Pinnacle extends tender for President's 12% and 13% notes

New York, Aug. 16 - Pinnacle Entertainment, Inc. extended its tender offer for President Casinos, Inc.'s notes to 8 .am. ET on Aug. 23 from 8 a.m. ET on Aug. 16.

Pinnacle said it has already accepted for purchase $73.2 million of the notes. As of Aug. 15, $74.1 million or 98.8% of the notes had been tendered,

On Aug. 15, Pinnacle said it had received tenders for $73.2 million of President's notes by the early tender date of Aug. 14.

That total represents 97.6% of the outstanding securities covered by the offer, the 12% notes due 2001 and the 13% senior exchange notes due 2001 issued by President.

Holders of the notes who tendered on or before Aug. 14 will be paid an aggregate of $59.2 million, representing $809.07 per $1,000.00 principal amount of the notes.

The tender offer, announced on July 19, is being conducted as part of Pinnacle's acquisition of bankrupt President.

HSBC Bank USA, NA, is the depositary agent, and D.F. King & Co., Inc. (800 967-7635) is the information agent.

Pinnacle Entertainment is a casino operator with headquarters in Las Vegas. St. Louis-based President Casinos filed for bankruptcy on June 20, 2002 in the U.S. Bankruptcy Court for the Eastern District of Missouri. Its Chapter 11 case number is 02-53005.

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