Document:

OPTION

                      To Subscribe for and Purchase, Up to
                         5,000,000 Common Shares of the
                       company's registered shares as per
                          their SB-2 filed with the SEC

                             SILVER STAR FOODS INC.

     THIS CERTIFIES THAT, FOR VALUE RECEIVED International Electronic Securities
Trading LTD. (the "Representative"), or registered assigns, is entitled to
subscribe for and purchase from Silver Star Foods Inc, a company incorporated
under the laws of the State of New York (hereinafter the "Company"), at the
price of Seventy Five ($.75) Cents per share. Up to 5,000,000 shares (the
"Shares") of the Company, subject, however, to the provisions and upon the terms
and conditions hereinafter set forth.

1.   The rights represented by this Option (the "Option") may be exercised by
     the holder hereof, in whole or part (but not as to a fractional share), by
     the surrender of this Option (properly endorsed, if required), at the
     principal office of the Company (or such other office or agency of as the
     Company may designate by notice in writing to the holder hereof. With
     payment to the Company. By cash or by certified check or bank draft, of the
     purchase price for such Shares. The Company agrees that the Shares so
     purchased shall be and be deemed to be issued to the holder thereof as the
     record owner of such Shares as of the close of business on the date on
     which this Option shall have been surrendered and payment made for such
     Shares as aforesaid. Certificates for the Shares so purchased shall be
     delivered to the holder hereof within a reasonable time, not exceeding ten
     days, after the rights represented by this Option shall have been so
     exercised.

2. The Term of this Option is for a maximum of three years, based on the
performance herein described in 2a , 2b and 2c

     2a.  The Representative shall purchase a minimum of 533,334 shares of the
          common stock of the Company (equal to $400,000) per month as
          represented by the options herein described for each of the initial
          six (6) months of this contract. If Representative fails to perform in
          any of these six (6) months the Company has the option to terminate
          this Option in whole or in part at it's sole discretion in writing to
          Representative at there corporate offices within the immediate ten day
          period following this breach of obligation.

     2b.  The Representative shall purchase 133,334 shares of common stock of
          the company (equal to $100,000) per month as represented by the
          options herein described for the next twenty nine (29) months
          immediately following the initial six month period up to the maximum
          of 5,000,000 shares (equal to $3,750,000). If Representative fails to
          perform in any of these twenty nine (29) months the Company has the
          option to terminate this Option in whole or in part at it's sole
          discretion in writing to Representative at there corporate offices
          within the immediate ten day period following this breach of
          obligation.

     2c.  The Representative shall not be required to carry out its obligations
          under Section 2a. or 2b. above if the Company's common stock purchase
          price decreases in value in an amount exceeding 25% of its present
          value. The Representative and the Company may renogotiate this Option
          at that time.

     2d.  Anslow & Jaclin, LLP should act as the escrow agent for all funds due
          and owing the Company under this agreement. Sayid & Associates will
          act as escrow agents for the Representative.

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<PAGE>

3.   The Company agrees to indemnify and hold harmless the holder of this
     Option, or of securities issuable or issued upon the exercise hereof from
     and against any claims or liabilities caused by any untrue statement of a
     material fact, or omission to state a material fact required to be stated,
     in any such registration statement or prospectus or offering circular,
     except insofar as such claims or liabilities are caused by any such untrue
     statements or omission based on information furnished in writing to the
     Company by such a holder, or by any other such holder, affiliated with the
     holder who seeks indemnification, as to which the holder hereof, by
     acceptance hereof, agrees to indemnify and hold harmless the Company.

     If this Option, or any securities issuable pursuant hereto, requires
     declaration or registration with, or approval of, any governmental official
     authority (other than registration under the Act, or similar Federal
     Statute at the time in force), before such securities may be issued on the
     exercise hereof, the Company, at its sole expense, will take all requisite
     action in connection with such declaration, and will use its best efforts
     to cause such securities and/or this Option to be duty registered or
     approved.

4.   The Company covenants and agrees that all securities that may be issued
     upon exercise of the rights represented by this Option will, upon issuance,
     be validly issued, fully paid and non-assessable, and free from all taxes,
     liens and charges with respect to the issue thereof (other than taxes in
     respect of any transfer occurring contemporaneously with such issue). The
     Company further covenants and agrees that, during the period within which
     the rights represented by this Option may be exercised, the Company will at
     the time have authorized and reserved, a sufficient number of securities to
     provide for the exercise of the rights represented by this Option.

