<PAGE> 1
                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                AMENDMENT NO. 1
                                      on
                                  FORM 10-K/A

          / X /   Annual Report Pursuant to Section 13 or 15(d)
                     of the Securities Exchange Act of 1934
                  For the fiscal year ended February 28, 2002
                                      or
          /   /  Transition Report Pursuant to Section 13 or 15(d)
                     of the Securities Exchange Act of 1934

                         Commission File Number: 0-20840

                            PRESIDENT CASINOS, INC.
              (Exact name of registrant as specified in its charter)

               Delaware                                  51-0341200
    (State or other jurisdiction of                   (I.R.S. Employer
     incorporation or organization)                  Identification No.)

                802 North First Street, St. Louis, Missouri  63102
                      Address of principal executive offices

                                 314-622-3000
               Registrant's telephone number, including area code

      Securities registered pursuant to Section 12(b) of the Act:  None
         Securities registered pursuant to Section 12(g) of the Act:
                       Common Stock, $.06 par value
                     Preferred Stock Purchase Rights

  Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.  Yes /X/    No / /

  Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Registration S-K is not contained herein, and will not be contained, to
the best of the registrant's knowledge, in the definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or
amendment to this Form 10-K.  / /

  As of May 28, 2002, the aggregate market value of the voting stock held by
non-affiliates of the Registrant was approximately $2,159,418.*

  As of May 28, 2002, the number of shares outstanding of the Registrant's
Common Stock was approximately 5,033,161.

* Calculated by excluding all shares that may be deemed to be beneficially
owned by executive officers and directors of the Registrant, without conceding
that all such persons are "affiliates" of the Registrant for purposes of the
federal securities laws.

                 DOCUMENTS INCORPORATED BY REFERENCE - None.

<PAGE> 2
Explanatory Note:  This Amendment Number 1 on Form 10-K/A is filed by the
Company for the purpose of amending a portion of "Item 7.  Management's
Discussion and Analysis of Financial Condition and Results of Operations"
previously filed in its Annual Report on Form 10-K for the year ended February
28, 2002.

Item 7.  Management's Discussion and Analysis of Financial Condition and
Results of Operations.

  The following discussion, which covers fiscal years 2000 through 2002,
should be read in conjunction with the consolidated financial statements of
the Company and the separate financial statements of The Connelly Group, L.P.
and the notes thereto included elsewhere in this report.

  The Company continues to experience difficulty generating sufficient cash
flow to meet its debt obligations and sustain its operations.  During fiscal
2000, as a result of the Company's relatively high degree of leverage and the
need for significant capital expenditures at its St. Louis property,
management determined that, pending a restructuring of its indebtedness, the
Company was unable to pay the regularly scheduled interest payments on its
$75.0 million 13.0% Senior Exchange Notes (the "Senior Exchange Notes") and
the $25.0 million 12% Secured Notes (the "Secured Notes" and collectively with
the Senior Exchange Notes, the "Notes").  Accordingly, the Company was unable
to pay the regularly scheduled interest payments of $6.4 million that were
each due and payable March 15, and September 15, 2000.  Under the indenture
pursuant to which the Senior Exchange Notes and Secured Notes were issued, an
Event of Default occurred on April 15, 2000, and is continuing as of the date
hereof.  Additionally, the Company was unable to pay the $25.0 million
principal payment due September 15, 2000 on the Senior Exchange Notes.  The
holders of at least 25% of the Senior Exchange Notes and the Secured Notes
were notified of the defaults and instructed the Indenture Trustee to
accelerate the Senior Exchange Notes and the Secured Notes and declare the
unpaid principal and interest to be due and payable.

  On October 10, 2000, the Company sold the assets of its Davenport operations
for aggregate consideration of $58.2 million in cash.  On November 22, 2000,
the Company entered into an agreement with a majority of the holders of the
Senior Exchange Notes and a majority of the holders of the Secured Notes.  The
agreement provided for a proposed restructuring of the Company's debt
obligations under the Notes and the application of certain of the proceeds
received by the Company from the sale of the Company's Davenport, Iowa assets.
Approximately $43.0 million of the proceeds from the sale were deposited with
a trustee.  Of this amount, $12.8 million was used to pay missed interest
payments due March 15, 2000 and September 15, 2000 on the Senior Exchange
Notes and the Secured Notes; $25.0 million was used to partially redeem the
Senior Exchange Notes and the Secured Notes; and $5.2 million was used to pay
interest due March 15, 2001 on the Senior Exchange Notes and the Secured
Notes.

  Subsequently, the Company was unable to make the principal and interest
payments due September 15, 2001 and its interest payment due March 15, 2002,
on its Senior and Secured Notes.  As of February 28, 2002, principal due on
the Senior and Secured Notes was $56.2 million and $18.8 million,
respectively.

  To date, the proposed restructuring has not been implemented and the Company
is continuing discussions with the Noteholders.  In November 2001, the

                                     1

<PAGE> 3
majority of the holders of both the Senior Exchange Notes and the Secured
Notes expressed increasing concern over the inability to reach a consensual
agreement with the Company.

  The Company has informed the Noteholders that the Company intends to
continue with the sale of certain properties and the pursuit of refinancing
opportunities as primary sources of retiring debt obligations.  In July 2001,
the Company completed the sale of its non-gaming cruise operations in St.
Louis, Missouri for $1.7 million.  The Company is continuing its efforts to
identify purchasers for other assets for sale.  Management is unable to
predict whether the heretofore given notice to accelerate the Senior Exchange
Notes and Secured Notes will result in any further action by the Noteholders
or whether the Notes can be restructured or refinanced under terms
satisfactory to the Company and the Noteholders.

  On March 29, 2001, the Company executed an installment sale agreement for
the M/V "Surfside Princess" (formerly, the "New Yorker").  On October 3, 2001,
as a result of the purchasing party's inability to comply with the terms of
the agreement, the Company terminated the agreement and repossessed the
vessel.  Management intends to continue to aggressively seek another buyer or
find other uses for the vessel.  Until the Company is able to do so, the
Company will continue to incur legal fees, insurance and maintenance costs on
the vessel.

  In addition to the foregoing, President Broadwater Hotel, LLC ("PBLLC"), a
limited liability company in which a wholly-owned subsidiary of the Company
has a Class A ownership interest, is in default under a $30.0 million
promissory note and associated $7.0 million loan fee incurred in connection
with the July 1997 purchase by PBLLC of the real estate and improvements
utilized in the Company's operations in Biloxi, Mississippi.  On April 19,
2001, PBLLC filed a voluntary petition for reorganization under Chapter 11 of
the Bankruptcy Code in the United States Bankruptcy Court for the Southern
District of Mississippi in Biloxi, Mississippi.  PBLLC continues its
possession and use of its assets as a debtor in possession and has entered
into an agreement with its lender approved by the Bankruptcy Court which
allows PBLLC use of its cash collateral.  On October 31, 2001, PBLLC filed a
Debtors' Plan of Reorganization (the "Plan") which will permit PBLLC to
restructure its debt obligations in a manner which will permit it to continue
as a going concern.  The Bankruptcy Court has set September 30, 2002 for
commencement of the hearing on confirmation of the Plan.

  The Plan provides that, following the confirmation of the Plan, PBLLC and
the Company will enter into a loan agreement under which the Company will be
obligated to loan to PBLLC such amounts as shall be necessary for PBLLC to
make certain payments due under the Plan.  Additionally, if the Plan is
confirmed the Class B membership interest of PBLLC held by JECA (an entity
controlled by John E. Connelly, the Company's Chairman and Chief Executive
Officer) will, in respect of its payment right against PBLLC of approximately
$14.6 million, be entitled to receive in satisfaction thereof a cash payment
of $1.5 million and a one-year interest bearing promissory note from PBLLC in
the principal amount of $1.5 million.  The Company would be required to loan
such amounts to PBLLC to the extent that PBLLC is unable to fund such amounts.

  There can be no assurance that PBLLC will be able to restructure its debt
obligations and emerge from bankruptcy or continue as a going concern.


                                    2

<PAGE> 4
  Due to certain debt covenants and cross default provisions associated with
other debt agreements, the Company is also currently in default under its $2.2
million M/V "President Casino-Mississippi" note.  See Liquidity and Capital
Resources.

  Management believes that unless the holders of the Company's various debt
obligations take further action with respect to the Company's defaults, the
Company's liquidity and capital resources will be sufficient to maintain its
normal operations at current levels and does not anticipate any adverse impact
on its operations, customers or employees.  However, costs previously incurred
and which will be incurred in the future in connection with restructuring the
Company's debt obligations have been and will continue to be substantial and,
in any event, there can be no assurance that the Company will be able to
restructure successfully its indebtedness or that its liquidity and capital
resources will be sufficient to maintain its normal operations during the
restructuring period.

  The Company's ability to continue as a going concern is dependent on its
ability to restructure successfully, including refinancing its debts, selling
or chartering its assets on a timely basis under acceptable terms and
conditions, and the ability of the Company to generate sufficient cash to fund
future operations.  There can be no assurance in this regard.  Management
believes that the long-term viability of the Company is dependent on either
the lifting or eliminating of loss limits in Missouri and/or the obtaining of
required environmental permits and securing of new financing for the Biloxi
destination resort.  The 2002 Missouri legislature adjourned before voting on
proposed legislation to repeal loss limits.  No assurance is possible that any
subsequent legislative session will vote favorably to lift such limits nor can
there be assurance that the Company will be able to obtain regulatory
approvals or the requisite financing for the Biloxi destination resort.

Overview

  The Company's operating results are affected by a number of factors,
including competitive pressures, changes in regulations governing the
Company's activities, the results of pursuing various development
opportunities and general weather conditions.  Consequently, the Company's
operating results may fluctuate from period to period and the results for any
period may not be indicative of results for future periods.  The Company's
operations in St. Louis, Missouri were temporarily suspended from May 13 to
May 20, 2002 as a result of flooding on the Mississippi River.  The Company's
operations are not significantly affected by seasonality.

  --Competition

  Intensified competition for patrons continues to occur at each of the
Company's properties.

