EXHIBIT 99.1
CONTACT: James A. Zweifel
President Casinos, Inc.
St. Louis, Missouri 63102
314-622-3018
FOR IMMEDIATE RELEASE
PRESIDENT CASINOS, INC. ANNOUNCES
SALE OF DAVENPORT OPERATIONS
TO ISLE OF CAPRI CASINOS, INC.
ST. LOUIS, MISSOURI, July 19, 2000 -- President Casinos, Inc. (OTC:PREZ)
announced today that it has entered into a definitive agreement under which
Isle of Capri Casinos, Inc. (NASDAQ:ISLE) will acquire the President's
Davenport casino and hotel operations for $58.2 million. The all-cash
transaction is subject to due diligence and the satisfaction of various
conditions, including the receipt of regulatory licenses and approvals.
As previously disclosed, President is in default on its $75.0 million Senior
Exchange Notes and $25.0 million Secured Notes, due to the fact that the
Company did not pay its regularly scheduled interest payment on March 15,
2000. The Company has been in negotiations with representatives of the
holders of such debt with respect to repayment of the past due interest and
potentially restructuring the indebtedness of the Company.
John S. Aylsworth, President and Chief Operating Officer, said, "This sale is
a key step towards restructuring of the Company's indebtedness. The net
proceeds from the sale will be used to improve the Company's liquidity and to
reduce its overall debt."
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.
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