Exhibit 99.1

ISLE OF CAPRI CASINOS ANNOUNCES

FISCAL 2010 THIRD QUARTER RESULTS

SAINT LOUIS, MO — February 23, 2010 — Isle of Capri Casinos, Inc. (NASDAQ: ISLE) (the “Company”) today reported financial results for the third quarter of the Company’s 2010 fiscal year, the three months ended January 24, 2010.

In making the announcement, James B. Perry, the Company’s chairman and chief executive officer, said, “The ongoing pressure the macroeconomic environment is placing on our markets has negatively impacted our revenues. Overall, as we are bumping along the bottom of this economic cycle, we continue to generate free cash flow while managing with a solid operating plan and an eye towards increased future profitability.

“The recent amendment to our credit facility provides us greater financial flexibility to manage our business as we continue to focus on improving our balance sheet. Additionally, we continue to lay the foundation for growth upon an economic recovery. Further, we are optimistic about the future as we continue our commitment to gaming management, and are aggressively pursuing opportunities for such incremental revenue in Pennsylvania, as well as other growth opportunities across the United States.”

Consolidated Results

The following table outlines the Company’s financial results (dollars in millions, except per share amounts, unaudited):

	Three Months Ended					Nine Months Ended
	January 24,			January 25,		January 24,			January 25,
	2010			2009		2010			2009
Net revenues, excluding hurricane insurance recoveries	$	227.0		$	241.8	$	730.7		$	763.1
Net revenues	227.0			301.8		730.7			823.1
EBITDA(1)	29.5			131.8		120.5			222.6
Income (loss) from continuing operations	(11.4		)	48.3		(8.0		)	35.7
Net income (loss)	(10.6		)	46.1		(8.2		)	29.0
Income (loss) per share from continuing operations	(0.35		)	1.52		(0.25		)	1.14
Net income (loss) per share	(0.33		)	1.45		(0.25		)	0.93

Significant items impacting EBITDA during the three and nine months ended January 24, 2010 and January 25, 2009 are as follows:

	Three Months Ended				Nine Months Ended
	January 24,		January 25,		January 24,			January 25,
	2010		2009		2010			2009
Expense recoveries - Pittsburgh development cost(2)	$	—	$	—	$	6.8		$	—
Portland development expense(2)	—		—		—			(6.0		)
Marquette hotel demolition(3)	—		—		(0.5		)	—
Caruthersville property tax settlement(4)	—		—		0.9			—
Hurricane Katrina settlement(5)	—		92.2		—			92.2
	$	—	$	92.2	$	7.2		$	86.2

Third Quarter Highlights

During the quarter, net revenues were $227.0 million, a decrease of 6.1% compared to the third quarter of FY 2009. Excluding the impact of the items listed in the table above, EBITDA from continuing operations for the third quarter of FY 2010 was $29.5 million, compared to $39.6 million for the third quarter of FY 2009 and property EBITDA decreased $8.6 million from the prior year to $40.0 million.

Excluding the impact of the items reflected in the table above, EBITDA from continuing operations for the first nine months of FY 2010 was $113.3 million, compared to $136.4 million for the same period of FY 2009. Property EBITDA decreased $22.9 million from the prior year to $145.7 million.

Virginia McDowell, the Company’s president and chief operating officer, said, “During the quarter, while our average spend per visit declined, our successful marketing efforts produced an increase in the average number of visits per rated patron and led to a significant number of new customers to our database with whom we are building strong relationships.

“While we were able to decrease property operating expenses by approximately $4 million during the quarter, and while we continue to trim expenses wherever possible, we remain resolute that we will not cut costs to the point where they begin to negatively impact the customer experience and erode the important progress we have made. To support this conclusion, we are continuing to receive increasing positive feedback as our customer satisfaction and courtesy scores steadily increase.

“Average year-end unemployment in the areas in which we operate has risen from 7.0% to 9.2%, contributing to the decline in revenues. Through innovation and discipline in a tough market, though, we maintained our margins in many locations while we are also addressing specific instances where improvement must be made. Across the portfolio, we are committed to continued improvement in our operations to best position our properties in an increasingly competitive marketplace.”