  Since gaming began in Biloxi in August 1992, there has been steadily
increasing competition along the Mississippi Gulf Coast, in nearby New Orleans
and elsewhere in Louisiana and Mississippi.  Several large hotel/casino
complexes have been built in recent years with the largest single resort in
the area opening in March 1999.  There are currently twelve casinos operating
on the Mississippi Gulf Coast.  See "Potential Growth Opportunities" regarding
a master plan for a destination resort the Company is developing in Biloxi,
Mississippi.

                                     3

<PAGE> 5
  Competition is intense in the St. Louis market area.  Management believes
the significant increase in EBITDA in St. Louis is directly attributable to
(i) the change in Missouri gaming regulations in August 2000, which allows for
use of bill validators on slot machines, (ii) the move of the "Admiral," which
greatly increases its visibility and affords substantially more adjacent
parking, and, (iii) the updating of the slot machines.  In addition,
substantial attention and resources have been devoted to staffing, marketing
and refurbishing the vessel.  There are presently four other casino companies
operating five casinos in the market area.  Many of these competitors have
significantly greater name recognition and financial and marketing resources
than the Company.  Two of these are Illinois casino companies operating single
casino vessels on the Mississippi River, one across the Mississippi River from
the "Admiral" and the second 20 miles upriver.  There are two Missouri casino
companies, each of which operates casino vessels approximately 20 miles west
of St. Louis on the Missouri River.  One company operates one casino in the
City of St. Charles, Missouri and the other company operates two casinos in
Maryland Heights, Missouri.

  Applications were submitted to the Missouri Gaming Commission for approval
of potential new licenses at four different locations within the St. Louis
Metropolitan Area along the Mississippi River, three of which were within 20
miles of the "Admiral."  In July 2000, the Gaming Commission announced its
decision to award an additional license to the applicant proposing a site at
the greatest distance from the "Admiral" of the proposed locations.  The
Commission's decision was being challenged by one of the applicants whose
proposal was not selected and by other entities.  In September 2001, the
applicant selected by the Gaming Commission announced it would not proceed
with the development of the project.  Management believes that the opening of
one or more additional casinos in the St. Louis market would have a negative
impact on the revenues and the results of operations of the Company.

  --Regulatory Matters

  Missouri regulations limit the loss per "simulated" cruise per passenger by
limiting the amount of chips or tokens a guest may purchase during each two-
hour gaming session to $500 (the "loss limit").  The company that operates
adjacent casinos is able to offer guests who reach the two-hour loss limit the
ability to move to the adjacent casino and continue to play.  The lack of a
statutory loss limit on Illinois casinos allows them to attract higher stake
players.  Additionally, their guests are not burdened with the administrative
requirements related to the loss limits.  Any easing of the loss limits in
Missouri would be expected to have a positive impact on the Company's St.
Louis operations.

  --Weather Conditions

  The Company's operating results are susceptible to the effects of floods,
hurricanes and adverse weather conditions.  Historically, the Company has
temporarily suspended operations on various occasions as a result of such
adversities.  In St. Louis, high river levels have historically reduced
parking and caused a general public perception of diminished access to the
casino resulting in decreased revenues.  Management believes the move of the
"Admiral" diminished the negative effects of high water on operations.
However, on May 13, 2002, at 4:00 a.m. the St. Louis operations were
temporarily suspended due to high water levels.  The "Admiral" was reopened on
May 20, 2002 at 6:00 p.m.  During the same period for the prior year, the

                                      4

<PAGE> 6
Company recorded $1.4 million in St. Louis gaming revenue.

  --Potential Growth Opportunities

  Biloxi, Mississippi

  In July 1997, the Company, through a newly created subsidiary, President
Broadwater Hotel, LLC ("PBLLC"), purchased for $40.5 million certain real
estate and improvements located on the Gulf Coast in Biloxi, Mississippi from
an entity which was wholly-owned by John E. Connelly, Chairman, Chief
Executive Officer and principal stockholder of the Company.  The property
comprises approximately 260 acres and includes two hotels, a 111-slip marina
and the adjacent 18-hole Sun Golf Course (collectively, the "Broadwater
Property").  The marina is the site of the Company's casino operations in
Biloxi and was formerly leased by the Company under a long-term lease
agreement.  Broadwater Hotel, Inc., a wholly-owned subsidiary of the Company
("BHI"), invested $5.0 million in PBLLC.

  PBLLC financed the purchase of the Broadwater Property with $30.0 million of
financing from a third party lender, evidenced by a non-recourse promissory
note (the "Indebtedness") and issued a $10.0 million membership interest to
the seller.  Except as set forth in the promissory note and related security
documents, PBLLC's obligations under the Indebtedness are non-recourse and are
secured by the Broadwater Property, its improvements and leases thereon.  The
Indebtedness bears interest at a variable rate per annum equal to the greater
of (i) 8.75%, or (ii) 4% plus the LIBOR 30-day rate.  The membership interest
grows at the same rate.  The accrued balance of the membership account and
unpaid growth as of February 28, 2002 was $15.0 million and is included on the
balance sheet in minority interest.  Cash payments relating to this membership
interest have totaled $0.2 million since its inception.

  PBLLC was obligated to make monthly payments of interest accruing under the
Indebtedness, and was obligated to repay the Indebtedness in full on July 22,
2000.  In addition, PBLLC was obligated to pay to the lender a loan fee in the
amount of $7.0 million which was fully earned and nonrefundable when the
Indebtedness was due.  See Liquidity and Capital Resources for a discussion of
the repayment of this obligation.

  The Company has developed a master plan for the Broadwater Property.
Management believes that this site is ideal for the development of
"Destination Broadwater," a full-scale luxury destination resort offering an
array of entertainment attractions in addition to gaming.  The plans for the
resort feature a village which will include a cluster of casinos, hotels,
restaurants, theaters and other entertainment attractions.  Management
believes that with its beachfront location and contiguous golf course, the
property is the best site for such a development in the Gulf Coast market.

  In January 1999, the Company received the permit from the Mississippi
Department of Marine Resources (the "DMR") for development of the full-scale
destination resort.  This is the first of three permit approvals required of
the Joint Permit Application submitted in August 1998 to the DMR, the U.S.
Army Corps of Engineers (the "Corps") and the Mississippi Department of
Environment Quality.  The two remaining permit approvals are still pending and
awaiting the completion of the Environmental Impact Statement ("EIS").  The
Draft EIS has been completed, notice of which was posted in the Federal
Register in June 2000 for public comment.  The comment period has been closed

                                     5

<PAGE> 7
and the Company is currently working with the Corps to resolve the comments in
order to facilitate the completion of the Final EIS.

  In connection with the Company's proposed Destination Broadwater development
plan, to date, the Company has not identified any specific financing
alternatives or sources as the necessary regulatory approvals have not been
obtained.  There can be no assurance that the Company will be able to obtain
the regulatory approvals or the requisite financing.  Should the Company fail
to raise the required capital, such failure would materially and adversely
impact the Company's business plan.

  St. Louis, Missouri

  Slot Machine Upgrade and Loss Limit Card Tracking System

  During the summer of 1998, all Missouri casinos in the St. Louis market,
except the "Admiral," migrated from a manual/paper system of regulating the
Missouri $500 loss limit to an electronic system.  This electronic loss
tracking system is more accommodating to guests and allows for the use of bill
validators on slot machines, a convenience that the "manual/paper" system does
not accommodate.

  The slot machines offered by the "Admiral" until the end of August 2000
lacked bill validators.  As a result, the Company could not previously provide
guests the convenience of bill validators nor adapt to the electronic loss
tracking system, putting the "Admiral" at a significant competitive
disadvantage with the other casinos in the market.

  Effective August 28, 2000, Missouri began to allow credits generated through
use of the bill validators to go directly to the slot "credit meter" for use
by the guests.  Previously in Missouri, a guest using a bill validator
received tokens in the tray and fed these tokens into the machine.  The
regulatory change provided a significant added convenience to slot players.

  In March 2000, the Company purchased 850 slot machines that are equipped
with bill validators and are fitted to operate with an electronic loss limit
system.  Effective August 28, 2000, approximately 700 of these machines were
installed on the "Admiral," all of which are currently operational with the
electronic loss limit system.  Management has continued to update and upgrade
its slot floor to provide its guests with a superior gaming experience.
Approximately 90% of the 1,254 slot machines are currently equipped with bill
validators.  Management believes the Company is better positioned to compete
in the St. Louis market with these additions.

  Relocation of the "Admiral"

  During 1998, the Company and the City of St. Louis reached an agreement for
the relocation of the "Admiral" approximately 1,000 feet north from its former
location on the Mississippi River, to the Laclede's Landing District.  The
casino was closed at midnight December 3, 2000 to prepare for the move and
reopened December 7, 2000.  Management believes the Company has experienced
increased revenues as a result of this move, which in turn results in
increased rent and tax revenues for the City of St. Louis.  The City funded
the first $3.0 million in costs to relocate and improve the "Admiral."  Of the
$3.0 million City-funded relocation costs, $2.4 million was financed through
bank debt.  The Company  paid for the remaining $5.7 million costs associated

                                    6

<PAGE> 8
with the relocation.  It is anticipated that the City will repay the debt from
gaming taxes it receives based upon gaming revenues of the "Admiral."  The
Company has guaranteed repayment of the bank debt if the City fails to pay it.
As of February 28, 2002, the Company guaranteed balance was $1.6 million.

