Isle of Capri Casino to Close
As reported by the Freeport News: "Executives of the Isle of Capri corporate office in Biloxi, Mississippi, have announced that a year from now, they will cease operations in Grand Bahama. "Jill Haynes, director of Corporate Communication, said the purpose for terminating operations on June 1, 2007 is to enable the company to focus more on its core properties in the United States. "In a telephone interview with The Freeport News, Ms. Haynes disclosed that when the casino closes next year, employees will be entitled to severance pay as governed by the company's normal separation policy or termination of workers. "...Ms. Haynes was quick to point out that Hurricane Katrina had no bearing on the company's decision to close the casino
"...In July of last year, a drastic decrease in the net profit between the 2004 and 2005 fiscal year at the Isle of Capri Casino resulted in the casino making the "tough decision" of having to downsize its staff by 13 percent.
"...Several employees of Isle of Capri later voiced their views on the matter calling on the government to step-up and explain what it was prepared to do to assist Bahamians employed at the gaming company..."