President
Casinos, Inc. Announces Broadwater Development, LLP is
the Winning Bidder for Its Biloxi Operations
ST.
LOUIS, Missouri - President Casinos, Inc. today announced
that Broadwater Development, LLP was the winning bidder
for the Company's Biloxi
casino and hotel operations under the terms of Section
363 of the United States Bankruptcy Code.
The
agreement is for a purchase price of $82.0 million, subject
to certain closing adjustments. Broadwater Development,
LLP is comprised of Roy Anderson and W.C. Fore of Gulfport,
Mississippi, and Dezer Development Group from Miami, Florida.
A
hearing to approve the auction results and sale to the
winning bidder is scheduled before the United States Bankruptcy
Court for the Eastern District of Missouri on January
26, 2005. The closing is anticipated to occur in the Spring
of 2005. It is anticipated that the operation will continue
in Biloxi with the new owners. In the interim, casino
and hotel operations and management will remain business
as usual.
Innovation
Capital Holding, LLC and Harbour Financial, LLC assisted
President Casinos, Inc. with this sales transaction.
President Casinos, Inc. owns and operates dockside gaming
facilities in Biloxi, Mississippi and downtown St. Louis,
Missouri, north of the Gateway Arch.
Harrah's
to bid on Singapore casino project
Singapore
- Las Vegas-based casino operator Harrah's Entertainment
Inc. is preparing to submit plans to build a casino resort
in Singapore, a company spokesman said on Thursday.
The Asia Pacific city-state is considering changing its
gambling laws to allow its first casino and has asked
for proposals on a waterfront site as well as for a site
on the resort island of Sentosa.
"We
are looking at both and may end up bidding on both,"
said Harrah's spokesman Gary Thompson.
MGM
Mirage said earlier on Thursday that it was teaming with
Singapore's CapitaLand Ltd. to submit a proposal for the
waterfront site, which would be adjacent to a planned
business and financial center.
CapitaLand,
which is 47-percent owned by the Singapore government,
will team with Kerzner International Ltd. on a plan for
the Sentosa site.
Thompson
declined to comment on Harrah's partner.
Potential partners for Harrah's could include government
controlled Keppel Land Ltd., Deutsche Bank analyst Marc
Falcone said in a report on Thursday.
He
said Las Vegas Sands Corp. could join with Singapore's
Hotel Properties Ltd., the same company that is helping
to develop the Sands' facilities in Macau. Officials at
Las Vegas Sands could not be immediately reached for comment.
Falcone said other companies with interest in Singapore
include Malaysia's Genting Bhd, Star Cruise Ltd. and Melco
International Development Ltd., which is partly owned
by Macau gaming mogul Stanley Ho and has a partnership
with Australia's Publishing and Broadcasting Ltd.
Singapore
has not given final go-ahead on a casino but has asked
for project ideas by Feb 28.