President $31.5 million casino stock sale approved

By Caroline Salls

Pittsburgh, May 19 - President Casinos, Inc. obtained court approval of the $31.5 million sale of its outstanding stock in President Riverboat Casino-Missouri, Inc. to Pinnacle Entertainment, Inc., according to a Pinnacle news release.

President Riverboat Casino-Missouri does business as President Casino St. Louis Riverfront.

The approval of the purchase agreement by the U.S. Bankruptcy Court for the Eastern District of Missouri also requires licensing approval by the Missouri Gaming Commission.

Another condition to closure of the sale is court approval of President's bankruptcy plan.

The sale is expected to close in the second half of 2006.

St. Louis-based President Casinos filed for bankruptcy on June 20, 2002. Its Chapter 11 case number is 02-53005.

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