  The benefits of relocating the "Admiral" include:

  o  Traffic ingress to and egress from the casino, at its former location,
     was difficult.  Significant improvements in exit and entrance ramps to
     the Laclede's Landing area from the main highway and road improvements
     within the Laclede's Landing area have been completed.  Four roads to and
     from the main highway provide improved ingress to and egress from the
     new location.

  o  Parking in the former location was limited and not controlled by the
     Company.  All parking facilities, including the valet parking areas,
     were operated by third parties.  Guests had to either use the parking
     garages in the proximity of the casino and walk considerable distances
     or park on the levee.  The new location provides the potential for
     significantly improved parking facilities with parking garages and lots
     conveniently located, and the potential to expand and control the
     parking.

  o  Flooding and high water on the Mississippi River negatively impacted the
     financial results of the "Admiral" every year since it opened prior to
     the move.  The impact first occurs as the river rises and reduces or
     totally eliminates parking on the levee, which formerly was the closest
     parking to the casino.  Periodically the river level has reached levels
     that made the construction of costly scaffolding necessary to keep
     access to the casino open.  The new location is four feet higher and is
     less susceptible to the negative economic impact of flooding, although
     the casino was closed from May 13 to May 20, 2002 due to high water.

  o  Laclede's Landing is a historic area located north of the Arch on the
     Mississippi River and is an entertainment destination.  The "Admiral"
     was formerly located south of Laclede's Landing.  The casino was not
     visible from the downtown area, major highways or the Laclede's Landing
     entertainment area due to a flood wall and other infrastructure.  The
     relocated "Admiral" is centrally positioned in the entertainment district
     and readily visible to those coming to the Laclede's Landing area.

  o  There has been significant commercial development in recent years in
     Laclede's Landing.  The number of conventions and entertainment at the
     nearby convention center and Edward D. Jones Dome continues to be a
     catalyst for business in the area.  Management believes that the
     relocated "Admiral" will serve as a catalyst for further commercial and
     entertainment growth in Laclede's Landing.

  Management believes the results of the move, the slot upgrade and the change
of the Missouri gaming regulation allowing credits to go directly to the meter
have resulted in increased operating results.  Gaming revenues have increased
31% compared to the prior year.  In addition, EBITDA before impairment of
long-lived assets and gain/loss on disposal of property and equipment has
increased a combined 198% compared to the prior fiscal year.

                                     7


<PAGE>
<PAGE> 9
Results of Operations

  The results of operations for the years ended February 28/29, 2002, 2001 and
2000 include the gaming results for the Company's operations in St. Louis,
Missouri and Biloxi, Mississippi and, of much lesser significance, the hotel
operations in Biloxi (the Broadwater Property) and the non-gaming cruise
operations in St. Louis (Gateway Riverboat Cruises) through the date of sale.
The results of operations also include the Company's gaming operations in
Davenport, Iowa and, to a much lesser significance, the non-gaming operations
in Davenport (the Blackhawk Hotel) through the date of sale.  The assets of
the Davenport operations were sold on October 10, 2000 and the assets of
Gateway Riverboat Cruises ("Gateway") were sold July 17, 2001.

  The following table highlights the results of the Company's operations.

            <TABLE>
            <CAPTION>
                                               Twelve Months Ended February 28/29,
                                                  2002        2001        2000
                                                 ------      ------      ------
                                                         (in millions)

             <S>                                 <C>         <C>          <C>
             St. Louis, Missouri Operations
               Operating revenues (1)            $ 79.1      $ 62.4       $ 63.8
               Operating income (loss)              6.1        (0.7)         1.6

             Biloxi, Mississippi Operations
               Operating revenues (1)              50.1        50.2         54.8
               Operating income                     1.9         2.7          4.6

             Davenport, Iowa Operations
               Operating revenues (1)               --         39.5         68.1
               Operating income (loss) (2)         (0.5)        5.8          8.0

             Corporate Leasing Operations
               Operating revenues                   --          --           1.8
               Operating loss                      (8.1)      (15.1)        (1.6)

             Corporate Administration
               and Development
               Operating loss                      (4.1)       (4.9)        (5.0)
             </TABLE>

(1)  Accounting guidance issued in and effective for fiscal year 2001 (EITF
     00-22) requires that the cost of the cash-back component of the Company's
     players' programs be treated as a reduction of revenue.  Further guidance
     (EITF 00-25), which the Company elected during fiscal 2001, requires that
     coupons which are redeemed for tokens be similarly classified as a
     reduction of revenue.  This guidance impacts only the income statement
     classification of these costs.  The prior year's results have been
     restated to reflect the impact of implementing this new guidance.

(2)  During fiscal 2002, the Company's Davenport operations reflect a net loss
     of $0.5 million, of which, $0.7 million relates to attorneys fees and
     settlement of the "Whalen" legal proceedings which were incurred by PRC
     Iowa, the general partner of the 95% Company-owned operating partnership,
     TCG.  TCG managed the Company's Davenport casino operations until the
     sale of the Davenport operations in fiscal 2001.  The $0.7 million legal
     costs and settlement were offset by a net reduction of expense of $0.2
     million primarily related to an adjustment to estimated accrued
     liabilities.

                                      8

<PAGE> 10
   The following table highlights cash flows of the Company's operations.

            <TABLE>
            <CAPTION>
                                               Twelve Months Ended February 28/29,
                                                  2002        2001        2000
                                                 ------      ------      ------
                                                         (in millions)
             <S>                                <C>          <C>          <C>
             Cash flows provided by (used in)
               operating activities             $  3.8       $ (8.5)     $  7.5
             Cash flows provided by (used in)
               investing activities                0.5         39.8        (9.0)
             Cash flows used in
               financing activities               (2.7)       (35.2)       (3.2)
             Cash paid for interest                6.4         17.1        16.0
             </TABLE>

  The following table provides a reconciliation of operations EBITDA (before
development and impairment expenses and gain/loss on sale of property and
equipment) to net income:

             <TABLE>
             <CAPTION>
                                                 Twelve Months Ended February 28/29,
                                                     2002       2001       2000
                                                    ------     ------     ------
                                                            (in millions)
             <S>                                   <C>       <C>        <C>
          OPERATIONS EBITDA:
              St. Louis operations................ $   11.9  $    4.2   $    6.4
              Biloxi operations...................      4.5       5.3        7.0
              Davenport operations................     (0.5)      7.3       12.4
                                                   --------- ---------  ---------
              Gaming and ancillary operations.....     15.9      16.8       25.8
              Leasing operations..................     (1.1)     (1.1)       0.7
                                                   --------- ---------  ---------
                Operations EBITDA.................     14.8      15.7       26.5
              CORPORATE EBITDA:
              Corporate administration............     (3.7)     (4.6)      (4.7)
              Corporate development...............     (0.4)     (0.3)      (0.2)
                                                   --------- ---------  ---------
                 Total EBITDA.....................     10.7      10.8       21.6
                                                   --------- ---------  ---------
             OTHER COSTS AND EXPENSES:
              Depreciation and amortization.......      8.4      10.3       14.0
              Loss on impairment..................      7.0      12.7        --
                                                   --------- ---------  ---------
                 Total other costs and expenses...     15.4      23.0       14.0
                                                   --------- ---------  ---------
                 OPERATING INCOME (LOSS)..........     (4.7)    (12.2)       7.6
                                                   --------- ---------  ---------
              OTHER INCOME (EXPENSE):
              Interest, net.......................    (14.1)    (18.6)     (19.6)
              Reorganization costs................     (1.4)      --         --
              Gain on sale of assets..............      0.7      34.0       (0.1)
                                                   --------- ---------  ---------
                 Total other income (expense).....    (14.8)     15.4      (19.7)
                                                   --------- ---------  ---------
              INCOME (LOSS) BEFORE
               MINORITY INTEREST..................    (19.5)      3.2      (12.1)
              Minority interest...................      1.2       3.4        1.3
                                                   --------- ---------  ---------
              NET INCOME (LOSS)................... $  (20.7) $   (0.2)  $  (13.4)
                                                   ========= =========  =========

              St. Louis EBITDA margin.............     15.0%      6.7%      10.0%
              Biloxi EBITDA margin................      9.0%     10.6%      12.8%
              </TABLE>

                                     9

<PAGE> 11
    *  "EBITDA" consists of earnings from operations before interest, income
       taxes, depreciation and amortization and gain (loss) on disposal of
       property and equipment.  For the purposes of this presentation,
       EBITDA margin is calculated as EBITDA divided by operating revenue.
       EBITDA and EBITDA margin are not determined in accordance with
       generally accepted accounting principles.  Since not all companies
       calculate these measures in the same manner, the Company's EBITDA
       measures may not be comparable to similarly titled measures reported
       by other companies.

       EBITDA should not be construed as an alternative to operating income
       as an indicator of the Company's operating performance, or as an
       alternative to cash flows from operational activities as a measure of
       liquidity.  The Company has presented EBITDA solely as a supplemental
       disclosure to facilitate a more complete analysis of the Company's
       financial performance.  The Company believes that this disclosure
       enhances the understanding of the financial performance of a company
       with substantial interest, depreciation and amortization.

Fiscal 2002 Compared to Fiscal 2001

  Operating revenues.  The Company generated consolidated operating revenues
of $129.2 million during fiscal 2002 compared to $152.1 million during fiscal
2001, a decrease of $22.9 million.  The St. Louis casino operations
experienced an increase in revenue of $17.7 million and the Biloxi combined
operations experienced a decrease in revenue of $0.1 million.  Excluding the
Davenport and Gateway operations, revenues increased $17.6 million, or 15.9%.

  Gaming revenues in the Company's St. Louis operations increased $18.7
million, or 31.4%, during fiscal 2002, compared to fiscal 2001.  The St. Louis
operations experienced an increase in market share to approximately 10.1% in
fiscal 2002 from approximately 8.6% for the prior year.  Management believes
this increase is primarily attributable to the relocation of the "Admiral" and
an improved slot product which takes advantage of the August 2000 change in
the Missouri gaming regulations, improving the ease of playing multiple coin
slot machines.  Additionally, the St. Louis casino operations increased
staffing levels, focusing on providing a heightened level of quality guest
service.  Gaming revenues at the Company's Biloxi operations increased $0.1
million, or less than 1.0%, during 2002 compared to prior year.

  The Company's revenues from food and beverage, hotel, retail and other were
$25.5 million during fiscal 2002, compared to $31.3 million during fiscal
2001, a decrease of $5.8 million, or 18.5%.  Excluding the Davenport and
Gateway operations, revenues from food and beverage, hotel, retail and other
increased $2.1 million, or 9.2%.  The increase was primarily attributable to
an increase of food and beverage, retail and other revenue of approximately
$1.0 million in St. Louis as a result of the increase in the number of guests
as a result of the "Admiral" relocation and improved slot product, and an
increase of $1.1 million in Biloxi primarily as a result of an increase in the
number of patrons resulting from increased promotions.