5    (a) If at any time or from time to time, the Company shall, by subdivision,
     consolidation or reclassification of shares, or otherwise, change as a
     whole the outstanding shares of Common Stock into a different number or
     class of securities, the number and class of securities as so changed
     shall, for the purpose of each Option and the terms and conditions hereof,
     replace the shares outstanding immediately prior to such change, and the
     Option purchase price in effect, and the number of securities purchasable
     under each Option, immediately prior to the date on which such change shall
     become effective and shall be proportionately adjusted.

     (b)  Irrespective of any adjustment or change in the Option Purchase price
          or the number of securities actually purchasable under each Option of
          like tenor, the Options theretofore and thereafter issued may continue
          to express the Option purchase price per securities and the number of
          securities purchasable thereunder as the Option purchase price per
          security.

     (c)  If at any time while any Option is outstanding, the Company shall
          consolidate with or merge into another corporation, firm or entity, or
          otherwise enter into a form of business combination, the holder hereof
          shall thereafter be entitled upon exercise hereof to purchase, with
          respect to each share are purchasable hereunder immediately prior to
          the date on which such consolidation, merger, or other form of
          business Combinations shall become effective, the Securities or
          property to which a holder of one (1) share would have been entitled
          upon such consolidation or merger, without any change in, or payment
          in addition to, the Option purchase price in effort immediately prior
          to such merger or consolidation, and the Company shall take such steps
          in connection with such consolidation or merger as may be necessary to
          assure that all the provisions of each Option shall thereafter be
          applicable, as nearly as reasonably may be, in relation to any
          securities or property thereafter deliverable upon the exercise of
          each Option. The Company shall not effect any such consolidation,
          merger or other form of business combination unless prior to "
          consummation thereof the successor corporation (if other than the
          Company) resulting therefrom shall assume, by written instrument
          executed and mailed to the registered holder of the Option, the
          obligation to deliver to such holder such securities or property as,
          in accordance with foregoing provisions, such holder shall be entitled
          to purchase.

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<PAGE>

     (d)  upon the happening of any event requiring an adjustment of the Option
          purchase price hereunder, the Company shall forthwith give written
          notice thereof to the registered holder of each Option stating the
          adjusted Option purchase price and the adjusted number of securities
          purchasable upon the exercise thereof resulting from such event, and
          setting forth in reasonable detail the method or calculation and the
          facts on which such calculation is based. The certificate of the
          Company's independent public accountant shall be conclusive evidence
          of the correctness of any computation made hereunder. In the event any
          voluntary or involuntary dissolution, liquidation or winding-up of the
          Company shall at any time be proposed, the Company shall give at least
          30 days prior written notice thereof to the registered holder of each
          Warrant, stating the date on which such event is to take place and the
          date (which shall be at least 30 days after the giving of such notice)
          as of which the holders common stock of record shall be entitled to
          exchange their Common Stock for securities or other property
          deliverable upon such dissolution, liquidation or winding-up (on which
          date, in the event such dissolution, liquidation or winding-up shall
          actually take place, each Option and rights with respect thereto shall
          terminate). Notice pursuant to this paragraph shall be given by
          certified mail, portage prepaid, return receipt requested, addressed
          to the registered holder of each Option at the address of such holder
          appearing in the records of the company.

6.   In case at any time during the period this Option shall be exercisable

     (a)  The Company shall pay any dividend payable in stock on its Common
          Stock, or make any distribution to the holders of the Common stock; or

     (b)  The Company shall offer for subscription pro rata to the holders of
          its Common Stock any additional securities of stock of any class, or
          other rights; or

     (c)  There shall be any capital reorganization, or reclassification of the
          capital stock of the Company, or consolidation, merger or other form
          of business combination of the Company with, or sale of all or
          substantially all its assets to another corporation; or

