President Casinos Completes Sale of President Riverboat Stock
ST. LOUIS, MO, December 21, 2006. President Casinos, Inc. (OTC:PREZQ.OB) announced that today it had completed the sale of the capital stock of its St. Louis casino operations, President Riverboat Casino-Missouri, Inc. to Pinnacle Entertainment, Inc. for approximately $31.5 million in cash, subject to certain post-closing adjustments. President Riverboat Casino-Missouri was a wholly-owned subsidiary of President Casinos, Inc. The proceeds of the sale will be placed in a distribution trust to be distributed in accordance with the bankruptcy reorganization plan previously confirmed by the court for President Riverboat Casino-Missouri, Inc.
Following the sale of its St. Louis operations, President Casinos' remaining assets consist primarily of cash and certain pending litigation claims. President Casinos remains in bankruptcy reorganization proceedings under Chapter 11 of the United States Bankruptcy Code. At this time, President Casinos, Inc. has not determined whether it will liquidate or continue operations in some form, or whether any assets will be available for distribution to stockholders.
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