  Promotional allowances were $22.6 million during fiscal 2002 compared to
$27.0 million during fiscal 2001.  Excluding the Davenport operations,
promotional allowances were $22.6 million during fiscal 2002 compared to $19.4
million during fiscal 2001, an increase of $3.2 million, or 16.5%.
Promotional allowances in St. Louis and Biloxi increased $2.0 million and $1.2

                                     10

<PAGE> 12
million, respectively, in fiscal 2002 primarily as a result of (i) increased
cash back and coupon promotions in both locations, (ii) an increase in valet
and buffet complementaries in St. Louis and (iii) an increase in room and food
and beverage complementaries in Biloxi.

  Operating costs and expenses.  The Company's consolidated gaming costs and
expenses were $72.8 million during fiscal 2002, compared to $83.1 million
during fiscal 2001.  Excluding the Davenport operations, gaming costs
increased $8.7 million, or 13.6%.  The increase in gaming costs was primarily
attributable to a $8.2 million increase in gaming costs in St. Louis as a
result of (i) a $5.0 million increase in gaming and admissions taxes which was
attributable to increased gaming revenues, (ii) a $2.3 million increase in
payroll and benefit costs, and (iii) $0.9 million in other costs associated
with increased revenues.  Gaming costs increased $0.5 million in Biloxi
primarily as a result an increase in rooms provided to casino patrons and an
increase in player development events.  Excluding the Davenport operations, as
a percentage of gaming revenues, gaming and gaming cruise costs decreased to
57.7% during fiscal 2002 from 59.6% during fiscal 2001.

  The Company's costs and expenses for food and beverage, hotel, retail and
other were $12.9 million during fiscal 2002, compared to $17.1 million during
fiscal 2001.  Excluding the Davenport and Gateway operations, these costs were
$12.5 million during fiscal 2002 compared to $12.2 million during fiscal 2001,
an increase of $0.3 million, or 2.5%.

  The Company's consolidated selling, general and administrative expenses were
$32.3 million during fiscal 2002, compared to $40.7 million during fiscal
2001, a decrease of $8.4 million.  Excluding the Davenport and Gateway
operations, selling, general and administrative expenses increased to $31.6
million during fiscal 2002 from $31.0 million during fiscal 2001, an increase
of $0.6 million, or 1.9%.  The St Louis casino operations experienced an
increase in selling, general and administrative costs of $1.3 million
primarily due to $0.9 million related to increased revenue and $0.4 million
due to increased payroll and payroll benefits.  Biloxi combined operations
experienced an increase of $0.3 million primarily as a result of increased
insurance costs.  These increases were offset by decreases in corporate and
leasing operations' selling, general and administration costs of $0.9 million
and $0.1 million, respectively.  Corporate expenses decreased primarily as a
result in a reduction in legal fees associated with the negotiations with the
Company's Noteholders and reduction in payroll expenses.  Leasing operations
experienced a decrease in selling, general and administrative expenses as a
result of the vessel M/V "Surfside Princess" (formerly the "New Yorker") being
under contract for an installment sale for six months during fiscal 2002,
during which time the purchaser incurred the ongoing costs to maintain the
vessel, offset by the legal fees incurred after the vessel was repossessed.
Excluding the Davenport and Gateway operations, as a percentage of
consolidated revenues, selling, general and administrative expenses decreased
to 24.6% during fiscal 2002, from 27.8% during fiscal 2001.

  Depreciation and amortization expenses were $8.4 million during fiscal 2002
compared to $10.4 million during fiscal 2001, a decrease of $2.0 million, or
19.2%.  The sale of Davenport assets contributed to $1.5 million of the
decrease and the decision to sell the assets of the leasing operations
contributed $1.3 million to the decrease.  These decreases were offset by an
increase in depreciation expense of $1.0 million as a result of placing assets
associated with the relocation of the "Admiral" into service in December 2000.

                                     11

<PAGE> 13
  The Company incurred development costs of $0.4 million during fiscal 2002,
compared to $0.3 million during fiscal 2001.  During both fiscal years, the
costs were incurred for the Destination Broadwater project.

  During fiscal 2002 and 2001, management's ongoing evaluation of the net
realizable value of its assets, based on their intended future use and current
market conditions, resulted in the recognition of an impairments of long-lived
assets of $7.1 million and $12.7 million, respectively, on two casino vessels
not used in the Company's gaming operations and accounted for in the Company's
leasing segment.

  Operating income.  As a result of the foregoing items, the Company had an
operating loss of $4.7 million during fiscal 2002, compared to an operating
loss of $12.2 million during fiscal 2001.

  Interest expense, net.  The Company incurred net interest expense of $14.1
million during fiscal 2002, compared to $18.6 million during fiscal 2001, a
decrease of $4.5 million or 24.2%.  Decreased principal balances and decreased
variable interest rates primarily contributed to the decrease.

  Reorganization costs.  The Company incurred reorganization costs resulting
from the bankruptcy proceedings of PBLLC of $1.4 million during fiscal 2002.
There were no comparable costs in the prior year.

  Gain/loss on disposal of fixed assets.  As previously discussed, during
fiscal 2002, the Company sold the assets of its St. Louis-based non-gaming
cruise riverboats and recognized a gain of $0.8 million.  During fiscal 2001,
the Company sold the assets of its Davenport operations resulting in a gain of
$34.5 million.  This was partially offset by a loss of $0.5 million resulting
from the disposal of certain assets that were not suitable for the new
location in conjunction with the relocation of the "Admiral."

  Minority interest expense.  The Company incurred $1.2 million in minority
interest expense during fiscal 2002, compared to $3.4 million during fiscal
2001, a decrease of $2.2 million.  The decrease is the result of selling the
assets of the Company's 95% owned partnership in Davenport and a decreased
interest rate on the redeemable priority return on the PBLLC minority
interest.

  Net loss.  The Company incurred a net loss of $20.7 million during fiscal
2002, compared to a net loss of $0.2 million during fiscal 2001.

Fiscal 2001 Compared to Fiscal 2000

  On October 10, 2000, the Company sold the assets of its Davenport operations
for aggregate consideration of $58.2 million in cash.  The Company recognized
a gain of $34.5 million on the transaction.

  Operating revenues.  The Company generated consolidated operating revenues
of $152.1 million during fiscal 2001 compared to $188.5 million during fiscal
2000, a decrease of $36.4 million.  The St. Louis and Biloxi operations
experienced decreases in revenues of $1.4 million and $4.6 million,
respectively.  Additionally, the corporate leasing operation experienced a
$1.8 million decrease in operating revenues as a result of a charter agreement
with a third party terminating in July 1999.  Excluding the Davenport
operations, revenues decreased $7.8 million, or 6.4%.

                                     12

<PAGE> 14
  Gaming revenues from the Company's St. Louis and Biloxi operations decreased
$1.0 and $2.0 million, respectively, during fiscal 2001, compared to fiscal
2000.  In St. Louis, the disruption to the slot floor resulting from the swap
out of 850 slot machines, the addition of bill validators, the implementation
of the new accompanying electronic loss limit slot tracking system and
preparation and delays on the move of the Admiral contributed to the $1.0
million reduction of gaming revenues over the prior year.  During the last
quarter of the fiscal year that included five days during which the casino was
closed for its relocation and two and one half months of post move results,
St. Louis gaming revenues were $1.1 million over the prior years ending
quarter.  In Biloxi, changes in marketing campaigns of competitors negatively
impacted gaming revenues and market share.

  The Company's revenues from food and beverage, hotel, retail and other were
$31.3 million during fiscal 2001, compared to $40.2 million during fiscal
2000, a decrease of $8.9 million.  Excluding the Davenport operations,
revenues from these sources were $24.5 million during fiscal 2001 compared to
$28.9 million during fiscal 2000, a decrease $4.4 million or 15.2%.  The
decrease was primarily attributable to: (i) a decrease of food and beverage
revenue of $0.6 million as a result of changes in the buffet coupon policy in
St. Louis, (ii) a decrease of food and beverage revenue of $0.8 million in
Biloxi as a result of the increased competition resulting in fewer guests,
(iii) a decrease of $1.8 million in charter revenue as previously discussed,
and (iv) insurance proceeds of $0.9 million recognized in fiscal 2000.

  Promotional allowances were $27.0 million during fiscal 2001 compared to
$33.4 million during fiscal 2000.  Excluding the Davenport operations,
promotional allowances were $19.4 million during fiscal 2001 compared to $18.9
million during fiscal 2000, an increase of $0.5 million or 2.6%.  Promotional
allowances in St. Louis decreased $0.7 million as a result of increased
promotions in the prior year primarily related to the change to "continuous
boarding."  In Biloxi, promotional allowances increased $1.2 million primarily
as a result of response to the competitive pressures in the market.

  Operating costs and expenses.  The Company's consolidated gaming and gaming
cruise operating costs and expenses were $83.1 million during fiscal 2001,
compared to $99.1 million during fiscal 2000, a decrease of $16.0 million.
Excluding the Davenport operations, gaming and gaming cruise operating costs
and expenses decreased $1.0 million, or 1.0%.  Excluding the Davenport
operations, as a percentage of gaming revenues, gaming and gaming cruise costs
increased to 59.6% in fiscal 2001 from 58.9% during fiscal 2000.  The decrease
in gaming expense is primarily the result of decreased gaming revenues
resulting in lower gaming taxes.  The increase as a percent of revenue is
primarily the result of the fixed cost components of operations.

  The Company's costs and expenses for food and beverage, hotel, retail and
other were $17.1 million during fiscal 2001, compared to $20.2 million during
fiscal 2000, a decrease of $3.1 million.  Excluding the Davenport operations,
these costs were $13.1 million during fiscal 2001 compared to $13.4 million
during fiscal 2000, a decrease of $0.3 million or 2.2%.