     (d)  There shall be a voluntary or involuntary dissolution, liquidation or
          winding-up of the Company- then, in any one or more of such cases, the
          Company shall give to the holder of this Option, (i) at least 30 days'
          prior written notice of the date on which the books of the Company
          shall close or a record shall be taken for such dividend, distribution
          or subscription rights, or for determining rights to vote in respect
          of any such reorganization, reclassification, consolidation, merger,
          sale or other form of business combination, dissolution, liquidation
          or winding-up and (ii) in the case of any such reorganization,
          reclassification, consolidation, merger, sale or other form of
          business combination, dissolution, liquidation or winding-up, at least
          30 days prior written notice of the date when the same shall take
          place. Such notice in accordance with the foregoing sub-clause (i)
          shall also specify, in the case of any such dividend, distribution or
          subscription rights, the date on which the holders of Common Stock
          shall be entitled thereto and such notice in accordance with the
          foregoing (ii) and shall also specify when the holder of Common Stock
          shall be entitled to exchange their Common Stock for securities or
          other property deliverable upon such reorganization, consolidation,
          reclassification, merger, sale or other form of business combination,
          dissolution, liquidation or winding-up, as the case may be. Each
          written notice shall be given by certified mail, postage prepaid,
          return receipt requested, addressed to the holder of the Option at the
          address of such holder as shown on the books of the Company.

                                       3
<PAGE>

7.   As used herein, the term "Common Stock" shall mean and include the
     Company's Common Stock authorized on the date of the original issue of the
     Options, and shall also include any capital stock of any class of the
     Company thereafter authorized that shall not be limited to a fixed sum or
     percentage in respect of the rights of the holders thereof to participate
     in dividends and in the distribution of assets upon the voluntary
     liquidation, dissolution or wind-up of the Company; provided that the
     shares purchasable pursuant to this Option shall include only shares of
     such class referred to in the first paragraph hereof designated in the
     Company's Certificate of Incorporation as Common Stock on the date of the
     original issue of Options, or, in the case of any reorganization,
     reclassification, consolidation, merger or sale of assets of the character
     referred to in subparagraph 5(c) hereof, the stocks, securities or assets
     provided for in such paragraph.

8.   Prior to the exercise of this Option, the Holder shall not be entitle d to
     any of the rights of a stockholder of the Company, including, without
     limitation, the right as a stockholder to (i) vote or consent, (ii) receive
     dividends or other distributions made to stockholders or (iii) receive
     notice of, or attend, any meetings of stockholders of the Company.

9.   Any notice, demand or delivery to be made pursuant to the Provisions of
     this Option shall be sufficiently given or made if sent by first class
     mail, postage prepaid, addressed (i) in the case of the holder, to his last
     known address appearing On the books of the Company maintained for such
     purpose, or (ii) in the case of the Company, to its principal office
     referred to above. The Holder and the Company may each designate a
     different address by notice to the other pursuant to this Section.

10.  This Option and rights evidenced hereby shall inure to the benefit of, and
     be binding upon, the Company and its successors and assigns.

11.  The Option may not be modified or amended except by written agreement of
     the parties.

12.  The Option shall be governed by the laws of the State of Now York.

13.  REPRESENTATIONS AND WARRANTIES OF THE C0MPANY The Company represents and
     warrants to you as follows:

14.1 Due incorporation and Qualification. The Company has been duly
     ------------------------------------
     incorporated, is validly existing and is in good standing under the laws of
     its state of incorporation and is duly qualified as a foreign corporation
     (except where the failure to so qualify would not have a material adverse
     effect on the business of the Company) for the transaction of business and
     is in good standing in each jurisdiction In which the ownership or leasing
     of its properties or the conduct of its business requires such
     qualification. The Company has all requisite corporate power and authority
     necessary to own or hold its, properties and conduct its business as
     described in the Registration Statement,

14.2 Authorized Capital. The Company Will have an authorized and outstanding
     ------------------
     capitalization, and all of the then issued and outstanding shares of Common
     Stock will have been duly and validly authorized and issued and will be
     fully paid and non assessable. None of the holders of such outstanding
     shares of Common Stock is subject to personal liability solely by reason of
     being such a holder.

                                       4
<PAGE>

14.3 Financial Statements. The financial statements of the Company fairly
     --------------------
     present the financial position and results of operations of the Company at
     the dates thereof and for the periods in conformity with generally accepted
     accounting principles, consistently applied throughout the periods
     involved.

14.4 No Material Adverse Changes. Since January 2001,(I) there has not been any
     ---------------------------
     change in the condition, financial or otherwise, of the Company which could
     materially adversely affect its ability to conduct its operations, and (ii)
     the Company has not incurred any material liabilities Or obligations,
     direct or contingent, not in the ordinary course of business.

14.5 The Company has filed all Federal tax returns and all state and municipal
     and local tax returns (whether relating to income, fee, franchise, real or
     personal property or other types of taxes) required to be filed under the
     laws of the United States and applicable states, and has paid in full all
     taxes which have become due pursuant to such returns or claimed to be due
     by any taxing authority or otherwise due and owing, provided. The Company
     has not paid any tax, assessment, charge, levy or license fee that it
     contests in good faith and by Proper Proceedings and adequate reserves for
     the accrual of same are maintained if required by generally accepted
     accounting principles.

