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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 earliest event reported: October 10, 2000
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 2. Acquisition or Disposition of Assets.
On October 10, 2000, President Casinos, Inc., a Delaware corporation (the
"Company"), consummated the sale of certain assets utilized in its Davenport,
Iowa operations to Isle of Capri Casinos, Inc. ("Isle of Capri") pursuant to
the terms and conditions of an Asset Sale Agreement, dated as of July 19, 2000
(the "Agreement"), by and among The Connelly Group, L.P., a limited
partnership in which the Company holds a 95% ownership interest ("TCG"),
TCG/Blackhawk, Inc., an Iowa corporation and wholly-owned subsidiary of the
Company ("Blackhawk"), IOC-Davenport, Inc., an Iowa corporation, and Isle of
Capri. Pursuant to the Agreement, Isle of Capri purchased substantially all
of the assets and assumed certain liabilities relating to the Company's
Davenport casino gaming and hotel operations, including the M/V "President," a
five-deck, steel-hulled passenger vessel located on the Mississippi River in
Davenport on which the gaming operations are conducted, and the Blackhawk
Hotel, a 191-room hotel located approximately three blocks from the Company's
gaming operations. The purchase price paid by Isle of Capri upon closing of
the transaction was $58,200,000 in cash, which amount is subject to certain
post-closing adjustments. The consideration payable pursuant to the Agreement
was determined through arm's-length negotiations between the parties to the
Agreement.
Item 7. Financial Statements and Exhibits.
(a) Financial statements of businesses acquired. Pursuant to Item 7(a)(4) of
Form 8-K, Registrant will file the required financial statements of the
acquired business and pro forma financial information as soon as
practicable, but not later than 60 days after the date on which this
report is filed.
(b) Pro forma financial information. See Item 7(a) above.
(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 20, 2000
PRESIDENT CASINOS, INC.
By: /s/ Ralph J. Vaclavik
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Ralph J. Vaclavik, Senior Vice President
and Chief Financial Officer
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EXHIBIT INDEX
Exhibit
Number Description
99 Press Release, dated October 10, 2000.