  The Company's consolidated selling, general and administrative expenses were
$40.7 million during fiscal 2001, compared to $47.4 million during fiscal
2000, a decrease of $6.7 million.  Excluding the Davenport operations,
selling, general and administrative expenses decreased to $31.6 million during
fiscal 2001 from $32.5 million during fiscal 2000, a decrease of $0.9 million

                                    13

<PAGE> 15
or 2.8%.  St Louis experienced an increase in selling, general and
administrative costs of $0.9 million primarily due to a prior year adjustment
which resulted in a reduction of property taxes of $0.8 million related to a
successful tax protest of prior years' assessments.  Biloxi experienced a
decrease of $1.7 million primarily as a result of (i) reduced lease expense of
$0.9 million and reduced property tax of $0.3 million as a result of
purchasing the casino barge in August 1999, and (ii) labor efficiencies of
$0.5 million.  Excluding the Davenport operations, as a percentage of
consolidated revenues, selling, general and administrative expenses increased
to 28.0% during fiscal 2001, from 26.4% during fiscal 2000.

  Depreciation and amortization expenses were $10.4 million during fiscal 2001
compared to $14.0 million during fiscal 2000, a decrease of $3.6 million.  The
sale of Davenport assets contributed to $2.9 million of the decrease and the
decision to sell the assets of the leasing operations contributed $1.1 million
to the decrease.  These decreases were offset by additions to property and
equipment in St. Louis and Biloxi, including the new porte cochere in St.
Louis and the purchase of the Biloxi casino barge.

  The Company incurred development costs of $0.3 million during fiscal 2001,
compared to $0.2 million during fiscal 2000.  During both fiscal years, the
costs were incurred primarily for the ongoing Destination Broadwater project.

  During fiscal 2001, management's ongoing evaluation of the net realizable
value of its assets, based on their intended future use and current market
conditions, resulted in the recognition of an impairment of long-lived assets
of $12.7 million on two casino vessels not currently used by the Company's
operations and accounted for in the Company's leasing segment.  Specifically,
the Company entered into an option to sell one vessel and, with the sale of
the Davenport operations, the need to maintain a reserve vessel for the
upcoming hull inspection was eliminated.  The Company had no comparable
expense during fiscal 2000.

  Operating income.  As a result of the foregoing items, the Company had
operating loss of $12.2 million during fiscal 2001, compared to operating
income of $7.6 million during fiscal 2000.

  Interest expense, net.  The Company incurred net interest expense of $18.6
million during fiscal 2001, compared to $19.6 million during fiscal 2000, a
decrease of $1.0 million or 5.0%.  This reduction is primarily the result of
the reduction of $30.0 of debt.

  Gain/loss on disposal of property and equipment.  The Company sold the
assets of the Davenport operations in October 2000 resulting in a gain of
$34.5 million.  Additionally, in conjunction with the relocation of the
"Admiral," the Company disposed of certain assets that were not suitable for
the new location, resulting in a loss of $0.5 million.

  Minority interest expense.  The Company incurred $3.4 million in minority
interest expense during fiscal 2001, compared to $1.3 million during fiscal
2000, an increase of $2.1 million.  The increase is primarily the result of
the Davenport casino's 5% limited partner's share of the Davenport sale
proceeds.

  Net loss.  The Company incurred a net loss of $0.2 million during fiscal
2001, compared to a net loss of $13.4 million during fiscal 2000.

                                     14

<PAGE> 16
Liquidity and Capital Resources

  The Company meets its working capital requirements from a combination of
internally generated sources including cash from operations and the sale or
charter of assets no longer utilized in the Company's casino operations.

  Management believes that it presently has adequate sources of liquidity to
meet its normal operating requirements.  However, as a result of the Company's
high degree of leverage and the need for significant capital expenditures at
its St. Louis property, the Company was unable to make the regularly scheduled
interest payments of $6.4 million that were each due and payable March 15 and
September 15, 2000.  Under the Indentures pursuant to which the Senior
Exchange Notes and Secured Notes were issued, an Event of Default occurred on
April 15, 2000, and is continuing as of the date hereof.  Additionally the
Company did not pay the $25.0 million principal payment due September 15, 2000
on the Senior Exchange Notes.  The holders of at least 25% of the Senior
Exchange Notes and Secured Notes were notified and instructed the Indenture
Trustee to accelerate the Senior Exchange Notes and Secured Notes and declare
the unpaid principal and interest to be due and payable.

  Subsequently, the Company was unable to make the principal and interest
payments due September 15, 2001 and the interest payment due March 15, 2002,
on its Senior and Secured Notes.  As of February 28, 2002, principal due on
the Senior and Secured Notes was $56.2 million and $18.8 million,
respectively.

  By suspending the interest payments on the Senior Exchange Notes and Secured
Notes until such time as either a restructuring plan has been negotiated and
implemented or the Company pursues a voluntary liquidation of assets approved
by its lenders, management presently believes that its liquidity and capital
resources will be sufficient to maintain all of its normal operations at
current levels and does not anticipate any adverse impact on its operations,
customers or employees.  However, costs previously incurred and to be incurred
in the future in connection with any restructuring or voluntary liquidation
plan have been and will continue to be substantial and, in any event, there
can be no assurance that the Company will be able to successfully restructure
its indebtedness and that lenders will allow the Company to voluntarily
liquidate assets or that its liquidity and capital resources will be
sufficient to maintain its normal operations during the period.  Additionally,
any significant interruption or decrease in the revenues derived by the
Company from its operations would have a material adverse effect on the
Company's liquidity and the ability to maintain the Company's operations as
presently conducted.

  The Company requires approximately $6.5 million of cash to fund daily
operations.  As of February 28, 2002, the Company had $3.6 million of non-
restricted cash in excess of the $6.5 million.  The Company is heavily
dependant on cash generated from operations to continue to operate as planned
in its existing jurisdictions and to make capital expenditures.  Management
believes that unless the debt holders take further action with respect to the
Company's defaults, that its existing available cash and cash equivalents and
its anticipated cash generated from operations will be sufficient to fund all
of its ongoing operating properties, but will not meet all its debt
obligations.  To the extent cash generated from operations is less than
anticipated, the Company may be required to curtail certain planned
expenditures or seek other sources of financing.

                                    15

<PAGE> 17
  The Company had $6.9 million in restricted cash as of February 28, 2002.  Of
that amount, $3.1 million relates to the Broadwater Property.  Prior to the
filing for reorganization under Chapter 11, PBLLC deposited revenues into
lockboxes that were controlled by its lender.  Expenditures from the lockboxes
were limited to the operating expenses, capital improvements and debt service
of the Broadwater Property as defined by its loan agreement.  The lender
continues to control the capital improvements lockbox.  PBLLC currently
operates under a cash collateral stipulation and agreement, which allows PBLLC
to use its cash collateral for normal operations in accordance with certain
terms as defined by the cash collateral agreement.  Revenues of PBLLC include
the operations of the hotels and golf course and $3.1 million annually of
proceeds from rental of the Biloxi casino's mooring site.  Pursuant to the
bankruptcy reorganization plan submitted by PBLLC, the Company will be
obligated to loan to PBLLC certain amounts necessary to make payments under
the Plan.  See "Item 3.  Legal Proceedings."  The Company has $1.7 million
restricted for payment as a partial redemption of its obligation under PBLLC's
plan of reorganization and $0.6 million restricted for payment of interest on
the Company's Notes.

  Additionally, TCG had $1.5 million of restricted cash which is pending the
outcome of the litigation, "Whalen IV."  The funds were restricted pursuant to
an injunction obtained by the plaintiff in this action to serve as a source of
potential recovery.  Subsequent to year end, all cases related to the Whalen
litigation were settled for $0.5 million.  See the description of such
litigation in the Notes to the Company's Financial Statements.

  The Company had $0.8 million in restricted short-term investments as of
February 28, 2002, consisting of certificates of deposit guaranteeing certain
performance obligations of the Company.

  The Company generated $3.8 million of cash from operating activities during
fiscal 2002, compared to using $8.5 million in fiscal 2001.  Accrued and
unpaid interest contributed to $8.3 million of the cash generated from
operating activities.

  The Company generated $0.5 million of cash from investing activities during
fiscal year 2002.  During fiscal 2002, the Company received $1.7 million of
proceeds from the sale of the St. Louis non-gaming cruise operations and $0.6
million of proceeds from an installment sale.  The Company expended $4.5
million on property and equipment, of which approximately $2.2 million related
the St. Louis operations, $2.2 million was spent in Biloxi, and $0.1 million
was spent on development for Destination Broadwater.  Additionally, $5.4
million was generated from the maturity of short-term investments used to
guarantee the payment of the March 15, 2001 interest obligation on the Senior
Exchange Notes and the Secured Notes, and $0.3 million was used to purchase
short-term investments.

  The Company used $2.7 million of cash from financing activities during
fiscal year 2002 primarily related to payments of debt obligations of the St.
Louis property.

  The indenture governing the Company's Senior Exchange Notes (the
"Indenture"), restricts the ability of PCI, TCG and PCI's wholly-owned
subsidiaries which are guarantors of the Senior Exchange Notes (collectively,
the "Guarantors"), among other things, to dispose of or create liens on
certain assets, to make certain investments and to pay dividends.  Under the
Indenture, the Guarantors have the ability to seek to borrow additional funds

                                    16


<PAGE> 18
of $15.0 million and may borrow additional funds for certain uses.  The
Indenture also provides that the Guarantors must use cash proceeds from the
sale of certain assets within 180 days to either (i) permanently reduce
certain indebtedness or (ii) contract with an unrelated third party to make
investments or capital expenditures or to acquire long-term tangible assets,
in each case, in gaming and related businesses (provided any such investment
is substantially complete in 270 days).  In the event such proceeds are not so
utilized, the Company must make an offer to all holders of Senior Exchange
Notes to repurchase at par value an aggregate principal amount of Senior
Exchange Notes equal to the amount by which such proceeds exceeds $5.0
million.  Certain provisions of the Indenture do not apply to the Company's
consolidated entities which do not guarantee the Senior Exchange Notes.