     Each of the tax returns heretofore filed by the Company correctly and
     accurately reflects the amount of its tax liability thereunder. The Company
     has Withheld, collected and paid all other levies, assessments, license
     fees and taxes to the extent required and with respect to payments, to the
     extent that the same have become due and payable.

14.6 No Pending Actions. There are no actions, suits, proceedings, claims or
     ------------------
     hearings of any kind or nature or, to the best of the knowledge of the
     Company, any investigations or inquiries, before or by any court,
     governmental authority, tribunal or instrumentality, pending or threatened
     against the Company, or involving the properties of the Company which could
     result in any material adverse change in the business, properties,
     financial position or results of operations of the Company, or which could
     materially adversely affect the transactions or other acts contemplated by
     this Agreement or the validity or enforceability of this Agreement.

14.7 Due Authorization. The Company has full right, power and authority to enter
     ------------------
     into this Agreement and to perform all of its obligations hereunder and
     thereunder and as contemplated hereby. This Agreement has been duly
     authorized, executed and delivered by the Company. No issuance of shares of
     the Company's capital stock shall be required as a condition to the
     execution, validity or enforceability hereof. This Agreement constitutes,
     upon execution and delivery and payment therefor, as applicable, constitute
     a valid and binding obligation of the Company, enforceable in accordance
     with its respective terms except (1) as the enforceability thereof may be
     limited by bankruptcy, insolvency, reorganization, moratorium or other
     similar laws affecting creditors' rights generally or by general principles
     of equity; and (11) that the enforceability of the indemnification and
     contribution provisions of this Agreement may be limited by the Federal
     securities laws and public policy), and no consent, approval,
     authorization, order of, or filing with, any court or governmental
     authority or any other third party is required to consummate the
     transactions contemplated by this Agreement.

                                       5
<PAGE>

14.8 Non-Default:Noncontravention. The Company is not in violation of its
     ----------------------------
     articles or certificate of incorporation or by- laws or, in default in the
     performance or observance of any material obligation, agreement, covenant
     or condition contained in any material contract, lease or other instrument
     to which it is a party, and the Company's execution and delivery of this
     Agreement, and the incurrence of the obligations herein and therein set
     forth, and the consummation of the transactions contemplated will not
     immediately (i) conflict with, or constitute a breach of, or a default
     under the articles or certificate of incorporation or by-laws of the
     Company, or any material contract, lease or other material agreement or
     instrument to which the Company is a party or in which the Company has a
     beneficial interest or by which the Company is bound; (ii) violate any
     existing applicable law, rule, regulation, judgment, order or decree of any
     governmental agency or court, domestic or foreign, having jurisdiction over
     the Company or any of its properties or business; or (iii) have any
     material adverse effect on any permit, certification, registration,
     approval, consent, license or franchise necessary for the Company to own or
     lease and operate any of its properties and to conduct its business or the
     ability of the Company to make use thereof.

