President Casinos, Inc. Completes Sale of Biloxi Assets.
ST. LOUIS -- President Casinos, Inc. (OTC OTC
See over-the-counter market (OTC). :PREZQ.OB) announced that today it completed a Sale and Purchase Agreement (the "Purchase Agreement") in connection with the sale and purchase of the owned and leased real property and businesses commonly known as the President Casino Broadwater Resort The President Casino in Biloxi was opened aboard a riverboat docked at the Broadwater Resort Marina in August 1992. In June 1995, President Casino replaced the riverboat with the former Mississippi Gold Shore Casino barge. in Biloxi, Mississippi. The agreement with Broadwater Development, LLP LLP - Lower Layer Protocol (the "Purchaser") is for a purchase price of approximately $82.0 million, subject to certain post-closing adjustments. Approximately $6.8 million of the purchase price was paid by Silver Slipper Casino Silver Slipper Casino has been used by several casinos including:
LLC - Logical Link Control , which acquired the right to purchase the gaming casino assets under a separate transaction with the Purchaser. President Casinos, Inc. intends to use the proceeds to pay down debt as part of its restructuring plan.
President Casinos, Inc. owns and operates a dockside gaming facility in downtown St. Louis Downtown St. Louis is the central business district of St. Louis, Missouri, the hub of tourism and entertainment and the anchor of the St. Louis Metropolitan area. The downtown is bounded by Interstate 64 to the south, Jefferson Ave. , Missouri, north of the Gateway Arch.
This press release may be deemed to contain forward-looking statements, which are subject to change. These forward-looking statements may be significantly impacted, either positively or negatively by various factors, including without limitation, licensing, and other regulatory approvals, lender cooperation, development and construction activities, costs and delays, weather, permits, competition and business conditions in the gaming industry. The forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements herein. Additional information concerning potential factors that could affect the Company's financial condition, results of operations and expansion projects is included in the filings of the Company's Annual Report on Form 10-K Form 10-K
A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information.
See 10-K. for the fiscal year ended February 29, 2004 and the Company's subsequent Report on Form 10-Q for the quarters ended May 31, 2004, August 31, 2004, and November 30, 2004, all of which risks are incorporated by reference into this press release.