1998 Fiscal Year
                    Management Incentive Plan Participant Form 

Participant Name:  (Name)
Property Name:  (Property)
Participant Title:  (Title)
Plan Year:  (Plan Year)
Bonus Rate:  (Rate)

This is a description of the "Management Incentive Plan" in which you are
participating for the indicated "Plan Year".

GENERAL DESCRIPTION
Below are the Budgeted EBITDA, Increments of EBITDA and Tier Scheduled
Multiplier established for the Plan Year.  EBITDA is "Earnings before
interest, taxes, depreciation and amortization", as defined in the Company's
financial statements after accounting for the property bonus and an allocable
portion of the corporate bonus expense.

The plan concept is to pay a leveraged "Quarterly Bonus" and "Annual Bonus" to
all plan participants for achieving or exceeding EBITDA in increments over the
scheduled budget level EBITDA for quarterly and annual periods, respectively.

The plan also pays a reduced "Quarterly Bonus" and "Annual Bonus" to all plan
participants if the EBITDA achieved is one increment or less below the
scheduled budget level EBITDA for quarterly and annual periods, respectively.

The "Quarterly Bonus" paid will be retained by participants, even if an
"Annual Bonus" is not achieved for the entire year.

There will be no proration for performances resulting in partial "Increments
of EBITDA".

Final EBITDA results will be reported on the Company's accounting books
following the close of the plan periods and following the certification of the
Company's books annually by the Company's outside auditing firm.  Reserves and
accruals will be determined in accordance with generally accepted accounting
principles (GAAP) and will be reviewed and approved by the Chief Financial
Officer of President Casinos on a quarterly basis.

Participants must be employed and in the stated management position at the
time bonuses are calculated and paid in order to be entitled to any bonus
payments with no entitlement should the participant leave sooner.

New participants who enter during the plan period will be eligible to
participate prorate, based upon salary earnings while in that position.


                                    F-80
<PAGE>

Salaries and bonus plan information are considered by President Casinos to be
confidential.  It is a violation of Company policy to discuss either details
of this bonus plan or individual salaries to unauthorized personnel.

In the event of any dispute regarding the interpretation of the bonus plan, or
results calculated under the plan, the Company will render a decision, which
decision will be final and at its' sole discretion.

BONUS CALCULATION

Increment
under/over
budget
-1    0     +1     +2     +3     +4     +5     +6     +7     +8     +9     +10
Scheduled
multiplier
0.5  1.0   1.1    1.2    1.3    1.45   1.6   1.75    1.9    2.05   2.2    2.35 
 
The "Quarterly Bonus" paid will be equal to quarterly salary earned times the
bonus rate times a scheduled multiplier (based upon actual performance), less
one-half (the amount being deferred for the "Annual Bonus" calculation).
EXAMPLE:  $12,500     x    20%     x     1.1      x     50%    =    $1,375
       Qtr. Salary     Bonus Rate     Sch. Mult.    Deferral Qtr.    Bonus

The "Annual Bonus" paid will be equal to the annual salary earned times the
bonus rate times a scheduled multiplier (based on actual performance), less
the previously paid "Quarterly Bonus" for the first, second , third and fourth
quarters (with the fourth quarter payment combined with the annual payment).
EXAMPLE:  ($50,000     x    20%      x  1.1)     -  $5,500     =    $5,500
        Ann. Salary     Bonus Rate   Sch. Mult.  Prev. Paid      Annual Bonus

One-third of the Corporate "Quarterly Bonus" and "Annual Bonus" paid will be
based on the actual performance level achieved for each of the following
operations: Biloxi, Davenport and St. Louis.

In the event of a "Change in Control" (as defined herein) the amount of bonus
deferred in prior quarters will become due and payable immediately.  A "Change
in Control" shall mean when a material portion (over 50 percent in value of
all assets or revenues) of the Company's or the Property's (in the case of
Biloxi, Davenport or St. Louis) assets, operations or businesses shall have
been sold or otherwise transferred to an unaffiliated party or parties.

Understood and Accepted by:


Authorized and Approved by:

                                    F-81