Penn National Gaming to acquire President Riverboat Casino-Missouri for $28 million

By Jeff Pines

Washington, Aug. 10 - President Casinos, Inc. said Penn National Gaming, Inc. has agreed to pay $28 million for its President Riverboat Casino-Missouri, Inc. unit.

The purchase agreement will be submitted to the U.S. Bankruptcy Court for the Eastern District of Missouri. Penn National's bid will set the base price for a possible auction of President Riverboat Casino-Missouri, depending upon whether there are any competing bids.

The sale is also subject to the approval of the Missouri Gaming Commission.

St. Louis-based President Casinos, which operates gaming facilities in Biloxi, Miss. and St. Louis, expects the sale to close in spring 2005.

Libra Securities LLC advised President Casinos.

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