Treasure Cay Takes Over Isle of Capri End of November

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Treasure Bay Gaming & Resorts will take over operation of the Our Lucaya Casino from Isle of Capri on or before November 23, 2009.

This was revealed by Minister of Tourism & Aviation Vincent Vanderpool-Wallace in a statement released yesterday.

According to the statement the new operator, based in Biloxi,

Mississippi, will upgrade the casino's equipment, and introduce a vibrant marketing program. In addition, apart from some employees who elected to accept severance benefits, the remainder of the staff will continue in the employment of new operator Treasure Bay.

"The selection of Treasure Bay as operator of Our Lucaya offers our company a new opportunity for strategic growth in resort markets," said Treasure Bay COO Susan Varnes in a statement. "For quite some time, we have considered expansion into the Caribbean, and this casino offers the right operational fit with our portfolio, which includes properties located in Biloxi, Mississippi, and on the islands of St. Croix, Aruba and Bonaire.

Back in March, the Isle of Capri announced that they would not be renewing their lease, which ended on May 31. Since then, the government worked out an agreement with them to stay on until a new operator was found.

Vanderpool-Wallace expressed appreciation to Isle of Capri for having extended their exit in order to achieve a seamless transfer to Treasure Bay.

The takeover by Treasure Bay, said the minister, comes at the time when expanded airlift from Canada, New York and Florida is commencing into Grand Bahama Island.

Treasure Bay Gaming and Resorts Inc. owns and operates Treasure Bay Casino and Hotel in Biloxi and Divi Carina Bay Casino on St. Croix, Virgin Islands. The company also manages the Alhambra Casino in Aruba and the Flamingo Casino in Bonaire.