President Casinos

President Casinos was a gaming company and casino operator based in St. Louis, Missouri that was active in the 1990s. In the 2000s it went into bankruptcy and had liquidating by the end of the decade.

History

The company was founded in 1991 by Pittsburgh millionaire John E. Connelly, who owned the Gateway Clipper Fleet and SS Admiral. Its riverboat casino The President in Davenport, Iowa, which opened in April 1991, was one of the first modern riverboat casinos in the Midwest and South after they started becoming legal. It began trading on NASDAQ in 1992.[1]

On June 20, 2002, President Casinos filed for Chapter 11 bankruptcy. On April 15, 2005, the President Casino Broadwater Resort in Biloxi was sold to Broadwater Development.

On February 24, 2006, Pinnacle Entertainment announced that it would purchase the President Casino Laclede's Landing for $31.5 million. On December 21, 2006, Pinnacle Entertainment completed the purchase of the casino.

It has sold all of its operations since declaring bankruptcy and as of February 2009 is making its final distribution of assets.[2]

Casinos and other operations

The company lost several million dollars in unsuccessful attempts get gambling franchises in Pittsburgh, Philadelphia, New York City, New Orleans and the Catskill Mountains. Its only operating casinos were:

References
  1. "History of President Casinos, Inc. – FundingUniverse". www.fundinguniverse.com.
  2. "Yahoo Finance - Stock Market Live, Quotes, Business & Finance News". finance.yahoo.com.
  3. "Pinnacle buys St. Louis riverboat casino". Southeast Missourian. 22 December 2006. Retrieved 18 April 2021.
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