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President Casinos Withdraws Its Missouri Gaming Application

26 October 2005

ST. LOUIS, Missouri -- (PRESS RELEASE) -- President Casinos, Inc. (OTC:PREZQ.OB) today announced that Columbia Sussex, Inc. has notified President that Sussex has withdrawn its application for licensure with the Missouri Gaming Commission. In its notification, Sussex cited its belief that any further efforts to obtain its license would be futile. As a result, Columbia Sussex has notified President that Sussex would be unable to satisfy the conditions to closing set forth in the sales contract for the proposed purchase by Sussex of President's St. Louis, Missouri casino operation.

On October 7, 2004, Columbia Sussex was the winning over-bidder for the President's St. Louis casino operations at an auction conducted under the terms of Section 363 of the United States Bankruptcy Code. The agreement was for a purchase price of $57.0 million, subject to certain closing adjustments, and had been approved by the United States Bankruptcy Court for the Eastern District of Missouri. The sale was also contingent upon licensing approval of Columbia Sussex and its key officers by the Missouri Gaming Commission.

President views Sussex's withdrawal of its Missouri gaming license application as a breach of the sale agreement. President is reviewing its legal options regarding the actions of Sussex.

President Casinos, Inc. continues to own and operate its dockside gaming facility in downtown St. Louis, Missouri, north of the Gateway Arch.

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President Casinos Withdraws Its Missouri Gaming Application is republished from CasinoVendors.com.