  In conjunction with the purchase of the Broadwater Property, PBLLC borrowed
the sum of $30.0 million from a third party lender, evidenced by a non-
recourse promissory note (the "Indebtedness"). Except as set forth in the
promissory note and related security and guarantee documents, PBLLC's
obligations under the Indebtedness are nonrecourse and are secured by the
Broadwater Property, its improvements and leases thereon.  The Indebtedness
bears interest at a variable rate per annum equal to the greater of (i) 8.75%
or (ii) 4% plus the LIBOR 30-day rate.

  PBLLC is obligated under the Indebtedness to make monthly payments of
interest accruing under the Indebtedness, and was obligated to repay the
Indebtedness in full on July 22, 2000.  In addition, PBLLC was obligated to
pay to the lender a loan fee in the amount of $7.0 million which was fully
earned and non-refundable when the Indebtedness was due.  As of the default
date, the Company is accruing, but has not paid, interest on the unpaid loan
fee at the stipulated rate.  The Company continued to make the monthly
interest payments accruing on the $30.0 million principal through April 19,
2001, when the Company announced that PBLLC had filed for reorganization under
Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court
for the Southern District of Mississippi.  The Bankruptcy Court has set
September 30, 2002 for commencement of the hearing on confirmation of the
Plan.  The Company is unable to offer any assurance that this will occur or
that the restructured debt, if it is restructured, will be paid in accordance
with its revised terms.

  The 5.7% term note payable is collateralized by the vessel M/V "President
Casino-Mississippi" and various equipment and is personally guaranteed by Mr.
Connelly.  This note also contains certain covenants which, among other
things, require the Company to maintain a minimum tangible net worth of $40.0
million.  The aforementioned default on the Company's Senior Exchange Notes
and Secured Notes also constituted a default under this note.  The Company has
continued to make the quarterly principal and interest payments related to
this note.  No action has been taken by the lender to accelerate the note and
declare the unpaid principal due and payable.  Under the terms of the 5.7%
term note payable, $2.1 million principal becomes due and payable in August
2002.  Management intends to renegotiate the terms of the note with the lender
to extend the payment terms.  There can be no assurance that the Company will
be able to renegotiate the terms successfully.

  In connection with the Company's proposed "Destination Broadwater"
development plan, to date, the Company has not identified any particular
financing alternatives or sources as the necessary regulatory approvals have
not been obtained.  There can be no assurance that the Company will be able to

                                    17

<PAGE> 19
obtain the regulatory approvals or the requisite financing.  Should the
Company fail to raise the required capital, such failure would materially and
adversely impact the Company's business plan.

  In the event the Company identifies a potential growth opportunity, project
financing will be required.  Capital investments may include all or some of
the following: acquisition and development of land; acquisition of vessels and
lease options on land and other facilities; and construction of vessels and
other facilities in anticipation of the approval of gaming operations in
potential new jurisdictions.  In connection with development activities
relating to potential jurisdictions, the Company also makes expenditures for
professional services which are expensed as incurred.  The Company's financing
requirements would depend upon actual development costs, the amounts and
timing of such expenditures, the amount of available cash flow from operations
and the availability of other financing arrangements.

Critical Accounting Policies

  --Significant Accounting Policies and Estimates

  The Company prepares the consolidated financial statements in conformity
with accounting principles generally accepted in the United States.  Certain
of the Company's accounting policies, including the determination of bad debt
reserves, the estimated useful lives assigned to property, plant and
equipment, asset impairment, insurance reserves and player point liability
require that management apply significant judgment in defining the appropriate
assumptions for calculating financial estimates.  By their nature, these
judgments are subject to an inherent degree of uncertainty.  Management's
judgements are based on historical experience, terms of existing contracts,
observance of trends in the gaming industry and information available from
other outside sources.  There can be no assurance that actual results will not
differ from our estimates.  To provide an understanding of the methodology
applied, significant accounting policies and basis of presentation are
discussed where appropriate in this discussion and analysis and in the notes
of the consolidated financial statements.

  The carrying values of the Company's assets are reviewed when events or
changes in circumstances indicate that the carrying amount of an asset may not
be recoverable.  Asset impairment is determined to exist if estimated future
cash flows, undiscounted and without interest charges, are less than the
carrying amount.  If it is determined that an impairment loss has occurred,
then an impairment loss is recognized in the statement of operations.  The
resulting impairment loss is measured as the amount by which the carrying
amount of the asset exceeds its fair value, estimated using quoted market
prices, if available, or other acceptable valuation methodologies, including
discounted cash flows or comparable sales.

  --Recently Issued Accounting Standards

  The Financial Accounting Standards Board issued Statement of Financial
Accounting Standards ("SFAS") No. 144, "Accounting for the Impairment or
Disposal of Long-Lived Assets" during August 2001.  SFAS 144 requires one
accounting model be used for long-lived assets to be disposed of by sale and
broadens the presentation of discontinued operations to include more disposal
transactions.  The requirements of SFAS No. 144 are effective for fiscal years
beginning after March 1, 2002.  The adoption of SFAS No. 144 is not expected
to have a material effect on the Company's financial position or results of
operations.


                                     18


<PAGE> 20
Forward Looking Statements

  This Annual Report on Form 10-K and certain information provided
periodically in writing and orally by the Company's designated officers and
agents contain certain statements which constitute "forward-looking
statements" within the meaning of Section 27A of the Securities Act of 1933,
as amended and Section 21E of the Securities Exchange Act of 1934, as amended.
The terms "Company," "we," "our" and "us" refer to President Casinos, Inc.
The words "expect," "believe," "goal," "plan," "intend," "estimate," and
similar expressions and variations thereof are intended to specifically
identify forward-looking statements.  Those statements appear in this Annual
Report on Form 10-K and the documents incorporated herein by reference,
particularly "Management's Discussion and Analysis of Financial Condition and
Results of Operations," and include statements regarding the intent, belief or
current expectations of the Company, its directors or its officers with
respect to, among other things: (i) our financial prospects; (ii) our
financing plans and our ability to meet our obligations under our debt
obligations and obtain satisfactory operating and working capital; (iii) our
operating and restructuring strategy; and (iv) the effect of competition and
regulatory developments on our current and expected future revenues.  You are
cautioned that any such forward looking statements are not guarantees of
future performance and involve risks and uncertainties, and that actual
results may differ materially from those projected in the forward looking
statements as a result of various factors. The factors that might cause such
differences include, among others, the following: (i) continuation of future
operating and net losses by the Company; (ii) the inability of the Company to
restructure its debt obligations and facilitate PBLLC's successful emergence
from bankruptcy; (iii) the inability of the Company to obtain sufficient cash
from its operations and other resources to fund ongoing obligations and
continue as a going concern; (iv) developments or new initiatives by our
competitors in the markets in which we compete; (v) our stock price; (vi)
adverse governmental or regulatory changes or actions which could negatively
impact our operations; and (vii) other factors including those identified in
the Company's filings made from time-to-time with the Securities and Exchange
Commission.  The Company undertakes no obligation to publicly update or revise
forward looking statements to reflect events or circumstances after the date
of this Annual Report on Form 10-K or to reflect the occurrence of
unanticipated events.

                                      19


<PAGE> 21
                              SIGNATURES

  Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, hereunto duly authorized.

PRESIDENT CASINOS, INC.

By:     /s/ Ralph J. Vaclavik
    ---------------------------
    Name:   Ralph J. Vaclavik
    Title:  Senior Vice President
            and Chief Financial Officer

    Date:   June 7, 2002


                                    20

<PAGE> 22
                            PRESIDENT CASINOS, INC.
                                EXHIBIT INDEX
  Exhibits
   2.1      Asset Sale Agreement, dated as of July 19, 2000, by and among The
            Connelly Group, L.P. ("TCG"), TCG/Blackhawk, Inc. ("Blackhawk")
            (collectively, the  "Sellers"), and IOC-Davenport, Inc. and Isle
            of Capri Casinos, Inc. ("Purchasers"). (28)
   3.1      Restated Articles of Incorporation of the Company. (31)
   3.2      By-Laws of the Company, as amended. (16)
   4.1      Indenture dated as of August 26, 1994, by and among the Company,
            the Guarantors and United States Trust Company of New York ("U.S.
            Trust"). (6)
   4.1.1    Form of Senior Exchange Note issued pursuant to Indenture. (5)
   4.1.2    Warrant Agreement dated as of September 23, 1993, by and between
            the Company and U.S. Trust, as Warrant agent. (4)
   4.1.3    Warrant Agreement dated as of August 26, 1994, by and between the
            Company and U.S. Trust. (6)
   4.1.4    Subsidiary Stock Pledge and Collateral Assignment Agreement dated
            as of August 26, 1994, by the Company and Subsidiary Pledgors in
            favor of U.S. Trust, as collateral agent. (6)
   4.2      Rights Agreement, dated as of November 20, 1997, between the
            Company and ChaseMellon Shareholder Services, LLC. (19)
   4.3      Agreement to Exchange Securities, dated December 3, 1998 by and
            among the Company, President Riverboat Casino-Iowa, Inc.
            ("President Iowa"), President Riverboat Casino-Missouri, Inc.
            ("President Missouri"), The President Riverboat Casino-
            Mississippi, Inc. ("President Mississippi"), Blackhawk, P.R.C.-
            Louisiana, Inc., President Riverboat Casino-New York, Inc.
            ("President New York"), President Casino New Yorker, Inc., PRC
            Holdings Corporation, PRC Management, Inc. ("PRC Management"),
            PRCX Corporation, President Riverboat Casino-Philadelphia, Inc.
            ("President Philadelphia"), Vegas, Vegas, Inc., and TCG and each
            holder of the Company's 13% Senior Exchange Notes due 2001. (22)
   4.3.1    Indenture dated as of December 3, 1998, among The Company,
            President Iowa, President Missouri, President Mississippi,
            Blackhawk, P.R.C.-Louisiana, Inc., President New York, President
            Casino New Yorker, Inc., PRC Holdings Corporation, PRC Management,
            PRCX Corporation, President Philadelphia, Vegas, Vegas, Inc. and
            TCG and U.S. Trust Company of Texas, N.A. (22)
   4.4.2    President Casinos, Inc. Supplemental Indenture with respect to
            $25,000,000 12% Notes due September 15, 2001. (29)
   4.4.3    President Casinos, Inc. Supplemental Indenture with respect to
            $75,000,000 13% Senior Notes due September 15, 2001. (29)
   10.1     Amended and Restated Agreement of Limited Partnership of TCG. (1)
   10.2     Agreement between the Company and John E. Connelly. (2)
   10.3     Employment Agreement dated November 4, 1992, between the Company
            and Mr. Connelly. (2)
   10.3.1   Amendment No. 1 to Employment Agreement dated December 15, 1994,
            between the Company and Mr. Connelly. (8)
   10.3.2   Amended and Restated Employment Agreement, dated June 26, 1998 by
            by and between the Company and Mr. Connelly. (21)
 * 10.4     The Company's 1992 Stock Option Plan, as amended. (5)
 * 10.4.1   The Company's 1996 Amended and Restated Stock Option Plan. (13)
 * 10.4.2   The Company's 1997 Stock Option Plan. (18)
 * 10.4.3   The Company's 1999 Incentive Stock Plan. (26)
   10.5     Amended and Restated Davenport-Connelly Development Agreement

