President aims for recovery

Jun 24, 2002 10:09 PM

It was not a good day for "All the Presidents Casinos."

President Casino Inc., and its subsidiary President Riverboat Casino-Missouri filed for Chapter 11 bankruptcy protection last Thursday.

The bright light, according to the Biloxi (Miss.) Sun Herald, is that the move will not affect the local casino resort.

"We’re continuing operations as usual," said Joe Giardina, director of sales and marketing for President Casino Broadwater Resort. "This is many states away, in a whole different market."

The news may also not be so bad in Missouri, where the state Gaming Commission is considering allowing a second casino (Admiral) in downtown St. Louis. The Commission is doing this in full knowledge of the President Casino’s bankruptcy filing.

Despite President’s situation, the Commission has no plans to re-examine the casino’s license.

"It is not uncommon for Chapter 11 debtors to forum shop for various reasons and for some reason President’s preferred to be here," said William Wessler, a Gulfport (Miss.) bankruptcy attorney.

President said the filing was necessary to Âí­restructure debt.