Tuesday, Jan. 18, 2005 | 9:22 a.m.
President Casinos Inc. reported a net loss of $800,000 for the three month period ended Nov. 30 compared with a loss of $2.6 million for the same period a year ago. On a per share basis, the company lost 15 cents compared with 52 cents a year earlier.
Revenue at the St. Louis-based company fell 17 percent to $9.6 million in its third fiscal quarter.
Columbia Sussex Corp. is purchasing President Casinos' St. Louis casino out of bankruptcy for $57 million. Columbia Sussex, which also owns the Westin Casuarina hotel and casino in Las Vegas, topped Penn National Gaming Inc.'s $28 million bid for the property.
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