how I feel about our company, I’ve stated that well, I am uncertain about our financial performance in the next 12 months to 18 months. I’m increasingly comfortable with our long term outlook.

Our internal measurements are good, customer satisfaction, employee satisfaction and operational improvement. With the exception of a few markets we have maintained or increased market share and when we saw revenue growth earlier this year, we generated significant flow through to EBITDA.

Our biggest operating challenge is consumer spending, that will recover and when it does we will be position to improve our cash flow and to the industry. Our industry is under going major changes. Over the next five years, we are likely to see the increase in supply out phase the increase in demand across the country. No longer will our industry be able to be successful just by building for expanding new facility.

There will be pockets of opportunity. Pennsylvania has proven that if the capital expend prudently, economic returns are possible. We are seeing capital discipline across our industry and this is Maryland. For examples, that the industry can pullback, when the return are not evident. I believe that Isle is in a good position to participate and to generate cash flows from investments where they are wise.

In closing, I comment about our Founder, Bernie Goldstein. I met Bernie at 1993 and joined Isle in 2007. He was a wonderful man, committed to building a great company. We at the Isle are committed to fulfilling his dream.

With that, I’ll turn it over to Virginia and Dale.

Dale Black

Derrick, at this time we open it up for questions.

Question-and-Answer Session

Operator

(Operator Instructions) Your first question comes from Larry Klatzkin - [Unidentified Company]

Larry Klatzkin - Unidentified Company

A couple of questions; one, can you just give a little color on August, particularly in Colorado and how it’s been feeling since the law change and how it’s ramping up?

Virginia McDowell

I think Colorado is an evolving story, Larry. Obviously, we were pleased with the increase in revenues that we saw after the introduction of Amendment 50 in the beginning of the month, but there was a little exuberance there, a little tire kicking as it were as some people came up the mountain to see what was new.

We’re not seeing our trends in August, quite as strong as what we saw in July, but we’re still encouraged enough to be going through the process of adding some additional table games at Isle and Black Hawk to accommodate the demand.

Larry Klatzkin - Unidentified Company

The market was up 19 in July, were you guys up more than that?

Virginia McDowell

No, above that.

Larry Klatzkin - Unidentified Company

Then as far as some of the other markets, I mean have you seen any recovery in Lake Charles or in Bettendorf?

Virginia McDowell

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