Diamond Jo Casino Hits the Green Jackpot with Cree Lighting

Green Casino to Install Cree LED Fixtures for Significant Energy and Maintenance Savings

DURHAM, N.C. -- Iowa-based Diamond Jo Casino, a gambling establishment located on the popular Port of Dubuque, recently installed energy-efficient LED (light-emitting diode) lighting by Cree, Inc. (Nasdaq: CREE). The casino upgraded its existing lighting to Cree’s LRP-38™ LED spotlights throughout the 188,000 square foot entertainment facility, including the gaming floor, hallways, reception and meeting rooms.

“By upgrading our casino with energy-efficient LED lighting we are continuing our commitment to saving money, sustainable practices and improving the quality of life in the community in which we work and live," said Todd Moyer, General Manager of Diamond Jo.

Diamond Jo Casino replaced 750 of its existing incandescent down lights with Cree LRP-38 LED lamps. Since the casino lights remain on at all times, installing LRP-38 lamps, which are designed to last 35,000-50,000 hours (depending on application), can result in significant energy and maintenance savings. By eliminating the need for regular bulb replacements and associated labor costs, Diamond Jo anticipates reducing maintenance costs by nearly $23,000 a year while providing high-quality lighting throughout its facility. According to Chad Darter, Director of Facilities at Diamond Jo Casino, the long lifetime and high color quality of the LED lighting is a great match for the 24/7 operation of the casino.

“We looked at almost 30 other LED lamp options and knew right away when we saw the LRP-38 that it offered the exact color we wanted and had the right amount of lumens for our gaming floor and customers. In addition, switching over to Cree LED lighting has freed up two man hours per day, seven days a week because the maintenance crew is no longer replacing lamps. That’s an estimated 60 hours per month in labor savings,” Darter said.

According to electrical distributor Crescent Electric Supply Company, switching to Cree’s LRP-38 lamps, which consume only 11 watts of power compared to 100 watts from the original PAR-38 incandescent lamps, can save Diamond Jo Casino more than $46,000 in electrical costs annually. These savings, combined with anticipated maintenance savings result in a payback calculation of nearly one year for the installation with an ongoing annual savings of almost $70,000.

“The long-term lighting needs of 24/7 establishments like Diamond Jo Casino are continuing to drive the adoption of LEDs,” said Craig Lofton, Cree, vice president of sales, LED Lighting. “High-quality light combined with significant energy and maintenance savings can provide a quick return on investment that helps business owners realize it is payback time for the LED lighting revolution.”

The casino was built in 2007 specifically to achieve “carbon neutral” certification under the Clean Air Conservancy's NetZero program. In addition to the energy-efficient LED lighting, the casino’s other green features include: a white roof designed to reflect heat and conserve energy, bar floor of reclaimed wood and a central plant heating and cooling system. In its partnership with the Clean Air Conservancy, Diamond Jo initiated the “Go Green Challenge” for Dubuque residents and businesses, as well as the Diamond Conservation Fund, including an annual commitment from the casino to help fund conservation efforts within its community.

About Cree
Cree is leading the LED lighting revolution and making energy-wasting traditional lighting technologies obsolete through the use of energy-efficient, mercury-free LED lighting. Cree is a market-leading innovator of lighting-class LEDs, LED lighting, and semiconductor products for power and radio-frequency (RF) applications.

Cree's product families include LED fixtures and bulbs, blue and green LED chips, high-brightness LEDs, lighting-class power LEDs, power-switching devices and RF devices. Cree products are driving improvements in applications such as general illumination, electronic signs and signals, power supplies and solar inverters.

For additional product and company information, please refer to www.CreeLEDLighting.com. To learn more about the LED Lighting Revolution, please visit www.creeledrevolution.com.

This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause actual results to differ materially from those indicated. Actual results may differ materially due to a number of factors, including the risk that actual savings may vary from expectations; customer acceptance of LED products; the rapid development of new technology and competing products that may impair demand or render Cree’s products obsolete; and other factors discussed in Cree’s filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended June 26, 2011, and subsequent filings.