Tessler rejects Isle of Capri Casinos' $1.9m Eilat hall rental offer

Alexander Tessler wishes to be a partner in the casino venture.

Developer and hotelier Alexander Tessler has rejected Isle of Capri Casinos Inc. (Nasdaq:ISLE) request to rent a 4,000-sq.m. hall in the Princess Hotel in Eilat. Isle of Capri wanted the hall to set up a casino, jointly with partners. It reportedly was prepared to pay $40 per sq.m. per month, or $1.9 million per year, in a ten-year lease. Tessler rejected the offer, saying he wanted to be a partner in the casino venture, not merely the lessor.

Shmuel Flatto-Sharon and US jeweler Shaul Houri are Isle of Capri’s partners in the Eilat casino venture.

Published by Globes [online], Israel business news - www.globes.co.il - on December 11, 2005

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