Exhibit 99.1

ISLE OF CAPRI CASINOS, INC. ANNOUNCES FOURTH FISCAL QUARTER AND FISCAL YEAR 2011 RESULTS

SAINT LOUIS, MO — June 2, 2011 — Isle of Capri Casinos, Inc. (NASDAQ: ISLE) (the “Company”) today reported financial results for the fourth fiscal quarter and fiscal year ended April 24, 2011.

Marking a year of accomplishment, during fiscal year 2011, the Company:

·                  Completed the acquisition of Rainbow Casino in Vicksburg, Mississippi;

·                  Was selected to receive the final remaining gaming license in Missouri for a new casino under construction in Cape Girardeau;

·                  Was selected to receive the final remaining resort gaming license in Pennsylvania for a new project at the Nemacolin Woodlands Resort; and

·                  Significantly improved its capital structure through successful equity and bond offerings and the refinancing of its senior secured credit facility.

Consolidated Results

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

Significant items impacting EBITDA during fiscal quarter and year ended April 24, 2011 are as follows:

In the fourth quarter of fiscal year 2011, consolidated net revenues increased $5.6 million, or 2.1%, to $274.4 million and property EBITDA increased $5.5 million, or 8.3%, to $71.4 million from fiscal 2010 levels.  Property operating margins increased 149 basis points to 26.0%, aided by the Florida gaming tax changes in July 2010.  Property operating expenses increased $4.4 million to $135.6 million, including $5.1 million at Rainbow Casino Vicksburg.

Compared to fiscal year 2010, in fiscal year 2011, consolidated net revenues increased $5.2 million, or 0.5%, to $1.005 billion and property EBITDA increased $14.3 million, or 6.8%, to $225.9 million before the effects of the one-time items in the above table in fiscal 2010.  Property operating margins increased 133 basis points to 22.5% before the effects of the one-time items.  Property operating expenses increased $3.2 million to $527.2 million, including $15.9 million at Rainbow Casino Vicksburg.

Commenting on the quarter and fiscal year, Virginia McDowell, the Company’s president and chief executive officer, said, “We are very pleased to have completed fiscal 2011 with improved liquidity, a stronger balance sheet, improved margins and a solid growth pipeline.  During the fourth quarter and for the year, we were successful in growing revenue, EBITDA and operating margins despite general economic softness particularly in the Southern markets and the closure of our property in Davenport due to flooding for fifteen days.  In properties where we achieved revenue growth, EBITDA flow through has been substantial.”

McDowell continued, “While we are seeing signs that the economic conditions for our business are slowly beginning to improve, we are cautiously optimistic that the positive changes we have made during the past two years will soon begin to have a more dramatic impact on our bottom line.  Across our portfolio, we have been introducing new entertainment options through our Jester’s Jam concert series, new dining options with the popular Otis & Henry’s concept, and we have also streamlined our marketing to benefit from the synergy created by more centralized promotional and branding programs.  As a result of these targeted investments, we have been able to maintain a reasonable mix of rated and retail business, even through tough economic times, and believe that this is an area of further opportunity for fiscal 2012.  Further, we have recently put in place new marketing programs in Colorado and management in Vicksburg that we believe will positively impact our results in periods to come.”

Dale Black, the Company’s chief financial officer, commented, “Overall, we are now in a solid capital position for both organic growth and our development pipeline.  Clearly, our balance sheet is now stronger, and we will utilize our resources to construct our new properties in Missouri and Pennsylvania, as well as to continue making specific improvements at our existing properties to further improve the guest experience and drive revenue.”

Corporate Expenses

Corporate and development expenses for the fourth quarter decreased from $13.3 million in fiscal 2010 to $10.5 million in fiscal 2011 primarily due to decreased insurance costs in fiscal 2011.  Fourth quarter 2011 corporate and development expenses include $3.0 million in costs related to our refinancing.  In the fourth quarter of 2010 we incurred $1.8 million in costs related to an amendment of our senior credit facility.  Non-cash stock compensation was $1.4 million during the fourth quarter of each year.

For the fiscal year ended April 24, 2011, corporate and development expenses decreased $4.0 million to $42.7 million, primarily due to decreases in insurance costs and incentive compensation.  Corporate and development expenses for fiscal 2011 include financing related costs of $4.0 million and development and acquisition costs of $4.0 million.  In fiscal 2010 we incurred $1.8 million in costs related to an

amendment of our senior credit facility.  Non-cash stock compensation was $6.9 million in fiscal 2011 compared to $6.8 million in fiscal 2010.

