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President Casinos, Inc. Amends Stalking Horse Agreement

ST. LOUIS, Missouri -- (PRESS RELEASE) -- President Casinos, Inc. (OTC:PREZQ.OB) today announced that the Company has amended its $66 million stalking horse asset purchase agreement with Broadwater Properties, LLC to sell certain of its Mississippi properties to establish a new auction date of Thursday, January 20, 2005 in St. Louis, Missouri. The Company today also filed bidding procedures with the United States Bankruptcy Court in the Eastern District of Missouri that details the bid process and the mechanics of the January 20th auction. It should be noted that under the bidding procedures the Company has filed, it has established a deadline of Friday, January 14, 2005 for the submission of bids from third parties. The Company will review those bids with Innovation Capital Holding, LLC, Harbour Financial, LLC and legal counsel and soon thereafter determine those bids which are qualified to participate in the January 20th auction.

The principals of Broadwater Properties, LLC include Roy Anderson, III and W.C. Fore who are both construction and 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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