ISLE OF CAPRI CASINOS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share amounts)

(unaudited)

	Three Months Ended						Nine Months Ended
	January 24,			January 25,			January 24,			January 25,
	2010			2009			2010			2009
Revenues:
Casino	$	229,520		$	246,717		$	742,957		$	769,931
Rooms	8,424			9,216			32,488			35,696
Pari-mutuel, food, beverage and other	31,240			32,240			98,821			101,147
Hurricane insurance recoveries	—			60,000			—			60,000
Gross revenues	269,184			348,173			874,266			966,774
Less promotional allowances	(42,199		)	(46,354		)	(143,525		)	(143,628		)
Net revenues	226,985			301,819			730,741			823,146
Operating expenses:
Casino	36,472			37,382			115,474			112,370
Gaming taxes	60,529			63,335			191,056			196,839
Rooms	2,192			2,624			7,939			9,206
Pari-mutuel, food, beverage and other	10,717			12,011			33,126			37,903
Marine and facilities	14,392			15,319			46,148			48,202
Marketing and administrative	62,082			62,457			189,849			189,633
Corporate and development	11,127			9,039			33,412			32,570
Hurricane insurance recoveries	—			(32,179		)	—			(32,179		)
Expense recoveries and other charges	—			—			(6,762		)	6,000
Depreciation and amortization	26,798			29,847			84,062			92,339
Total operating expenses	224,309			199,835			694,304			692,883
Operating income	2,676			101,984			36,437			130,263
Interest expense	(17,452		)	(24,400		)	(53,682		)	(72,522		)
Interest income	454			725			1,218			1,620

Income (loss) from continuing operations before income taxes	(14,322		)	78,309			(16,027		)	59,361
Income tax benefit (provision)	2,922			(30,044		)	8,056			(23,682		)
Income (loss) from continuing operations	(11,400		)	48,265			(7,971		)	35,679
Income (loss) from discontinued operations, including loss on sale, net of income taxes	775			(2,152		)	(187		)	(6,692		)
Net income (loss)	$	(10,625	)	$	46,113		$	(8,158	)	$	28,987

Income (loss) per common share-basic and dilutive:
Income (loss) from continuing operations	$	(0.35	)	$	1.52		$	(0.25	)	$	1.14
Income (loss) from discontinued operations, including loss on sale, net of income taxes	0.02			(0.07		)	—			(0.21		)
Net income (loss)	$	(0.33	)	$	1.45		$	(0.25	)	$	0.93

Weighted average basic shares	32,438,809			31,765,365			32,179,233			31,240,008
Weighted average diluted shares	32,438,809			31,765,365			32,179,233			31,248,402

ISLE OF CAPRI CASINOS, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share amounts)

	January 24,			April 26,
	2010			2009
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	72,536		$	96,654
Marketable securities	20,050			17,548
Accounts receivable, net	8,462			11,935
Income taxes receivable	5,141			7,744
Deferred income taxes	13,233			16,295
Prepaid expenses and other assets	29,772			23,234
Assets held for sale	—			4,183
Total current assets	149,194			177,593
Property and equipment, net	1,117,227			1,177,540
Other assets:
Goodwill	313,136			313,136
Other intangible assets, net	80,653			83,588
Deferred financing costs, net	7,579			9,314
Restricted cash	2,774			2,774
Prepaid deposits and other	22,605			18,717
Total assets	$	1,693,168		$	1,782,662
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current maturities of long-term debt	$	8,750		$	9,688
Accounts payable	24,643			16,246
Accrued liabilities:
Interest	22,208			9,280
Payroll and related	41,600			47,209
Property and other taxes	21,015			31,487
Other	43,708			52,195
Liabilities related to assets held for sale	—			1,888
Total current liabilities	161,924			167,993
Long-term debt, less current maturities	1,223,277			1,291,384
Deferred income taxes	20,232			24,970
Other accrued liabilities	38,729			52,575
Other long-term liabilities	17,486			17,314
Stockholders’ equity:
Preferred stock, $.01 par value; 2,000,000 shares authorized; none issued	—			—
Common stock, $.01 par value; 45,000,000 shares authorized; shares issued: 36,768,397 at January 24, 2010 and 36,111,089 at April 26, 2009	368			361
Class B common stock, $.01 par value; 3,000,000 shares authorized; none issued	—			—
Additional paid-in capital	199,862			193,827
Retained earnings	93,670			101,828
Accumulated other comprehensive (loss) income	(10,273		)	(15,191		)
	283,627			280,825
Treasury stock, 4,326,242 shares at January 24, 2010 and 4,340,436 shares at April 26, 2009	(52,107		)	(52,399		)
Total stockholders’ equity	231,520			228,426
Total liabilities and stockholders’ equity	$	1,693,168		$	1,782,662

