President Casinos,
Inc. Announces the Sale of
Broadwater Tower Hotel in
Biloxi
ST. LOUIS, Mo.--(BUSINESS
WIRE)--03/16/2004--President Casinos, Inc. (OTC:PREZ) announced
today that it has sold the 179-room Broadwater Tower Hotel for $6.5
million to Ocean Beach Club at Biloxi, LLC, Michael Mayer and Drake
Leddy, managing partners. The President's other hotel, the 333-room
President Broadwater Resort, is not included in this transaction.
The net proceeds will be used to reduce the
debt of the Company's subsidiary, President Broadwater Hotel, LLC.
The Company has also entered into an initial seven-month lease with
the new owners whereby the Company will continue to operate
Broadwater Tower Hotel with options for additional extensions.
President Casinos, Inc. owns and operates
dockside gaming facilities in Biloxi, Mississippi and downtown St.
Louis, Missouri, north of the Gateway
Arch.
