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President Casino Biloxi May Be Sold20 October 2004BILOXI -- As reported by the Biloxi Sun Herald: "Chances are that the President Casino Biloxi will have new ownership, possibly with South Mississippi connections, by next spring - sooner if the company fails to prove it has adequate insurance. "Questions about insurance arose the day before Hurricane Ivan came ashore, according to its parent company's quarterly report filed with the Securities and Exchange Commission on Friday. "Potential buyers, including local investors, are looking for opportunities as President Casino Inc. sells its assets because of bankruptcy proceedings. The company this month agreed to sell its St. Louis casino operations for $57 million through a bankruptcy auction. "...A filing with the SEC designates how money from the sale of the company's Mississippi assets would be divided among creditors and stockholders. "President Casino Inc. is losing money. The company reported a $733,000 loss for the quarter ending Aug. 31, compared to $42,000 in income from the same period a year ago..." |