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Broadwater Development Wins Bid for President Casino's Biloxi Operations

ST. LOUIS, Missouri -- (PRESS RELEASE) -- President Casinos, Inc. (OTC:PREZQ.OB) today announced that Broadwater Development, LLP was the winning bidder for the Company's Biloxi casino and hotel operations under the terms of Section 363 of the United States Bankruptcy Code. The agreement is for a purchase price of $82.0 million, subject to certain closing adjustments. Broadwater Development, LLP is comprised of Roy Anderson and W.C. Fore of Gulfport, Mississippi, and Dezer Development Group from Miami, Florida. 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 January 26, 2005. The closing is anticipated to occur in the Spring of 2005. It is anticipated that the operation will continue in Biloxi with the new owners. In the interim, casino and hotel operations and management will remain business as usual.

Innovation Capital Holding, LLC and Harbour Financial, LLC assisted President Casinos, Inc. with this sales transaction.

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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