he term of the transition period ends on August 31, 2009, although under certain circumstances, it may be extended for up to two additional months in order to allow sufficient time for a new operator to receive necessary approvals.
Under the agreement, the company will also continue to assist the Government of the Bahamas and the owner of the Our Lucaya Resort, Hutchison Lucaya Ltd, in their efforts to identify and select a new operator for the casino. A number of entities have already expressed interest in assuming management of the facility, but the final decision as to a new operator will be solely the responsibility of the Bahamian government and Hutchison Lucaya Ltd.
Paul Keller, senior vice president and chief development officer at Isle of Capri, said, "We have worked hard to reach a mutually agreeable conclusion with the Bahamian government, and we truly appreciate all of their hard work on behalf of their citizens to put a plan in place with the goal of a seamless, timely transition. Moving forward, our goal is to fulfill our own strategic plan while helping to ensure that a first-class gaming operation continues on Grand Bahama and that a change in management is as simple as possible for the employees at the facility, who have continued to work hard and prove their dedication through this process."
Isle of Capri made the announcement following a previous announcement in March 2009 that the company intends to focus on domestic operations with the goal of increasing free cash flow through improved customer experiences. Since that time, Isle has also exited its operation in Coventry, UK.