14.9 No Regulatorv Problems, The Company (i) has not filed a registration
     statement which is this subject of any pending proceeding or examination
     under Section 8 of the Securities Act, or is the subject of any refusal
     order or 8top order thereunder; (ii) is not subject to any pending
     proceeding under Rule 261 of the Securities Act or any similar rule adopted
     under Section 3(b) of the Securities Act, or to an order entered
     thereunder; (iii) has not been convicted of any felony or misdemeanor in
     connection with the purchase or sale of any security involving the making
     of any false filling with the Securities and Exchange Commission (the
     "Commission"); (iv) is not subject to any order, judgment, or decree of any
     court of competent jurisdiction temporarily or preliminary restraining or
     enjoining the Company from engaging in or continuing any conduct or
     practice in connection with the purchase or sale of any security or
     involving the making of any false filing with the Commission, or (v) is not
     subject to a United States Postal Service false representation order
     entered under Section 3005 of Title 39, United States Code, or a temporary
     restraining order or preliminary injunction entered under Section 3007 of
     Title 39, with respect to conduct alleged to have violated Section 3005 of
     Title,39, United States Code. None of the Company's directors, officers, or
     beneficial owners of 10 percent or more of any class of its equity
     securities (i) has been convicted of any felony or misdemeanor in
     connection With the purchase or sale of any security involving the making
     of a false filing with the Commission, or arising out of the conduct of the
     business of an underwriter, broker, dealer, municipal securities dealer, or
     investment advisor, (ii) is subject to any order, judgment, or decree of
     any court of competent jurisdiction temporarily or preliminary conjoining
     or restraining, or is subject to any order, judgment, or decree of any
     court of competent jurisdiction permanently enjoining or restraining such
     person from engaging in or continuing any conduct or practice in connection
     with the purchase or sale of any security, or involving the making of a
     false filing with the Commission, or arising out of the conduct of the
     business of an underwriter, broker, dealer, municipal securities dealer, or
     investment advisor, (iii) is subject to an order of the Commission entered
     pursuant to Section 15(b), 158(a) or 15B(c) of the Securities Exchange Act
     of 1934, as amended ("1934 ACT"), or is subject to an order of the
     Commission entered pursuant to Section 203(e) or (f) of the Investment
     Advisors Act of 1940; (iv) is suspended or expelled from membership in, or
     suspended or barred from association with a member of an exchange
     registered as a national security exchange pursuant to Section 6 of the
     1934 Act, an association registered as a national securities association
     under Section 15A of the 1934 Act, or a Canadian securities exchange or
     association for any act or omission to act constituting conduct
     inconsistent with just and equitable principles of trade, or (y) is subject
     to a United states Postal Service false representation order entered under
     Section 3005 of Title 39, United States Code, or is subject to a
     restraining order or preliminary injunction entered under Section 3007 of
     Title 39, United States Code, with respect to conduct alleged to have
     violated Section 3005 of Title 39, United States Code.

                                       6
<PAGE>

14.10 No Violations. The Company is not in violation of any material franchise,
     -------------
     license, permit, applicable law, rule, regulation, judgment or decree of
     any governmental agency or court, domestic or foreign, having jurisdiction
     over the Company or any of its properties or business other than any
     violation which individually or in the aggregate would not have a material
     adverse effect on the Company's business, properties or operations.

14.11 Conduct of Business. The Company has all necessary authorizations,
     --------------------
     approvals, orders, licenses, certificates and permits (collectively, the
     "Approvals") of and from all governmental regulatory officials and bodies,
     to own or lease its properties and conduct its business as it is being
     presently conducted in the Company's existing form, and the Company is and
     has been doing business in compliance With all such material Approvals, and
     all Federal, state and local , rules and regulations, other than any such
     Approvals, laws, rules and regulations, the failure to comply with which
     would not have material adverse effect on the Company, its business,
     properties or operations. All licenses and findings of suitability required
     to be obtained by any affiliate of the Company have been obtained and are
     in full force and effect

14.12 Title To Property Insurance. The Company will have good title to, or valid
     -----------------------------
     and enforceable leasehold estates in, all items of real property owned or
     leased by It, and will have good title to, or valid and enforceable leases
     or subleases with respect to, all items of personal property (tangible and
     intangible), free and clear of all liens, encumbrances, claims, security
     interests, defects of title, and restrictions of any material nature
     whatsoever, and liens for real estate taxes not yet due and payable. No
     default or notice of default exists or has been declared by the landlord or
     sub lessor under any of such leases or subleases. The Company has
     adequately insured its tangible and/or real properties against loss or
     damage by fire or other casualty (other than earthquake and flood) and
     maintains such insurance in adequate amounts, on terms generally offered by
     reputable insurance carriers in New York.

14.13 Intangibles. The Company will own or possess the requisite licenses or
     -------------
     rights to use all trademarks, service marks, service names, trade names,
     and other rights (collectively, the "Intangibles") described as owned or
     used by it. There is no proceeding or action by any person pertaining to,
     or proceeding or claim pending or, to the best knowledge of the Company,
     threatened and the Company has not received any notice of conflict with the
     asserted rights of others which challenges the exclusive right of the
     Company with respect to any Intangibles used in the conduct of the
     Company's business. To the best knowledge of the Company, the Intangibles
     and the Company's operations do not infringe on any intangibles held by any
     third party.

15.  The Company hereby agrees to indemnify and hold harmless the
     Representative, its directors, employees, agents and controlling persons
     from and against any and all losses, claims, damages, liabilities and
     expenses joint and several (including all reasonable fees of counsel,
     whether or not resulting in liability), caused by or resulting out of
     Representatives acting for the Company pursuant to this Agreement:
     provided, however, that the Company will not be liable hereunder to the
     extent that any loss, claim, damage, liability or expense is found to have
     resulted primarily from Representatives gross negligence or bad faith in
     performing the services described above.

