$80 million deal is expected to close by the end of June

Isle of Capri Casinos has entered into an agreement to buy Bally Technologies’ Rainbow Casino in Vicksburg, Miss., for $80 million in cash.

Isle said the transaction is expected to close by the end of June, assuming regulatory approvals.

The Rainbow contains 25,000 square feet of gaming space, 831 slot machines, 10 table games, an 89-room hotel and employs 350 people.

“We are pleased to return to the Vicksburg market and expand our presence in Mississippi through this transaction, which creates a mutually beneficial situation for Isle of Capri and for Bally Technologies and allows both of our companies to focus on what we do best,” said James B. Perry, Isle’s chairman and chief executive officer.

Bally CEO Richard Haddrill said, “We felt it was important that we focus on our core business of providing industry-leading games and systems technology, and we feel confident that under the ownership of Isle of Capri, Rainbow and its employees will be in very competent hands.”

St. Louis-based, publicly traded Isle was launched in Mississippi back in the early ’90s and still operates three casinos there. It also operates casinos in Louisiana, Iowa, Missouri and Colorado and a casino and harness track in Pompano Beach, Fla.

Bally also has concluded a deal with Isle to install a full suite of Bally systems at Isle properties.

The agreement calls for Bally’s SDS slot management system to be deployed across Isle’s multistate portfolio and also allows Isle to select from an array of Bally marketing, player communications and media-management solutions, including iVIEW player-interface displays, iVIEW Display Manager, Bally’s Power Bonusing suite of bonusing, gaming and promotions and the CoolSign media management system.