                                      21

<PAGE> 23
            dated November 29, 1990, between TCG and the City of Davenport,
            Iowa (the "Development Agreement"). (1)
   10.5.1   First Amendment to the Development Agreement dated August 21,
            1991.(1)
   10.5.2   Second Amendment to the Development Agreement dated April 10,
            1992. (1)
   10.6     Operator's Contract dated December 28, 1989, between the Riverboat
            Development Authority and TCG. (1)
   10.6.1   Amendment to Operator's Contract, dated December 29, 1993, between
            the Riverboat Development Authority and TCG. (5)
   10.6.2   Amendment to the Operator's Agreement dated March 1, 1998. (20)
   10. 7    Lease dated November 29, 1990, between the City of Davenport, Iowa
            and TCG. (1)
   10.8     Management Advisory Agreement for TCG. (1)
   10.9     Credit Agreement dated as of March 11, 1991, among TCG, Blackhawk
            and Firstar Bank Davenport, N.A. ("Firstar"). (1)
   10.9.1   Note dated March 11, 1991, from TCG and Blackhawk to Firstar. (1)
   10.9.2   Security Agreement dated March 11, 1991 between TCG and Firstar.
            (1)
   10.9.3   First Preferred Fleet Mortgage dated March 11, 1991, from TCG to
            Firstar. (1)
   10.9.4   Mortgage, Security Agreement, Fixture Financing Statement and
            Assignment of Leases and Rents, dated March 11, 1991, by TCG to
            Firstar on the Landing Promenade Property.  A similar mortgage has
            been given to Firstar by Blackhawk on the Blackhawk Hotel. (1)
   10.9.5   Amendment to Note dated March 16, 1993, from TCG and Blackhawk
            to Firstar. (2)
   10.9.6   Second Amendment to Note dated March 31, 1997, from TCG and
            Blackhawk to Firstar. (14)
   10.10    Lease Agreement dated August 7, 1986, between the City of St.
            Louis and St. Louis River Cruise Lines, Inc. (the "'Belle'
            Lease"). (1)
   10.10.1  Amended Lease Agreement dated July 16, 1990, amending the "Belle"
            Lease. (1)
   10.10.2  Second Amendment to Lease Agreement, effective June 19, 1992,
            amending the "Belle" Lease. (1)
   10.11    Lease Agreement dated December 20, 1983 between the City of St.
            Louis and S.S. Admiral Partners (the "'Admiral' Lease"). (1)
   10.11.1  Amendment and Assignment of Mooring Lease dated December 12, 1990,
            amending the "Admiral" Lease. (1)
   10.11.2  Second Amendment to Lease Agreement effective June 19, 1992,
            amending the "Admiral" Lease. (1)
   10.12    Promissory Note (Vessel-Term) dated July 8, 1992, from President
            Mississippi to Caterpillar. (3)
   10.12.1  Loan Agreement dated July 31, 1992, between President Mississippi
            and Caterpillar. (1)
   10.12.2  Preferred Fleet Mortgage dated July 8, 1992, between President
            Mississippi and Caterpillar. (1)
   10.13    Form of Indemnification Agreement for Directors and Officers. (1)
   10.14    Agreement for Purchase of Partnership Interest dated September 24,
            1997, by and among Massena Management Corp., Gary A. Melius,
            Native American Management Corp., PRC-St. Regis, Inc. and Naussau
            County Native American, Inc. (20)
   10.14.1  Agreement dated September 24, 1997, by and among Massena
            Management LLC, Native American Management Corp., Gary A. Melius,
            PRC-St. Regis, Inc. and Massena Management Corp. (20)

                                      22

<PAGE> 24
   10.15    Lease Agreement, dated as of December 14, 1993, by and between
            Liberty Landing Associates ("Liberty Landing") and President
            Philadelphia.(4)
   10.15.1  First Amendment to Lease Agreement, dated July 31, 1996, by and
            between President Philadelphia and Liberty Landing. (12)
   10.15.2  Second Amendment to Lease Agreement, dated July 31, 1996, by and
            between Liberty Landing and President Philadelphia. (12)
   10.15.3  Modification to First Amendment to Lease Agreement, dated
            September 12, 1997, by and between Liberty Landing and President
            Philadelphia. (16)
   10.15.4  Assignment, dated as of December 14, 1993, pursuant to which
            Liberty Landing assigns, transfers and sets over unto President
            Philadelphia all of the rights, title and interest of Liberty
            Landing in, to and under that certain Master Agreement to Lease,
            dated September 25, 1989, by and between Philadelphia Port
            Corporation and Liberty Landing, as amended. (4)
   10.15.5  Letter Agreement dated May 7, 1996, by and between President
            Philadelphia, Liberty Landing, The Sheet Metal Workers'
            International Association Local Union #19, Delaware Avenue
            Development Corp. and Delaware-Washington Corp. (11)
   10.16    Option Agreement dated July 31, 1996, by and between Liberty
            Landing and President Philadelphia. (12)
   10.16.1  Modification to Option Agreement dated December 12, 1996, by and
            between Liberty Landing and President Philadelphia. (13)
   10.16.2  Second Modification to Option Agreement, dated September 12,
            1997, by and between Liberty Landing and President Philadelphia.
            (16)
   10.16.3  First Amendment to Corporate Guaranty dated July 31, 1996, by
            The Company. (12)
   10.16.4  Third Modification to Option Agreement, dated October 22, 1998,
            by and between Liberty Landing and President Philadelphia. (23)
   10.17    Charter Agreement dated February 17, 1995, by and between American
            Gaming & Entertainment, Ltd. ("AGEL") and the President
            Mississippi Charter Corporation ("Charter Corp."). (7)
   10.17.1  Subcharter Agreement dated February 17, 1995, by and between
            Charter Corp. and President Mississippi. (7)
   10.17.2  Collateral Assignment Agreement dated February 17, 1995, by
            Charter Corp. to AGEL. (7)
   10.17.3  First Amendment to Charter, dated October 30, 1998 (effective as
            of December 1, l997), by and between AGEL, owner, and Charter
            Corp., with the concurrence of the following parties: AmGam
            Associates ("AmGam"), American Gaming & Resorts of Mississippi,
            Inc. ("AGRM"), the Official Committee of the Unsecured
            Creditors of AmGam, the Official Committee of the Unsecured
            Creditors of AGRM, AGEL and Shamrock Holdings, Inc. (formerly
            known as Bennett Holdings Group, Inc.). (23)
   10.18    Employment Agreement dated March 13, 1995, by and between the
            Company and John S. Aylsworth. (8)
   10.18.1  Option Agreement dated March 13, 1995, by and between Mr.
            Aylsworth and the Company. (10)
   10.18.2  Amended and Restated Employment Agreement, dated June 26, 1998 by
            by and between the Company and Mr. Aylsworth. (21)
   10.19    Promissory Note dated February 17, 1995, from BH Acquisition Corp.
            ("BH") to PRC Management. (10)
   10.19.1  Surety Agreement dated February 13, 1995, between Mr. Connelly
            and PRC Management. (10)

