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President Casinos, Inc. Announces Q1 Results

For the quarter ended May 31, 2000, President Casinos had earnings before interest, taxes, depreciation and amortization (EBITDA) of $5.9 million, compared to $7.8 million in the prior year.

The Company reported a net loss of $3.2 million, or $0.64 per share, for the quarter ended May 31, 2000, compared to a net loss of $1.0 million, or $0.19 per share, for the quarter ended May 31, 1999. Revenues for the quarter ended May 31, 2000 were $50.5 million, compared to revenues of $54.4 million for the quarter ended May 31, 1999.

Combined EBITDA from the Company's casino and hotel operations remained consistent with the prior year's first quarter results. Revenue declines of $2.0 million at the Davenport property and a $1.4 million reduction of corporate leasing revenue were the main components for the decline in the Company's total revenues.

In addition, the Company noted that the July 1999 change in Illinois legislation, which eliminated the requirement of Illinois casino boats to cruise, has allowed competitors in Illinois cities across the river from its St. Louis and Davenport operations to board additional patrons at more convenient times; separately, Davenport's Illinois competitor was also able to expand its slot product by 50%. Cost savings in Davenport have minimized the impact of the revenue decline on EBITDA.

The end of a charter of one of the Company's vessels not currently used in its gaming operations resulted in a negative $1.6 million EBITDA fluctuation.

President Casinos, Inc. owns and operates riverboat and dockside gaming facilities in Davenport, Iowa, Biloxi, Mississippi and downtown St. Louis, Missouri near the base of the Gateway Arch.

                           PRESIDENT CASINOS, INC.
                             FINANCIAL HIGHLIGHTS
                     (in thousands except per share data)




                                                Three Months Ended May 31,
    Income (Loss) Information                     2000              1999

    Total operating revenues                    $ 50,451          $ 54,355
    Operating costs and expenses                  48,123            50,252
      Operating income                             2,328             4,103
    Interest expense, net                          5,187             4,747
      Loss before minority interest               (2,859)             (644)
    Minority interest                                370               332
        Net Loss                                $ (3,229)         $   (976)

    Loss per share                              $  (0.64)         $  (0.19)

    Weighted average basic and
     dilutive shares outstanding                   5,033             5,033

    Selected Statement of Operations Data

    Net Revenues:
      Biloxi Properties                         $ 14,887          $ 15,342
      Davenport Properties                        18,920            20,935
      St. Louis Properties                        16,644            16,650
      Corporate Leasing Operation                    ---             1,428
        Total Net Revenues                      $ 50,451          $ 54,355

    Operating Income (Loss):
      Biloxi Properties                         $  1,726          $  1,231
      Davenport Properties                         2,060             2,402
      St. Louis Properties                           830               692
        Casino and Hotel Operations                4,616             4,325
      Corporate Leasing Operation                   (968)              874
      Corporate Administration                    (1,252)           (1,001)
      Corporate Development                          (68)              (95)
        Total Operating Income                  $  2,328          $  4,103

    EBITDA:
      Biloxi Properties                         $  2,501          $  1,971
      Davenport Properties                         3,177             3,518
      St. Louis Properties                         1,878             2,099
        Casino and Hotel Operations                7,556             7,588
      Corporate Leasing Operation                   (333)            1,267
      Corporate Administration                    (1,245)             (993)
      Corporate Development                          (68)              (95)
        Total EBITDA                            $  5,910          $  7,767

                                                 May 31,        February 29,
                                                  2000              2000
    Selected Balance Sheet Data

    Cash and cash equivalents                   $ 11,140          $ 12,408

    Restricted cash                             $  2,986          $  2,780

    Restricted short-term investments           $    975          $    960

    Current assets                              $ 20,813          $ 21,495

    Current liabilities                         $173,391          $171,755

    Long-term debt                              $    219          $    ---

    Minority interest                           $ 13,565          $ 13,220

    Stockholders' deficit                       $(22,810)         $(19,581)

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