Interest expense for the quarter was $23.2 million, an increase of $1.5 million compared to the prior fiscal year.  For the fiscal year 2011, interest expense increased $16.5 million, primarily as a result of increased borrowing costs and increased borrowings related to the acquisition of Rainbow Casino in Vicksburg.

Update on Properties Impacted by Mississippi River Flooding

Flooding along the Mississippi River resulted in the closures of five properties including: Davenport, Iowa; Caruthersville, Missouri; and Lula, Vicksburg and Natchez in Mississippi.  At this point, three properties have reopened with Lula and Natchez remaining closed.  We hope to reopen Lula this weekend, pending regulatory approval, however Natchez will remain closed until the Mississippi River recedes further.

Development Update

Cape Girardeau, Missouri: The Company broke ground on the planned $125 million Isle Casino on March 31, 2011 and has started preliminary site work, including work on the main roadway.  The Company is in the final phase of selecting a general contractor and anticipates finalizing its decision soon.  The project will feature approximately 1,000 slot machines and 28 table games, three restaurants, a lounge and terrace overlooking the Mississippi River and a 750-seat event center.  It is planned to open late in 2012.

Nemacolin Woodlands Resort, Pennsylvania: On April 14, 2011, Nemacolin Woodlands Resort in Fayette County, Pennsylvania, was selected by the Pennsylvania Gaming Control Board for the state’s final available resort gaming license.  The Company, through a management agreement with the resort, will develop and manage Lady Luck Casino Nemacolin featuring 600 slot machines, 28 table games, a restaurant and a lounge.  Assuming no appeals are filed by the June 19, 2011 deadline, the Company expects to begin construction later this summer and to open approximately 9 months thereafter.

Capital Structure and FY 2012 Guidance

As of April 24, 2011, the Company had:

·                  $75.2 million in cash and cash equivalents, excluding $12.8 million in restricted cash;

·                  $1.2 billion in total debt; and

·                  $175 million in net line of credit availability.

Fiscal Year 2011 capital expenditures were $58.6 million, of which $13.0 million related to Cape Girardeau, $0.3 million related to Nemacolin and $45.3 million related to maintenance capital expenditures, including conversion of approximately 2,600 slot machines to the Bally’s slot system technology.

The Company provided guidance for the following specific non-operating items for fiscal year 2012:

·                  Depreciation and amortization expense is expected to be approximately $89 million to $91 million;

·                  The Company expects cash income taxes pertaining to FY 2012 operations to be less than $5 million, primarily representing state income taxes.

·                  Interest expense is expected to be approximately $83 million to $86 million, net of capitalized interest.

·                  Corporate and development expenses for FY 2012 are expected to be approximately $43 million, including approximately $6 million in non-cash stock compensation expense.

·                  Maintenance capital expenditures for FY 2012 are expected to be approximately $50 million.

·                  Project capital expenditures for FY 2012 are expected to be approximately $90 million to $100 million, barring any delays related to licensing and permitting, contractor negotiations, weather or other items.

Conference Call Information

Isle of Capri Casinos, Inc. will host a conference call on Thursday, June 2, 2011 at 1:30 pm central time during which management will discuss the financial and other matters addressed in this press release.  The conference call can be accessed by interested parties via webcast through the investor relations page of the Company’s website, www.islecorp.com.

The conference call will also be available by telephone, for domestic callers, by dialing 877-917-8929.  International callers can access the conference call by dialing 517-308-9020.  The conference call reference number is 9905431. The conference call will be recorded and available for review starting at midnight central on Thursday, June 2, 2011, until midnight central on Thursday, June 9, 2011, by dialing 866-435-1291; International: 203-369-1015 and access number 0611.

ISLE OF CAPRI CASINOS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share amounts)

(unaudited)

Isle of Capri Casinos, Inc.

Supplemental Data - Net Revenues

(unaudited, in thousands)

Isle of Capri Casinos, Inc.

Supplemental Data - EBITDA (1)

(unaudited, in thousands)

Isle of Capri Casinos, Inc.

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

(unaudited, in thousands)

Isle of Capri Casinos, Inc.

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

(unaudited, in thousands)