Isle of Capri Casinos, Inc.

Supplemental Data - Net Revenues

(unaudited, in thousands)

	Three Months Ended				Nine Months Ended
	January 24,		January 25,		January 24,		January 25,
	2010		2009		2010		2009
Mississippi
Biloxi(5)	$	15,152	$	18,278	$	53,183	$	61,733
Natchez	7,147		8,797		23,506		25,894
Lula	15,276		16,312		48,824		50,659
Mississippi Total	37,575		43,387		125,513		138,286

Louisiana
Lake Charles	31,795		38,003		103,652		112,105

Missouri
Kansas City	17,215		17,492		55,801		53,063
Boonville	17,557		18,151		57,475		56,996
Caruthersville	7,470		7,282		23,727		22,428
Missouri Total	42,242		42,925		137,003		132,487

Iowa
Bettendorf	17,480		19,414		59,153		68,695
Davenport	11,011		11,520		35,330		35,462
Marquette	5,476		5,837		20,431		22,651
Waterloo	18,818		18,814		58,918		58,680
Iowa Total	52,785		55,585		173,832		185,488

Colorado
Black Hawk	27,343		28,054		95,728		92,667

Florida
Pompano	34,623		33,752		93,990		101,772

Property Net Revenues before Other	226,363		241,706		729,718		762,805

Insurance Recoveries - Biloxi(5)	—		60,000		—		60,000

Other	622		113		1,023		341

Net Revenues from Continuing Operations	$	226,985	$	301,819	$	730,741	$	823,146

Isle of Capri Casinos, Inc.

Supplemental Data - EBITDA (1)

(unaudited, in thousands)

	Three Months Ended						Nine Months Ended
	January 24,			January 25,			January 24,			January 25,
	2010			2009			2010			2009
Mississippi
Biloxi(5)	$	(614	)	$	734		$	3,278		$	6,980
Natchez	1,882			3,103			7,009			8,810
Lula	3,968			4,164			12,255			13,790
Mississippi Total	5,236			8,001			22,542			29,580

Louisiana
Lake Charles	4,521			8,662			16,357			24,816

Missouri
Kansas City	3,260			3,234			11,860			9,511
Boonville	5,497			5,577			18,798			17,920
Caruthersville	1,475			1,202			4,368			4,151
Missouri Total	10,232			10,013			35,026			31,582

Iowa
Bettendorf	4,233			5,227			15,501			22,741
Davenport	2,800			3,096			9,487			10,605
Marquette	549			470			3,718			5,157
Waterloo	4,742			4,424			16,100			16,146
Iowa Total	12,324			13,217			44,806			54,649

Colorado
Black Hawk	5,236			6,421			22,829			23,748

Florida
Pompano	2,429			2,266			4,106			4,273

Property EBITDA Before Corporate and Other Items	39,978			48,580			145,666			168,648
Corporate and Other	(10,504		)	(8,928		)	(32,388		)	(32,225		)

EBITDA Before Other Items	29,474			39,652			113,278			136,423
Other Items:
Expense Recoveries and Other (2)	—			—			6,762			(6,000		)
Marquette Hotel Demolition(3)	—			—			(475		)	—
Caruthersville Property Tax Settlement(4)	—			—			934			—
Insurance Recoveries - Biloxi(5)	—			92,179			—			92,179
EBITDA from Continuing Operations	$	29,474		$	131,831		$	120,499		$	222,602

Isle of Capri Casinos, Inc.

