20. Consolidating Condensed Financial Information

Certain of our wholly owned subsidiaries have fully and unconditionally guaranteed on a joint and several basis, the payment of all obligations under our 7.75% Senior Notes, 5.875% Senior Notes, and 8.875% Senior Subordinated Notes.

The following wholly owned subsidiaries of the Company are guarantors, on a joint and several basis, under the 7.75% Senior Notes, 5.875% Senior Notes and 8.875% Senior Subordinated Notes: Black Hawk Holdings, L.L.C.; CCSC/Blackhawk, Inc.; IC Holdings Colorado, Inc.; IOC-Black Hawk Distribution Company, L.L.C.; IOC-Boonville, Inc.; IOC-Caruthersville, L.L.C.; IOC-Kansas City, Inc.; IOC-Lula, Inc.; IOC-Natchez, Inc.; IOC-PA, L.L.C.; IOC-Black Hawk County, Inc.; IOC-Davenport, Inc.; IOC Holdings, L.L.C.; IOC-Vicksburg, Inc.; IOC-Vicksburg, LLC; Rainbow Casino-Vicksburg Partnership, L.P.; IOC Cape Girardeau, LLC; Isle of Capri Bettendorf, L.C; Isle of Capri Black Hawk, L.L.C.; Isle of Capri Marquette, Inc.; PPI, Inc.; and St. Charles Gaming Company, Inc. Each of the subsidiaries' guarantees is joint and several with the guarantees of the other subsidiaries.

Consolidating condensed balance sheets as of April 28, 2013 and April 29, 2012 are as follows:

	As of April 28, 2013

Balance Sheet	Isle of Capri Casinos, Inc. (Parent Obligor)		Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Consolidating and Eliminating Entries			Isle of Capri Casinos, Inc. Consolidated
Current assets	$	19,176	$	84,163		$	29,010	$	(49	)	$	132,300
Intercompany receivables		626,444		(156,427	)		14,909		(484,926	)		—
Investments in subsidiaries		643,257		(29,794	)		—		(613,463	)		—
Property and equipment, net		7,831		1,014,067			12,128		—			1,034,026
Other assets		50,958		324,168			17,587		(5,440	)		387,273

Total assets	$	1,347,666	$	1,236,177		$	73,634	$	(1,103,878	)	$	1,553,599

Current liabilities	$	43,139	$	88,223		$	24,486	$	(49	)	$	155,799
Intercompany payables		—		484,926			—		(484,926	)		—
Long-term debt, less current maturities		1,155,939		210			320		—			1,156,469
Other accrued liabilities		6,178		82,660			15,523		(5,440	)		98,921
Stockholders' equity		142,410		580,158			33,305		(613,463	)		142,410

Total liabilities and stockholders' equity	$	1,347,666	$	1,236,177		$	73,634	$	(1,103,878	)	$	1,553,599

	As of April 29, 2012

Balance Sheet	Isle of Capri Casinos, Inc. (Parent Obligor)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Consolidating and Eliminating Entries			Isle of Capri Casinos, Inc. Consolidated
Current assets	$	52,533		$	120,711		$	29,323	$	(284	)	$	202,283
Intercompany receivables		673,850			(228,619	)		794		(446,025	)		—
Investments in subsidiaries		644,423			(29,794	)		—		(614,629	)		—
Property and equipment, net		9,194			909,727			31,093		—			950,014
Other assets		(5,524	)		384,498			17,180		26,519			422,673

Total assets	$	1,374,476		$	1,156,523		$	78,390	$	(1,034,419	)	$	1,574,970

Current liabilities	$	37,510		$	89,711		$	29,191	$	(296	)	$	156,116
Intercompany payables		—			446,025			—		(446,025	)		—
Long-term debt, less current maturities		1,145,301			3,264			473		—			1,149,038
Other accrued liabilities		8,045			34,726			16,894		26,531			86,196
Stockholders' equity		183,620			582,797			31,832		(614,629	)		183,620

Total liabilities and stockholders' equity	$	1,374,476		$	1,156,523		$	78,390	$	(1,034,419	)	$	1,574,970

Consolidating condensed statements of operations for the fiscal years ended April 28, 2013, April 29, 2012 and April 24, 2011 are as follows:

