President Casinos
Encyclopedia
President Casinos is 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 is liquidating by the end of the decade.
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.
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.
St. Louis, Missouri
St. Louis is an independent city on the eastern border of Missouri, United States. With a population of 319,294, it was the 58th-largest U.S. city at the 2010 U.S. Census. The Greater St...
that was active in the 1990s. In the 2000s it went into bankruptcy and is liquidating by the end of the decade.
History
The company was founded in 1991 by Pittsburgh millionaire John E. ConnellyJohn E. Connelly
John Edward Connelly founded the Gateway Clipper Fleet in Pittsburgh, Pennsylvania, pioneered riverboat casino gambling along the Mississippi River via his President Casinos empire, and founded a fleet of ships operating out of Chelsea Piers in New York City.-Early life:Connelly was born in...
who owned the Gateway Clipper Fleet
Gateway Clipper Fleet
The Gateway Clipper Fleet founded by John E. Connelly is a Pittsburgh, Pennsylvania-based fleet of riverboats. The fleet cruises the three rivers of Pittsburgh- the Monongahela, the Allegheny, and the Ohio. The fleet is named after the city of Pittsburgh, which in earlier times was known as the...
and SS Admiral. Its riverboat casino The President in Davenport, Iowa
Davenport, Iowa
Davenport is a city located along the Mississippi River in Scott County, Iowa, United States. Davenport is the county seat of and largest city in Scott County. Davenport was founded on May 14, 1836 by Antoine LeClaire and was named for his friend, George Davenport, a colonel during the Black Hawk...
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.
On June 20, 2002 President Casinos filed for Chapter 11 bankruptcy
Bankruptcy
Bankruptcy is a legal status of an insolvent person or an organisation, that is, one that cannot repay the debts owed to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor....
. On April 15, 2005 the President Casino Broadwater Resort
President Casino Broadwater Resort
The President Casino Broadwater Resort was a combined casino and resort that was located in Biloxi, Mississippi. It was a fixture on the Mississippi Gulf Coast for over 60 years....
in Biloxi
Biloxi, Mississippi
Biloxi is a city in Harrison County, Mississippi, in the United States. The 2010 census recorded the population as 44,054. Along with Gulfport, Biloxi is a county seat of Harrison County....
was sold to Broadwater Development
Broadwater Development LLC
Broadwater Development is a casino holding company that is privately owned by Roy Anderson III, Cotton Fore, and Dezer Development Group.- History :...
.
On February 24, 2006, Pinnacle Entertainment
Pinnacle Entertainment
Pinnacle Entertainment Inc. is a gaming and hospitality company based in the Las Vegas Valley, Nevada that was created in 1938. It owns and operates casinos in the United States and Argentina.- Company names over time :...
announced that it would purchase the President Casino Laclede's Landing
President Casino Laclede's Landing
President Casino Laclede's Landing was a stationary riverboat casino in Saint Louis, Missouri owned by Pinnacle Entertainment.The casino was part of Pinnacle's two-casino Lumiere Place complex at Laclede's Landing .The President is the current name for the SS Admiral which was the...
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.
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:- The PresidentPresident (steamboat)President was a steamboat that currently lies dismantled in St. Elmo, Illinois. Originally named Cincinnati, it was built in 1924, and is the only remaining "Western Rivers" style sidewheel river excursion steamboat in the United States...
, Davenport, IowaDavenport, IowaDavenport is a city located along the Mississippi River in Scott County, Iowa, United States. Davenport is the county seat of and largest city in Scott County. Davenport was founded on May 14, 1836 by Antoine LeClaire and was named for his friend, George Davenport, a colonel during the Black Hawk...
opened 1991 in (later acquired by Isle of Capri CasinosIsle of Capri CasinosIsle of Capri Casinos, Inc. is a gaming company headquartered in Creve Coeur, Missouri which operates casinos and associated entertainment and lodging facilities in the United States and abroad....
subsequently retired. Associated with the casino was the landmark Blackhawk Hotel in downtown Davenport. - President Casino Broadwater ResortPresident Casino Broadwater ResortThe President Casino Broadwater Resort was a combined casino and resort that was located in Biloxi, Mississippi. It was a fixture on the Mississippi Gulf Coast for over 60 years....
, Biloxi, MississippiBiloxi, MississippiBiloxi is a city in Harrison County, Mississippi, in the United States. The 2010 census recorded the population as 44,054. Along with Gulfport, Biloxi is a county seat of Harrison County....
opened 1992 (acquired by Broadwater Development LLCBroadwater Development LLCBroadwater Development is a casino holding company that is privately owned by Roy Anderson III, Cotton Fore, and Dezer Development Group.- History :...
in 2005 and destroyed shortly thereafter by Hurricane KatrinaHurricane KatrinaHurricane Katrina of the 2005 Atlantic hurricane season was a powerful Atlantic hurricane. It is the costliest natural disaster, as well as one of the five deadliest hurricanes, in the history of the United States. Among recorded Atlantic hurricanes, it was the sixth strongest overall...
) - President Casino Tunica Southern Mist, Tunica, MississippiTunica, MississippiTunica is a town in Tunica County, Mississippi, United States, located near the Mississippi River. Until the early 1990s the town was one of the most impoverished places in the United States, semi-famous for the particularly deprived neighbourhood known as "Sugar Ditch Alley", named for the open...
, opened 1993 and closed 1995 with the Southern Mist riverboat being moved to Biloxi. - President Casino Laclede's LandingPresident Casino Laclede's LandingPresident Casino Laclede's Landing was a stationary riverboat casino in Saint Louis, Missouri owned by Pinnacle Entertainment.The casino was part of Pinnacle's two-casino Lumiere Place complex at Laclede's Landing .The President is the current name for the SS Admiral which was the...
, St. Louis, MissouriSt. Louis, MissouriSt. Louis is an independent city on the eastern border of Missouri, United States. With a population of 319,294, it was the 58th-largest U.S. city at the 2010 U.S. Census. The Greater St...
opened 1993 aboard the SS Admiral. Sold in bankruptcy in 2003 to Isle of Capri Casinos