Supplemental Data - Reconciliation of Operating Income to EBITDA (1)

(unaudited, in thousands)

	Three Months Ended January 24, 2010								Three Months Ended January 25, 2009
				Depreciation								Depreciation
	Operating			and					Operating			and
	Income			Amortization		EBITDA			Income			Amortization		EBITDA
Mississippi
Biloxi(5)	$	(4,034	)	$	3,420	$	(614	)	$	(3,363	)	$	4,097	$	734
Natchez	1,468			414		1,882			2,412			691		3,103
Lula	1,996			1,972		3,968			2,132			2,032		4,164
Mississippi Total	(570		)	5,806		5,236			1,181			6,820		8,001

Louisiana
Lake Charles	2,047			2,474		4,521			5,584			3,078		8,662

Missouri
Kansas City	2,337			923		3,260			2,063			1,171		3,234
Boonville	4,398			1,099		5,497			4,365			1,212		5,577
Caruthersville	578			897		1,475			28			1,174		1,202
Missouri Total	7,313			2,919		10,232			6,456			3,557		10,013

Iowa
Bettendorf	2,081			2,152		4,233			2,981			2,246		5,227
Davenport	2,096			704		2,800			2,060			1,036		3,096
Marquette	(61		)	610		549			(150		)	620		470
Waterloo	1,797			2,945		4,742			1,501			2,923		4,424
Iowa Total	5,913			6,411		12,324			6,392			6,825		13,217

Colorado
Black Hawk	1,585			3,651		5,236			2,539			3,882		6,421

Florida
Pompano	(1,914		)	4,343		2,429			(1,961		)	4,227		2,266

Total Property Before Corporate and Other Items	14,374			25,604		39,978			20,191			28,389		48,580
Corporate and Other	(11,698		)	1,194		(10,504		)	(10,386		)	1,458		(8,928		)

Total Before Other Items	2,676			26,798		29,474			9,805			29,847		39,652
Other Items:
Insurance Recoveries - Biloxi(5)	—			—		—			92,179			—		92,179
Total From Continuing Operations	$	2,676		$	26,798	$	29,474		$	101,984		$	29,847	$	131,831

Isle of Capri Casinos, Inc.

Supplemental Data - Reconciliation of Operating Income to EBITDA (1)

(unaudited, in thousands)

	Nine Months Ended January 24, 2010								Nine Months Ended January 25, 2009
				Depreciation								Depreciation
	Operating			and					Operating			and
	Income			Amortization		EBITDA			Income			Amortization		EBITDA
Mississippi
Biloxi(5)	$	(7,281	)	$	10,559	$	3,278		$	(6,094	)	$	13,074	$	6,980
Natchez	5,561			1,448		7,009			6,430			2,380		8,810
Lula	6,051			6,204		12,255			7,384			6,406		13,790
Mississippi Total	4,331			18,211		22,542			7,720			21,860		29,580

Louisiana
Lake Charles	8,548			7,809		16,357			15,293			9,523		24,816

Missouri
Kansas City	8,861			2,999		11,860			5,920			3,591		9,511
Boonville	15,386			3,412		18,798			14,279			3,641		17,920
Caruthersville	1,727			2,641		4,368			658			3,493		4,151
Missouri Total	25,974			9,052		35,026			20,857			10,725		31,582

Iowa
Bettendorf	8,793			6,708		15,501			15,948			6,793		22,741
Davenport	6,988			2,499		9,487			7,383			3,222		10,605
Marquette	1,815			1,903		3,718			3,162			1,995		5,157
Waterloo	7,237			8,863		16,100			7,506			8,640		16,146
Iowa Total	24,833			19,973		44,806			33,999			20,650		54,649

Colorado
Black Hawk	11,544			11,285		22,829			10,891			12,857		23,748

Florida
Pompano	(8,884		)	12,990		4,106			(8,332		)	12,605		4,273

Total Property Before Corporate and Other Items	66,346			79,320		145,666			80,428			88,220		168,648
Corporate and Other	(36,172		)	3,784		(32,388		)	(36,344		)	4,119		(32,225		)