	For the Fiscal Year Ended April 28, 2013

Statement of Operations	Isle of Capri Casinos, Inc. (Parent Obligor)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating and Eliminating Entries			Isle of Capri Casinos, Inc. Consolidated
Revenues:
Casino	$	—		$	1,016,005		$	—		$	—		$	1,016,005
Rooms, food, beverage, pari-mutuel and other		735			164,470			8,978			(8,955	)		165,228

Gross revenues		735			1,180,475			8,978			(8,955	)		1,181,233
Less promotional allowances		—			(216,034	)		—			—			(216,034	)

Net revenues		735			964,441			8,978			(8,955	)		965,199
Operating expenses:
Casino		—			156,179			—			—			156,179
Gaming taxes		—			255,105			—			—			255,105
Rooms, food, beverage, pari-mutuel and other		37,768			347,561			5,069			(8,955	)		381,443
Valuation allowance		—			50,100			—			—			50,100
Management fee expense (revenue)		(34,068	)		34,068			—			—			—
Depreciation and amortization		2,020			71,080			319			—			73,419

Total operating expenses		5,720			914,093			5,388			(8,955	)		916,246

Operating income (loss)		(4,985	)		50,348			3,590			—			48,953
Interest expense, net		(51,811	)		(36,089	)		(1,059	)		—			(88,959	)
Gain on extinguishment of debt		—			—			—			—			—
Derivative income		748			—			—			—			748
Equity in income (loss) of subsidiaries		(9,918	)		—			—			9,918			—

Income (loss) from continuing operations before income taxes and noncontolling interest		(65,966	)		14,259			2,531			9,918			(39,258	)
Income tax (provision) benefit		19,976			(25,649	)		(1,059	)		—			(6,732	)

Income (loss) from continuining operations		(45,990	)		(11,390	)		1,472			9,918			(45,990	)
Income (loss) of discontinued operations		(1,579	)		(2,502	)		—			2,502			(1,579	)

Net income (loss)	$	(47,569	)	$	(13,892	)	$	1,472		$	12,420		$	(47,569	)

	For the Fiscal Year Ended April 29, 2012

Statement of Operations	Isle of Capri Casinos, Inc. (Parent Obligor)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating and Eliminating Entries			Isle of Capri Casinos, Inc. Consolidated
Revenues:
Casino	$	—		$	1,006,523		$	—		$	—		$	1,006,523
Rooms, food, beverage, pari-mutuel and other		1,088			169,192			9,645			(9,290	)		170,635

Gross revenues		1,088			1,175,715			9,645			(9,290	)		1,177,158
Less promotional allowances		—			(199,787	)		—			—			(199,787	)

Net revenues		1,088			975,928			9,645			(9,290	)		977,371
Operating expenses:
Casino		—			153,743			—			—			153,743
Gaming taxes		—			251,780			—			—			251,780
Rooms, food, beverage, pari-mutuel and other		41,502			340,980			7,674			(9,290	)		380,866
Valuation allowance		—			30,549			—			—			30,549
Management fee expense (revenue)		(34,751	)		34,751			—			—			—
Depreciation and amortization		1,960			73,538			552			—			76,050

Total operating expenses		8,711			885,341			8,226			(9,290	)		892,988

Operating income (loss)		(7,623	)		90,587			1,419			—			84,383
Interest expense, net		(28,385	)		(58,006	)		(695	)		—			(87,086	)
Gain on extinguishment of debt		—			—			—			—			—
Derivative income		439			—			—			—			439
Equity in income (loss) of subsidiaries		54,462			—			—			(54,462	)		—

Income (loss) from continuing operations before income taxes and noncontolling interest		18,893			32,581			724			(54,462	)		(2,264	)
Income tax (provision) benefit		(36,276	)		21,419			(262	)		—			(15,119	)

Income (loss) from continuining operations		(17,383	)		54,000			462			(54,462	)		(17,383	)
Income (loss) of discontinued operations		(112,370	)		(114,125	)		—			114,125			(112,370	)

Net income (loss)	$	(129,753	)	$	(60,125	)	$	462		$	59,663		$	(129,753	)

	For the Fiscal Year Ended April 24, 2011

Statement of Operations	Isle of Capri Casinos, Inc. (Parent Obligor)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating and Eliminating Entries			Isle of Capri Casinos, Inc. Consolidated
Revenues:
Casino	$	—		$	968,423		$	—		$	—		$	968,423
Rooms, food, beverage, pari-mutuel and other		1,670			152,331			9,626			(9,528	)		154,099

