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The Associated Press April 5, 2010, 5:20PM ET

Isle of Capri buys Mississippi casino

Isle of Capri Casinos Inc. will buy a Mississippi casino for $80 million, the company said Monday.

The acquisition of the Rainbow Casino in Vicksburg, Miss., from Bally Technologies Inc. still needs regulatory approval, but will mark Bally's exit from casino ownership as it tries to focus on its gaming technology.

Bally, based in Las Vegas, has operated the Rainbow Casino for the past 16 years.

The 25,000-square foot facility has 350 employees and an accompanying 89-room hotel.

Officials hope the deal will be completed by June 30.

Separately Monday, Isle of Capri said Bally would install its gaming-related systems at all is facilities.

Based in St. Louis, Isle of Capri already owns 14 casinos and said Bally's gaming systems could be implemented by the second half of the year.

Bally shares rose $1.43, or 3.5 percent, to $42.33 in trading Monday. Isle of Capri shares climbed 71 cents, or 8.8 percent, to $8.76.

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