16.  If a transaction is completed pursuant to this Agreement, the
     Representative may at its expense and with the Company's approval (which
     approval shall not be unreasonably withheld or delayed) place an
     announcement in such newspapers and periodicals as it may choose stating
     that the Representative has acted as financial advisor and private
     placement agent for the Company in such transaction.

                                       7
<PAGE>

17.  The Representative understands, and the Company agrees, that no individuals
     have acted as finders.

18.  This Agreement shall be binding upon and insure to the benefit of the
     parties and their successors and assigns. In the event a transaction occurs
     during the pendency of this Agreement and the Company is not the surviving
     entity in such transaction, or in the even that all or substantially all of
     the Company's assets are sold during such period, the Company shall cause
     the acquirer or acquirers to assume and honor the obligations and
     liabilities of the Company hereunder. This Agreement represents the entire
     understanding between the parties, and all prior discussions and
     negotiations are merged in it. In the event of any suit between the
     parties, it is agreed that (i) both parties hereby waive the right to trial
     by jury, (ii) suit may be brought only in the State Courts located in Now
     York County, New York, and the prevailing party shall be entitled to
     recover its reasonable attorney's fees and costs at all stages of
     proceeding, including all appellate levels.

     If the foregoing correctly sets forth the understanding and agreement
between the Representative and the Company, please so indicate in the space
provided for the purpose below.

      ACCEPTED AND AGREED:                     ACCEPTED AND AGREED:

 Silver Star Foods, Inc.        International Electronic Securities Trading LTD

BY:   /s/ Michael Trotta                        BY: /s/ T R Kessler
-------------------------------                 -------------------------------
          MICHAEL J TROTTA                        THOMAS R. KESSELER
           CEO/ President                          Managing Director

                                       8Exhibit 4.1
                              State of Delaware

                      Office of the Secretary of State                 PAGE 1

                             -------------------

     I, HARRIET SMITH WINDSOR, SECRETARY OF STATE OF THE STATE OF DELAWARE, DO
HEREBY CERTIFY THE ATTACHED IS A TRUE AND CORRECT COPY OF THE RESTATED
CERTIFICATE OF "PRESIDENT CASINOS, INC.", FILED IN THIS OFFICE ON THE
TWENTY-SIXTH DAY OF SEPTEMBER, 2001 A.D. 2001, AT 5:00 O'CLOCK P.M.

A FILED COPY OF THIS CERTIFICATE HAS BEEN FORWARDED TO THE NEW CASTLE COUNTY
RECORDER OF DEEDS.

                                    /s/ HARRIET SMITH WINDSOR
                                    -----------------------------------------
                                    Harriet Smith Windsor, Secretary of State

2299797   8100                      AUTHENTICATION: 1363691

010480195                               DATE: 09-27-01

<PAGE>
                    RESTATED CERTIFICATE OF INCORPORATION

                                     OF

                          PRESIDENT CASINOS, INC.

            It is hereby certified that:

            1.   (a)  The present name of the corporation (hereinafter called
the "corporation") is President Casinos, Inc.

            (b)  The name under which the corporation was originally
incorporated is President Riverboat Casinos, Inc.; and the date of filing the
original certificate of incorporation of the corporation with the Secretary of
State of the State of Delaware was June 3, 1992.

             2.  The provisions of the certificate of incorporation of the
corporation as heretofore amended and/or supplemented, are hereby restated and
integrated into the single instrument which is hereinafter set forth, and
which is entitled Restated Certificate of Incorporation President Casinos,
Inc., without further amendment and without any discrepancy between the
provisions of the certificate of incorporation as heretofore amended and
supplemented and the provisions of the said single instrument hereinafter set
forth.

             3.  The Board of Directors of the corporation has duly adopted
this Restated Certificate of Incorporation pursuant to the provisions of
Section 245 of the General Corporation Law of the State of Delaware in the
form set forth as follows:

<PAGE>

                                   RESTATED
                         CERTIFICATE OF INCORPORATION
                                      OF
                            PRESIDENT CASINOS, INC.

                            -----------------------

     FIRST:  The name of this Company is President Casinos, Inc.

     SECOND:  The registered office of the corporation is located at 1209
Orange Street, in the city of Wilmington, County of New Castle, State of
Delaware.  The name of the corporation's registered agent is The Corporation
Trust Company.

