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Columbia Sussex is Winning Bidder for President Casinos Operation

8 October 2004

ST. LOUIS, Missouri -- (PRESS RELEASE) -- President Casinos, Inc. (OTC:PREZQ.OB) today announced that Columbia Sussex was the winning over bidder for the Company's St. Louis casino operations under the terms of Section 363 of the United States Bankruptcy Code. The agreement is for a purchase price of $57.0 million, subject to certain closing adjustments. A hearing to approve the auction results and sale to the winning bidder is scheduled before the United States Bankruptcy Court for the Eastern District of Missouri on October 13, 2004. The sale is also contingent upon licensing approval of Columbia Sussex by the Missouri Gaming Commission. The closing is anticipated to occur in the Spring of 2005. It is anticipated that the operation will continue in St. Louis with the new owners. In the interim, casino operations and management will remain business as usual.

President Casinos, Inc. owns and operates dockside gaming facilities in Biloxi, Mississippi and downtown St. Louis, Missouri, north of the Gateway Arch.

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