UPDATE 1-Isle of Capri execs take pay cut

NEW YORK, Nov 6 (Reuters) - Top executives of Isle of Capri Casinos Inc (ISLE.O) are to take a 25 percent base pay cut for the next year as the company struggles with the tough economic climate.

Four executives of the money-losing casino operator said in a regulatory filing on Thursday that they would voluntarily reduce their base pay for one year, effective Nov. 1, in order to focus on the long-term performance aspect of their overall compensation.

The company, which runs riverboat casinos in Mississippi, Louisiana, Iowa and elsewhere, has posted losses for the last seven quarters, as it deals with a slowing economy and increased competition on the Gulf Coast.

Its stock is down about 86 percent from highs around $33 in March 2006. The stock closed down 8.3 percent at $4.55 on the Nasdaq on Thursday.

The executives taking the pay cut are Chief Executive James Perry, Chief Operating Officer Virginia McDowell, Chairman Bernard Goldstein and Vice-Chairman Robert Goldstein.

Bernard Goldstein earned $543,000 in salary last fiscal year, McDowell earned $475,000 and Perry earned $92,000, according to regulatory filings. However, each also had large stock option awards in the year. (Reporting by Bill Rigby, editing by Matthew Lewis)