President Casinos enters $31.5 million agreement for sale of St. Louis riverboat casino

By Caroline Salls

Pittsburgh, Feb. 24 - President Casinos, Inc. entered into an agreement with Pinnacle Entertainment, Inc. to purchase all of the outstanding capital stock of President Riverboat Casino-Missouri, Inc. for $31.5 million, according to a news release.

President Riverboat does business as President Casino St. Louis Riverfront.

Under the agreement, a bankruptcy auction must be held by May 16.

The agreement is subject to approval by the U.S. Bankruptcy Court for the Eastern District of Missouri and the Missouri Gaming Commission and is subject to a potential overbid by third parties.

Libra Securities, LLC acted as adviser to President Casinos, Inc. in this transaction.

Pinnacle is a Las Vegas-based entertainment company.

St. Louis-based President Casinos filed for bankruptcy on June 20, 2002. Its Chapter 11 case number is 02-53005.

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