                                      23

<PAGE> 25
   10.19.2  Amended and Restated Promissory Note dated February 15, 1996, from
            BH to PRC Management. (11)
   10.19.3  Promissory Note dated February 15, 1996, from BH to PRC
            Management. (11)
   10.19.4  Amended and Restated Surety Agreement dated February 15, 1996,
            between Mr. Connelly and PRC Management. (11)
   10.19.5  Collateral Pledge Agreement dated February 15, 1996, between
            Connelly Hotel Associates, Inc. and PRC Management. (11)
   10.20    Employment Agreement dated November 1, 1995, by and between the
            Company and James A. Zweifel. (9)
   10.20.1  Amended and Restated Employment Agreement, dated June 26, 1998 by
            by and between the Company and Mr. Zweifel. (21)
   10.21    "Natatorium Site" Lease Agreement dated July 20, 1995, by and
            between the City of Davenport, Iowa and TCG through the President
            Iowa. (9)
   10.22    Independent Contractor Consulting Agreement dated May 15, 1996, by
            and between the Company and Mr. Wirginis. (11)
   10.22.1  Employment Agreement dated May 1, 1996, by and between the Company
            and Mr. Wirginis. (11)
   10.22.2  Amended and Restated Employment Agreement, dated June 26, 1998 by
            by and between the Company and Mr. Wirginis. (21)
 * 10.23    1998 Fiscal Year Management Incentive Plan Participant Form. (16)
   10.24    Promissory Note dated July 22, 1997, by and between President
            Broadwater Hotel, L.L.C. (Broadwater LLC) and Lehman Brothers
            Holdings Inc. ("Lehman"). (15)
   10.24.1  Redemption Agreement dated July 22, 1997, by and among J. Edward
            Connelly Associates, Inc. ("JECA") and Broadwater LLC and
            Broadwater Hotel, Inc. (15)
   10.24.2  Indemnity Agreement dated July 22, 1997, by Broadwater LLC, the
            Company and President Mississippi, jointly and severally, in favor
            of Lehman. (15)
   10.24.3  Indemnity and Guaranty Agreement dated July 22, 1997, by the
            Company and President Mississippi in favor of Lehman. (15)
   10.24.4  Unconditional Guaranty of Lease Obligations dated July 22, 1997,
            by the Company. (15)
   10.24.5  Amended and Restated Limited Liability Company Operating
            Agreement, dated as of July 22, 1997, by and between JECA and
            President Broadwater Hotel, Inc. (15)
   10.25    Public Trust Tidelands Lease Agreement dated August 6, 1992, by
            and between the Secretary of State, with the approval of the
            Governor, for and on behalf of the State of Mississippi, and BH.
            (24)
   10.25.1  Amendment to Public Trust Tidelands Lease Agreement dated November
            10, 1993, by and between the Secretary of State, with the approval
            of the Governor, for and on behalf of the State of Mississippi,
            and BH. (24)
   10.25.2  Amendment No. 1 to the Lessee's Assignment of Public Trust
            Tidelands Lease dated July 22, 1997, between JECA, successor by
            merger to BH, and President Broadwater Hotel, LLC. (24)
   10.26    Public Trust Tidelands Lease of Fast Lands dated December 31,
            1996, by and between the Secretary of State, with approval of the
            Governor, for and on behalf of the State of Mississippi, and BH.
            (24)
   10.26.1  Amendment No. 1 to the Lessee's Assignment of Fast Lands Lease
            dated July 22, 1997, between JECA, successor by merger to BH
            and President Broadwater Hotel, Inc. (24)

                                       24

<PAGE> 26
   10.27    Sale and Purchase of Real Estate Agreement dated March 30, 1999,
            by and among R. David Sanders, James W. Sanders, Julia Sheila
            Sanders and June Sanders Clement and President Casinos, Inc. (25)
   10.27.1  Deer Island Agreement dated March 30, 1999, by and between Eric
            Clark and President Casinos, Inc. (25)
   10.28    Sale Agreement dated July 2, 1999, by and between President
            Mississippi, the Company and Charter Corp., on the one hand, and
            AGEL, AmGam, AGRM, the Committee for the Unsecured Creditors of
            AmGam, the Committee for the Unsecured Creditors of AGRM,
            International Game Technology, Inc.("IGT"), and Shamrock Holdings
            Group, Inc. (formerly known as Bennett Holdings Group, Inc.)
            ("Shamrock" and collectively with AGEL, AmGam, AGRM, the Committee
            for the Unsecured Creditors of AmGam, the Committee for the
            Unsecured Creditors of AGRM and IGT), on the other hand. (26)
   10.28.1  Promissory Note dated August 10, 1999, from President
            Mississippi to AGEL. (26)
   10.28.2  Security Agreement, dated August 10, 1999, between President
            Mississippi and AGEL. (26)
   10.28.3  Preferred Ship Mortgage dated August 10, 1999, granting by
            President Mississippi to and in favor of AGEL. (26)
   10.28.4  Guaranty Agreement dated August 10, 1999, made by President
            Mississippi, in favor of AGEL. (26)
   10.29    Relocation Funding Agreement entered into January 18, 2000, by and
            among the City of St. Louis, Missouri, the Port Authority of the
            City of St. Louis, President Missouri and Mercantile Bank National
            Association. (27)
   10.29.1  Lease and Sublease Agreement entered into January 18, 2000, among
            the City of St. Louis, the Port Authority of the City of St. Louis
            and President Missouri. (27)
   10.29.2  Escrow Agreement made as of January 18, 2000, by and among
            Mercantile Bank, President Missouri and U.S. Title Guaranty
            Company, Inc. (27)
   10.29.3  Escrow Agreement made as of January 18, 2000, by and among the
            Port Authority of the City of St. Louis, President Missouri and
            U.S. Title Guaranty Company, Inc. (27)
   10.30    Agreement, dated as of October 10, 2000, entered into by and among
            the Company, PRC Holdings Corporation, PRC Management, PRCX, Inc.,
            President Philadelphia, P.R.C. Louisiana, Inc., Vegas Vegas, Inc.,
            President New York, President Mississippi Charter Corp.,
            President Missouri, President Mississippi, Broadwater Hotel, Inc.,
            President Iowa, Blackhawk, President Casino New Yorker, Inc.,
            TCG, and President Broadwater Hotel, LLC, and each of the
            undersigned holders of the US $100.0 million 13% Senior Notes, due
            September 15, 2001 issued pursuant to that certain indenture dated
            as of August 26, 1994 by and between the Company and United States
            Trust Company of New York, as trustee, of which  US $75.0 million
            in principal amount is outstanding, and holders of the US $25.0
            million 12% Notes, due September 15, 2001 issued pursuant to that
            certain indenture dated as of December 3, 1998, by and between the
            Company and U.S. Trust Company of Texas, N.A., as trustee. (28)
   10.31    Bareboat charter and purchase agreement, dated March, 29, 2001, by
            and between President New York and Southern Gaming, LLC. (30)
   10.32    Purchase agreement, dated April 30, 2001, by and between President
            Missouri and the Bi-State Development Agency of the Missouri-
            Illinois Metropolitan District. (30)
   21       Schedule of subsidiaries of the Company. (32)

                                     25

<PAGE> 27
   23.1     Consent of Deloitte & Touche, L.L.P. with respect to the Company's
            Registration Statements on Form S-8, as filed on June 8, 1994,
            January 8, 1998 and October 10, 2001. (32)
  __________________

(1)  Incorporated by reference from the Company's Registration Statement on
     Form S-1 (File No. 33-48446) filed on June 5, 1992.
(2)  Incorporated by reference from the Company's Registration Statement on
     Form S-1 (Registration No. 33-63174), filed on May 21, 1993.
(3)  Incorporated by reference from the Company's Annual Report on Form 10-K
     for the Fiscal Year Ended February 28, 1993 filed on June 1, 1993.
(4)  Incorporated by reference from the Company's Registration Statement on
     Form S-4 (File No. 33-71332) filed November 5, 1993.
(5)  Incorporated by reference from the Company's Registration Statement on
     Form S-8 dated June 8, 1994.
(6)  Incorporated by reference from the Company's Registration Statement on
     Form S-4 (File No. 33-86386) filed November 15, 1994.
(7)  Incorporated by reference from the Company's Report on Form 8-K dated
     February 7, 1995.
(8)  Incorporated by reference from the Company's Report on Form 8-K dated
     March 16, 1995.
(9)  Incorporated by reference from the Company's Quarterly Report on Form
     10-Q for the quarterly period ended November 30, 1995 filed January 12,
     1996.
(10) Incorporated by reference from the Company's Annual Report on Form 10-K
     for the Fiscal Year Ended February 28, 1995 filed on May 30, 1995.
(11) Incorporated by reference from the Company's Annual Report on Form 10-K
     for the Fiscal Year Ended February 29, 1996 filed on May 30, 1996.
(12) Incorporated by reference from the Company's Quarterly Report on Form
     10-Q for the quarterly period ended August 31, 1996 filed October 15,
     1996.
(13) Incorporated by reference from the Company's Quarterly Report on Form
     10-Q for the quarterly period ended November 30, 1996 filed January 14,
     1997.
(14) Incorporated by reference from the Company's Annual Report on Form 10-K
     for the Fiscal Year Ended February 28, 1997 filed on May 30, 1997.
(15) Incorporated by reference from the Company's Report on Form 8-K dated
     July 24, 1997.
(16) Incorporated by reference from the Company's Quarterly Report on Form
     10-Q for the quarterly period ended August 31, 1997 filed October 10,
     1997.
(17) Incorporated by reference from the Company's Quarterly Report on Form
     10-Q for the quarterly period ended November 30, 1997 filed January 14,
     1998.
(18) Incorporated by reference from the Company's Definitive Proxy Statement
     for the 1997 Annual Meeting of Stockholders.
(19) Incorporated by reference from the Company's Registration Statement on
     Form 8-A dated December 5, 1997.
(20) Incorporated by reference from the Company's Annual Report on Form 10-K
     for fiscal year ended February 28, 1998 filed on May 29, 1998.
(21) Incorporated by reference from the Company's Quarterly Report on Form
     10-Q for the quarterly period ended August 31, 1998 filed October 15,
     1998.
(22) Incorporated by reference from the Company's Report on Form 8-K
     dated December 15, 1998.
(23) Incorporated by reference from the Company's Quarterly Report on Form

                                      26

<PAGE> 28
     10-Q for the quarterly period ended November 30, 1998 filed January 14,
     1999.
(24) Incorporated by reference from the Company's Annual Report on Form 10-K
     for the Fiscal Year Ended February 28, 1999 filed on May 28, 1999.
(25) Incorporated by reference from the Company's Quarterly Report on Form
     10-Q for the quarterly period ended May 31, 1999 filed July 12, 1999.
(26) Incorporated by reference from the Company's Quarterly Report on Form
     10-Q for the quarterly period ended August 31, 1999 filed October 15,
     1999.
(27) Incorporated by reference from the Company's Annual Report on Form 10-K
     for the Fiscal Year Ended February 29, 2000 on May 30, 2000.
(28) Incorporated by reference from the Company's Quarterly Report on Form
     10-Q for the quarterly period ended August 31, 2000 filed October 19,
     2000.
(29) Incorporated by reference from the Company's Report on Form 8-K dated
     November 22, 2000.
(30) Incorporated by reference from the Company's Annual Report on Form 10-K
     for the Fiscal Year Ended February 28, 2001 on May 29, 2001.
(31) Incorporated by reference from the Company's Registration Statement on
     Form S-8 dated October 10, 2001.
(32) Previously filed herewith.

 *   Compensatory plan filed as an exhibit pursuant to Item 14(c) of this
     report.

                                   27