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President Casinos Enters into Asset Purchase Agreement with Broadwater

ST. LOUIS, Missouri -- (PRESS RELEASE) -- President Casinos, Inc. (OTCBB:PREZQ.OB) today announced that the Company has entered into a stalking horse asset purchase agreement with Broadwater Properties, LLC to sell certain of its Mississippi properties. Under the terms of the agreement, the assets of three of its Biloxi subsidiaries, The President Riverboat Casino-Mississippi, Inc., President Broadwater Hotel, LLC and Vegas Vegas, Inc., will be sold for approximately $66.0 million, subject to working capital adjustments. This asset purchase agreement will constitute a stalking horse bid that is subject to overbidding by third-parties at an auction to be held on December 16, 2004 in St. Louis, Missouri. The final agreement will also be subject to approval of the United States Bankruptcy Court for the Eastern District of Missouri. It is anticipated that the operations will continue in Biloxi with the new owners.

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

The principles of Broadwater Properties, LLC include Roy Anderson, III and W.C. Fores, who are both real estate developers from the Biloxi, Mississippi area.

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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