Total Before Other Items	30,174			83,104		113,278			44,084			92,339		136,423
Other Items:
Expense Recoveries and Other (2)	6,762			—		6,762			(6,000		)	—		(6,000		)
Marquette Hotel Demolition (3)	(1,433		)	958		(475		)	—			—		—
Caruthersville Property Tax Settlement(4)	934			—		934			—			—		—
Insurance Recoveries - Biloxi(5)	—			—		—			92,179			—		92,179
Total From Continuing Operations	$	36,437		$	84,062	$	120,499		$	130,263		$	92,339	$	222,602

(1) EBITDA is “earnings before interest and other non-operating income (expense), income taxes, and depreciation and amortization.” “Property EBITDA” is EBITDA before Corporate and development expenses and minority interest. EBITDA is presented solely as a supplemental disclosure because management believes that it is 1) a widely used measure of operating performance in the gaming industry, 2) used as a component of calculating required leverage and minimum interest coverage ratios under our Senior Credit Facility and 3) a principal basis of valuing gaming companies. Management uses EBITDA and Property EBITDA as the primary measure of the Company’s operating properties’ performance, and they are important components in evaluating the performance of management and other operating personnel in the determination of certain components of employee compensation. EBITDA should not be construed as an alternative to operating income as an indicator of the Company’s operating performance, as an alternative to cash flows from operating activities as a measure of liquidity or as an alternative to any other measure determined in accordance with U.S. generally accepted accounting principles (GAAP). The Company has significant uses of cash flows, including capital expenditures, interest payments, taxes and debt principal repayments, which are not reflected in EBITDA. Also, other gaming companies that report EBITDA information may calculate EBITDA in a different manner than the Company. A reconciliation of EBITDA and Property EBITDA to operating income is included in the financial schedules accompanying this release. A reconciliation of EBITDA to the Company’s net income (loss) is shown below (in thousands).

	Three Months Ended						Nine Months Ended
	January 24,			January 25,			January 24,			January 25,
	2010			2009			2010			2009
EBITDA	$	29,474		$	131,831		$	120,499		$	222,602
Add/(deduct):
Depreciation and amortization	(26,798		)	(29,847		)	(84,062		)	(92,339		)
Interest expense:
Interest expense, net	(16,998		)	(23,675		)	(52,464		)	(70,902		)
Income tax (provision) benefit	2,922			(30,044		)	8,056			(23,682		)
Income (loss) from discontinued operations, including loss on sale, net of income taxes	775			(2,152		)	(187		)	(6,692		)
Net income (loss)	$	(10,625	)	$	46,113		$	(8,158	)	$	28,987

Certain of our debt agreements use “Adjusted EBITDA” as a financial measure for the calculation of financial debt covenants. Adjusted EBITDA differs from EBITDA as Adjusted EBITDA includes add back of items such as gain on early extinguishment of debt, pre-opening expenses, certain write-offs and valuation expenses, and non-cash stock compensation expense. Reference can be made to the definition of Adjusted EBITDA in the applicable debt agreements on file as Exhibits to our filings with the Securities and Exchange Commission.

(2) Expense recoveries and other of $(6.8) million for the nine months ended January 24, 2010 reflect income from the recording of a receivable for reimbursement of Pittsburgh development costs. Expense recoveries and other of $6.0 million for the nine months ended January 25, 2009 reflect a charge representing the cancellation of our rights to acquire land including a $1.0 million termination fee, related to the potential development of a casino project in the Portland, Oregon area.

(3) During October 2009, the Company demolished the hotel at our Marquette property. As a result, operating income for the nine months ended January 24, 2010 includes $0.5 million in demolition costs and $1.0 million in acceleration of remaining depreciation.

(4) Caruthersville includes the favorable impact of $0.9 million from the settlement of a property tax appeal during the nine months ended January 24, 2010.

(5) For comparability purposes, the insurance recoveries from Hurricane Katrina related to our Biloxi property are presented separately from Biloxi EBITDA, net revenues and operating income. EBITDA for the three and nine months ended includes $92.2 million from our insurance settlement for our Biloxi property. Included in net revenues for the three and nine months ended January 25, 2009 is $60 million of these insurance recoveries.