Gross revenues		1,670			1,120,754			9,626			(9,528	)		1,122,522
Less promotional allowances		—			(185,861	)		—			—			(185,861	)

Net revenues		1,670			934,893			9,626			(9,528	)		936,661
Operating expenses:
Casino		—			142,642			—			—			142,642
Gaming taxes		—			242,949			—			—			242,949
Rooms, food, beverage, pari-mutuel and other		42,837			329,999			8,218			(9,528	)		371,526
Management fee expense (revenue)		(33,259	)		33,259			—			—			—
Depreciation and amortization		1,955			75,086			572			—			77,613

Total operating expenses		11,533			823,935			8,790			(9,528	)		834,730

Operating income (loss)		(9,863	)		110,958			836			—			101,931
Interest expense, net		(29,634	)		(61,046	)		648			—			(90,032	)
Gain on extinguishment of debt		—			—			—			—			—
Derivative income (expense)		(1,214	)		—			—			—			(1,214	)
Equity in income (loss) of subsidiaries		36,389			23			—			(36,412	)		—

Income (loss) from continuing operations before income taxes and noncontolling interest		(4,322	)		49,935			1,484			(36,412	)		10,685
Income tax (provision) benefit		8,057			(13,171	)		(1,836	)		—			(6,950	)

Income (loss) from continuining operations		3,735			36,764			(352	)		(36,412	)		3,735
Income (loss) of discontinued operations		805			(4,827	)		1,475			3,352			805

Net income (loss)	$	4,540		$	31,937		$	1,123		$	(33,060	)	$	4,540

Consolidating condensed statements of cash flows for the fiscal years ended April 28, 2013, April 29, 2012 and April 24, 2011 are as follows:

	For the Fiscal Year Ended April 28, 2013

Statement of Cash Flows	Isle of Capri Casinos, Inc. (Parent Obligor)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating and Eliminating Entries			Isle of Capri Casinos, Inc. Consolidated
Net cash provided by (used in) operating activities	$	(48,218	)	$	168,576		$	(4,316	)	$	—		$	116,042
Net cash provided by (used in) investing activities		33,974			(123,245	)		(106	)		(34,072	)		(123,449	)
Net cash provided by (used in) financing activities		(18,207	)		(38,906	)		4,456			34,072			(18,585	)

Net increase (decrease) in cash and cash equivalents		(32,451	)		6,425			34			—			(25,992	)
Cash and cash equivalents at beginning of the period		39,365			50,749			4,347			—			94,461

Cash and cash equivalents at end of the period	$	6,914		$	57,174		$	4,381		$	—		$	68,469

	For the Fiscal Year Ended April 29, 2012

Statement of Cash Flows	Isle of Capri Casinos, Inc. (Parent Obligor)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating and Eliminating Entries			Isle of Capri Casinos, Inc. Consolidated
Net cash provided by (used in) operating activities	$	12,960		$	101,801		$	3,298		$	—		$	118,059
Net cash provided by (used in) investing activities		60,806			(57,955	)		(1,036	)		(61,864	)		(60,049	)
Net cash provided by (used in) financing activities		(38,353	)		(55,202	)		(7,036	)		61,864			(38,727	)

Net increase (decrease) in cash and cash equivalents		35,413			(11,356	)		(4,774	)		—			19,283
Cash and cash equivalents at beginning of the period		3,952			62,105			9,121			—			75,178

Cash and cash equivalents at end of the period	$	39,365		$	50,749		$	4,347		$	—		$	94,461

	For the Fiscal Year Ended April 24, 2011

Statement of Cash Flows	Isle of Capri Casinos, Inc. (Parent Obligor)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidating and Eliminating Entries			Isle of Capri Casinos, Inc. Consolidated
Net cash provided by (used in) operating activities	$	(1,527	)	$	119,078		$	6,133		$	—		$	123,684
Net cash provided by (used in) investing activities		(29,490	)		(129,743	)		(10,160	)		24,756			(144,637	)
Net cash provided by (used in) financing activities		28,463			25,776			(1,373	)		(24,756	)		28,110
Effect of foreign currency exchange rates on cash and cash equivalents		—			—			(48	)		—			(48	)

Net increase (decrease) in cash and cash equivalents		(2,554	)		15,111			(5,448	)		—			7,109
Cash and cash equivalents at beginning of the period		6,506			46,994			14,569			—			68,069

Cash and cash equivalents at end of the period	$	3,952		$	62,105		$	9,121		$	—		$	75,178