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PRESIDENT RIVERBOAT CASINOS, INC. ANNOUNCES THE FILING OF AN INITIAL PUBLIC OFFERING OF 4,500,000 SHARES OF COMMON STOCK

 PRESIDENT RIVERBOAT CASINOS, INC. ANNOUNCES THE FILING OF AN
 INITIAL PUBLIC OFFERING OF 4,500,000 SHARES OF COMMON STOCK
 DAVENPORT, Iowa, Nov. 10 /PRNewswire/ -- President Riverboat Casinos, Inc., announced today the filing of a registration statement relating to a proposed initial public offering of 4,500,000 shares of its common stock, of which 2,828,571 shares are being sold by the company and the balance by International Game Technology. It is currently anticipated that the initial public offering price for the shares will be between $14 to $17 per share. The offering is being managed by Montgomery Securities and Oppenheimer & Co., Inc.
 The company intends to use the net proceeds of the offering for the repayment of debt, to pay costs associated with the acquisition of the Biloxi, Miss. operations and to use the balance for working capital and expansion.
 The company develops, owns and operates riverboat and dockside casinos. Since April, 1991, the company has conducted riverboat gaming operations on The President Riverboat Casino in Davenport, Iowa, and on Aug. 13, 1992 an affiliate of the company (which the company will acquire at the closing of this offering), commenced dockside gaming operations in Biloxi, Miss. The company intends to apply for a license to conduct riverboat and dockside gaming operations in St. Louis, Mo. since gaming has been approved in that jurisdiction.
 Preliminary prospectuses can be obtained from the underwriters.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 11/10/92
 /CONTACT: Edward S. Ellers, 319-328-8000, for President Riverboat Casinos, Inc./ CO: President Riverboat Casinos, Inc. ST: Iowa IN: CNO SU: OFR


LD -- NY108 -- 9493 11/10/92 17:35 EST
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Publication:PR Newswire
Date:Nov 10, 1992
Words:364
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