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President Casinos Completes Sale of Biloxi Assets

ST. LOUIS, Missouri -- (PRESS RELEASE) -- President Casinos, Inc. (OTC:PREZQ.OB) announced that today it completed a Sale and Purchase Agreement (the "Purchase Agreement") in connection with the sale and purchase of the owned and leased real property and businesses commonly known as the President Casino Broadwater Resort in Biloxi, Mississippi. The agreement with Broadwater Development, LLP (the "Purchaser") is for a purchase price of approximately $82.0 million, subject to certain post-closing adjustments. Approximately $6.8 million of the purchase price was paid by Silver Slipper Casino Venture LLC, which acquired the right to purchase the gaming casino assets under a separate transaction with the Purchaser. President Casinos, Inc. intends to use the proceeds to pay down debt as part of its restructuring plan.

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

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