SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report: October 24, 1996
Date of earliest event reported: October 23, 1996
PRESIDENT CASINOS, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-20840 51-0341200
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(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification
organization) Number)
802 North First Street, St. Louis, Missouri 63102
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(Address of principal executive offices) (Zip code)
(314) 622-3000
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(Registrant's telephone number, including area code)
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Item 5. Other Events.
On October 23, 1996, President Casinos, Inc. ("President") announced that
its proposed sale to Primadonna Resorts, Inc. ("Primadonna") of leasehold
rights at the Broadwater Marina in Biloxi, Mississippi, has been terminated.
Primadonna announced that it has decided not to pursue plans to expand to the
Biloxi market at this time. President had entered into a letter of intent
with Primadonna for such transaction in July 1996.
Item 7. Financial Statements and Exhibits.
(a) Financial statements of businesses acquired. Not applicable.
(b) Pro forma financial information. Not applicable.
(c) Exhibits. See Exhibit Index.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: October 24, 1996
PRESIDENT CASINOS, INC.
By: /s/ James A. Zweifel
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James A. Zweifel, Vice President
and Chief Financial Officer
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EXHIBIT INDEX
Exhibit
Number Description
99 Press Release, dated October 23, 1996.
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EXHIBIT 99
CONTACT: James A. Zweifel
President Casinos, Inc.
314-622-3018
FOR IMMEDIATE RELEASE
PROPOSED SALE BY PRESIDENT CASINOS OF
LEASEHOLD INTEREST IN BILOXI, MISSISSIPPI IS TERMINATED
ST. LOUIS, MISSOURI, October 23, 1996 -- President Casinos, Inc. (NASDAQ:PREZ)
announced today that its proposed sale to Primadonna Resorts, Inc. of
leasehold rights at the Broadwater Marina in Biloxi, Mississippi, has been
terminated. Primadonna announced that it has decided not to pursue plans to
expand in the Biloxi market as this time. President had entered into a letter
of intent with Primadonna for such transaction in July, 1996.
The Broadwater Marina property, currently the site of President Casinos' barge
casino operations in Biloxi, is leased by President Casinos under a long-term
lease from BH Acquisition Corporation, a company wholly owned by John E.
Connelly, the chairman and principal stockholder of President Casinos.
John S. Aylsworth, Executive Vice President and Chief Operating Officer of
President Casinos, commented, "We will continue to consider various strategic
alternatives for our operations in Biloxi, where operating results have
improved over the past year."
In a separate but related proposed transaction announced in July, 1996,
Primadonna had entered into a letter of intent with BH Acquisition for the
sale of certain properties owned by BH Acquisition in Biloxi, including the
Broadwater Marina property, the Broadwater Resort, the Broadwater Tower and
the 18-hole Sun Golf Course. Primadonna has since announced that it will not
enter into a definitive agreement with BH Acquisition.
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.
