Whatever Isle of Capri Casinos thought would be accomplished by buying into overseas markets, it hasn't worked out, and new Morgan Joseph & Co. analyst Justin Sebastiano's advice amounts to "Yankee, come home."

Isle stock bottomed out around $6.50/share before rebounding. Isle's overseas investments are simply sucking money out of the balance sheet, at a time when the Iowa and Louisiana markets have flattened, and Florida isn't living up to expectations. (To say nothing of spring floodwaters that are probably going to swamp the next quarter's financials.) New CEO James Perry's main task appears to be the unenviable one of retrenchment -- and perhaps devising a way to breathe new life into a brand that hasn't aged well.

Somebody gives you a statue of Julius Caesar. Where do you put it? In the barn, apparently.

Score one for Mohegan Sun. It increased its slot handle in March and narrowed its year-over-year decline (-1.4%) in revenues. No such luck for Foxwoods Resort Casino, which was 12% off on both fronts. Did MGM Mirage back the right horse? We'll find out next month, when MGM Grand at Foxwoods opens.

Scant comfort for smokers. When Atlantic City players threaten to take their business to other states that let them light up on the casino floor, they may be ... blowing smoke. It's illegal in Delaware and at non-tribal casinos in New York, and it might be outlawed in Pennsylvania soon.

Whatever the Keystone State does, it's already a moot point in Philadelphia: No public puffing allowed there. Were I a betting man, I'd say the Lege will compromise go with a version of the 25/75 ratio that was tried in Atlantic City -- and, if that happens, that there will be a more urgent attempt at compliance this time around.

Atlantic City might be holding a stronger hand than we thought.

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