Buyback at Isle

As reader Bill Jones pointed out, Isle of Capri is making a first-come, first-served offer to retire 28% of senior debt at 55 cents on the dollar. (Official version here.) Wall Street wasn't impressed, with Isle stock -16% as of this moment. But then what's with the market today? Voters in Black Hawk, Colo., OK'd expanded games, hours and betting limits, and yet both Ameristar Casinos and Riviera Holdings (which operate in Black Hawk) are down roughly 12% in today's trading. The Black Hawk bulletin is a not-inconsiderable positive — but you wouldn't know it from Wall Street's glum reaction.