President Casino's Bankruptcy Case Makes Headlines - WLOX.com - The News for South Mississippi

09/03/02

President Casino's Bankruptcy Case Makes Headlines

When you ask President Casino executives how business is at their Biloxi resort, they tell you it's as strong as its ever been.

Casino industry insiders like Tom Brosig say the Broadwater property is not the reason the President had to file for bankruptcy protection.

"As a stand alone entity, they're doing very well," Brosig said. "They've got some really creative marketing ideas. They've got a core group of customers that seem to like that place and go there on a regular basis."

When Brosig was at Grand Casino, he was an opponent of the President's plan to build what it called Destination Broadwater. That was the $2 billion proposal that would have totally transformed this 260 acre property. A few months ago, the former Grand executive saw a scaled down version of Destination Broadwater. And he said he liked what he saw.

"For the most part, I think they have a pretty workable plan," said Brosig. "Whether it ever gets built or not, I have no clue."

In a front page article in Sunday's St. Louis Post Dispatch , a casino analyst with Deutsche Bank called the original $2 billion concept "insane". Andrew Zarnett also told the paper that -- as an analyst -- he felt the bankrupt casino's next move would be the sale of its properties in Biloxi and St. Louis.

President executives said that's his opinion. But it's not their plan. Their plan is to come up with a strategy that gets them out of bankruptcy. Then they can concentrate on finding joint venture partners.

According to the President's chief executive John Aylsworth, "We still sit on the best piece of property. It's time for something new and exciting to get into the market."

The President Casino filed for bankruptcy in June. The company won't say what its future development plans may look like until the bankruptcy case is over.

by Brad Kessie

Click here to read the complete article from Sunday's St. Louis Post Dispatch.

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