     THIRD:  The purpose of the corporation is to engage in any lawful
activity or act in which corporations may be engaged under the Delaware
General Corporation Law.

     FOURTH:  The total number of shares of stock which the Corporation is
authorized to issue is Fourteen Million One Hundred Fifty (14,150,000) shares,
consisting of Fourteen Million (14,000,000) shares of Common Stock having a
par value of $.06 per share, and One Hundred Fifty Thousand (150,000) shares
of Preferred Stock having a par value of $.01 per share.

          The Board of Directors is authorized, subject to limitations
prescribed by law, to provide for the issuance of the shares of Preferred
Stock in series, and by filing a certificate pursuant to the applicable law of
the State of Delaware, to establish from time to time the number of shares to
be included in each such series, and to fix the designations, powers,
preferences and rights of the shares of each such series and any
qualifications, limitations or restrictions thereof.  The number of authorized
shares of Preferred Stock may be increased or decreased (but not below the
number of shares thereof then outstanding) by the affirmative vote of the
holders of a majority of the outstanding shares of common stock, without a
vote of the holders of the Preferred Stock, or of any series thereof, unless a
vote of any such holders is required pursuant to the certificate or
certificates establishing any series of Preferred Stock.

     FIFTH:  The business and affairs of the corporation shall be managed by
or under the direction of the Board of Directors of the corporation.

     SIXTH:  In furtherance and not in limitation of the powers conferred by
the laws of the State of Delaware, the Board of Directors is expressly
authorized to make, amend and repeal the Bylaws in accordance with the
procedures provided in the Bylaws.

     SEVENTH:  The corporation reserves the right to altar, amend or repeal
any provision contained in this Certificate of Incorporation in the manner now
or hereinafter prescribed by the laws of the State of Delaware.  All rights
granted herein are granted subject to this reservation.

     EIGHTH:  The corporation shall indemnify the officers and directors of
the corporation and hold them harmless to the fullest extent permitted by the
provisions of the Delaware General Corporation Law.  In the event that the
Delaware General Corporation Law is amended, after the filing of the
Certificate of Incorporation of which this article is a part, to authorize
corporate action further eliminating or limiting the personal liability of
directors and officers, then the liability of a director or officer of the

                                       1
<PAGE>
corporation shall be eliminated or limited to the fullest extend permitted by
the Delaware General Corporation Law, as so amended.

          The corporation shall pay the expenses incurred by an officer or
director in defending any civil, criminal, administrative, or investigative
action, suit or proceeding in advance of the final disposition of such action,
suit or proceeding upon receipt of an undertaking by or on behalf of such
director or officer to repay such amount if it should be ultimately determined
that he is not entitled to be indemnified by the corporation as authorized by
the Delaware Corporation Law.

          Any repeal or modification of the foregoing paragraph by the
stockholders of the corporation shall not adversely affect any right or
protection of a director or officer of the corporation existing at the time of
such repeal or modification.

     NINTH:  To the fullest extent permitted by law, a director shall have no
personal liability to the corporation or its stockholders for monetary damages
for breach of fiduciary duty as a director.  Any amendment to or repeal of
this Article NINTH shall not adversely affect any right or protection of a
director of the corporation for or with respect to any acts or omissions of
such director occurring prior to such amendment or repeal.

     TENTH:  [Intentionally omitted.]

     ELEVENTH:  [Intentionally omitted.]

     TWELFTH:  Obligations of Certain Beneficial Owners; Rights of Redemption.

          A.  No Person may become the Beneficial Owner of five (5%) percent
or more of any class or series of the corporation's issued and outstanding
Capital Stock unless such Person agrees in writing to:  (i) provide to the
Gaming Authorities information regarding such Person, including without
limitation thereto, information regarding other gaming-related activities of
such Person and financial statements, in such form, and with such updates, as
may be required by any Gaming Authority; (ii) respond to written or oral
questions that may be propounded by any Gaming Authority; and (iii) consent to
the performance of any background investigation that may be required by any
Gaming Authority, including without limitation thereto, an investigation of
any criminal record of such Person.

