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Missouri Casinos Strong Despite President Casino's Bankruptcy24 June 2002ST. LOUIS, Missouri – As reported by the Associated Press: "The bankruptcy of President Casinos Inc. came in spite of general prosperity among Missouri's casinos, including the company's own facility on the St. Louis riverfront. "Missouri casinos posted $106.3 million in adjusted gross revenue in May, a nearly 13 percent increase over the same month last year, according to figures from the Missouri Gaming Commission. If two newer casinos -- Mark Twain in La Grange and Isle of Capri in Boonville -- are excluded, the other nine still posted a 5 percent gain over last May. "The biggest winner last month was the Ameristar Casino in St. Charles, which collected 17.9 percent more in May 2002 than the previous May. "Meanwhile, the President posted a 29 percent drop under what it collected last May. That was largely due to flooding: The casino lost a full week of business from May 13 to May 20, when it was closed because of high water on the Mississippi River. "…President Casinos Inc. filed for bankruptcy protection Thursday in Biloxi, Miss., where its other casino is struggling in a competitive market. In a prepared statement, President Casinos president John Aylsworth said the St. Louis location would remain open. "…Meanwhile, [Jim Oberkirsch, financial analyst for the Missouri Gaming Commission] said, the state's casinos have been defying the recession. This is been largely driven by more money inserted into newer, flashier slot machines that tend to pay out less to gamblers…" |