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President Casinos, Inc. Announces the Sale of Broadwater Tower Hotel in Biloxi |
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ST. LOUIS, Mo.--(BUSINESS WIRE)--03/16/2004--President Casinos, Inc. (OTC:PREZ) announced today that it has sold the 179-room Broadwater Tower Hotel for $6.5 million to Ocean Beach Club at Biloxi, LLC, Michael Mayer and Drake Leddy, managing partners. The President's other hotel, the 333-room President Broadwater Resort, is not included in this transaction.
The net proceeds will be used to reduce the debt of the Company's subsidiary, President Broadwater Hotel, LLC. The Company has also entered into an initial seven-month lease with the new owners whereby the Company will continue to operate Broadwater Tower Hotel with options for additional extensions.
President Casinos, Inc. owns and operates dockside gaming facilities in Biloxi, Mississippi and downtown St. Louis, Missouri, north of the Gateway Arch.
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