President Casinos closes on new note, emerges from Chapter 11

By Carlise Newman

Chicago, May 29 - President Casinos Inc.'s subsidiary President Broadwater Hotel LLC has closed on a new note with its main creditor and successfully emerged from reorganization.

The new note includes reduced interest rates and a maturity date of June 2005. The plan also allows the company to pay 100% of its unsecured claims.

"We are looking toward the future with new energy and enthusiasm. We value the support we have received throughout this process from everyone concerned, especially our guests, employees and vendors," said John Aylsworth, president and chief operating officer of President.

President Broadwater filed for bankruptcy in April 2001. President Broadwater Hotel is the landlord of St. Louis-based President Casinos' Mississippi gaming subsidiary, leasing to it the use of the marina adjoining the Broadwater Hotel.

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