          B.  Notwithstanding any other provision of this Certificate, but
subject to the provisions of any resolution of the Board of Directors creating
any series of preferred stock or any other class of stock which has a
preference over common stock with regard to dividends or upon liquidation,
outstanding shares of Capital Stock held by a Disqualified Holder shall be
subject to redemption at any time by the corporation by action of the Board of
Directors.  The terms and conditions of such redemption shall be as follows:

               (1)  the redemption price of the shares to be redeemed pursuant
to this section B of Article TWELFTH shall be equal to the Fair Market Value
of such shares or such other redemption price as required by pertinent state
or federal law pursuant to which the redemption is required;

               (2)  the redemption price of such shares may be paid in cash,
Redemption Securities or any combination thereof;

               (3)  if less than all the shares held by Disqualified Holders
are to be redeemed, the shares to be redeemed shall be selected in such manner
as shall be determined by the Board of Directors, which may include selection
first of the most recently purchased shares thereof, selection by lot, or

                                        2
<PAGE>
selection in any other manner determined by the Board of Directors;

               (4)  at least thirty (30) days' written notice of the
Redemption Date shall be given to the record holders of the shares selected to
be redeemed (unless waived in writing by any such holder) provided that the
Redemption Date may be the date on which written notice shall be given to
record holders if the cash or Redemption Securities necessary to effect the
redemption shall have been deposited in trust for the benefit of such record
holders and subject to immediate withdrawal by them upon surrender of the
stock certificates for their shares to be redeemed;

               (5)  from and after the Redemption Date or such earlier date as
mandated by pertinent state or federal law, any and all rights of whatever
nature, which may be held by the Beneficial Owners of shares selected for
redemption (including without limitation any rights to vote or participate in
dividends declared on stock of the same class or series as such shares), shall
cease and terminate and they shall thenceforth be entitled only to receive the
cash or Redemption Securities payable upon redemption; and

               (6)  such other terms and conditions as the Board of Directors
shall determine.

          C.  Definitions.  Capitalized terms used in this Article TWELFTH
shall have the meanings provided below:

               "Affiliate" and "Associate" shall have the respective meanings
ascribed in such terms in Rule 12b-2 under the General Rules and Regulations
under the Securities Exchange Act of 1934, as amended (the "Act").  The term
"registrant" as used in said Rule 12b-2 shall mean the corporation.

               "Beneficial Owner" shall mean any Person who, singly or
together with any of such Person's Affiliates or Associates, directly or
indirectly, has "beneficial ownership" of Capital Stock (as determined
pursuant to Rule 13d-3 of the Act).

               "Capital Stock" shall mean any common stock, preferred stock,
special stock, or any other class or series of stock of the corporation.

               "Disqualified Holder" shall mean any Beneficial Owner of shares
of Capital Stock of the corporation or any of its Subsidiaries, whose holding
of shares or Capital Stock may result or, when taken together with the holding
of shares of Capital Stock by any other Beneficial Holder, may result, in the
judgment of the Board of Directors, in the loss or non-reinstatement of any
license or franchise from any governmental agency held by the corporation or
any Subsidiary to conduct any portion of the business of the corporation or
any Subsidiary, which license or franchise is conditioned upon some or all of
the holders of Capital Stock meeting certain criteria.

               "Fair Market Value" of a share of Capital Stock shall mean the
average Closing Price for such a share for each of the forty-five (45) most
recent days during which shares of stock of such class or series shall have
been traded preceding the day on which notice of redemption shall have been
given pursuant to Paragraph (4) of section B of Article TWELFTH; provided,
however, that if shares of stock of such class or series are not traded on any
securities exchange or in the over-the-counter market, "Fair Market Value"
shall be determined by the Board of Directors in good faith; and provided,
further, however, that "Fair Market Value" as to any stockholder who purchases
any stock subject to redemption within one hundred twenty (120) days prior to
a Redemption Date shall not (unless otherwise determined by the Board of
Directors) exceed the purchase price paid for such shares.  "Closing Price" on
any day means the reported closing sales price or, in case no such sale takes

                                       3
<PAGE>
place, the average of the reported closing bid and asked price on the
composite tape for the New York Stock Exchange-listed stocks, or, if stock of
the class or series in question is not quoted on such composite tape on the
New York Stock Exchange, or, if such stock is not listed on such exchange, on
the principal United States Securities Exchange registered under the Act on
which such stock is listed, or, if such stock is not listed on any such
exchange, the highest closing sales price or bid quotation for such stock on
the National Association of Securities Dealers, Inc., Automated Quotation
System (including the National Market Systems) or any system then in use, or,
if no such prices or quotations are available, the fair market value on the
day in question as determined by the Board of Directors in good faith.

               "Gaming Authorities" shall mean the Iowa Racing and Gaming
Commission, the Mississippi Gaming Commission at such time as the corporation
becomes subject to its jurisdiction or any other governmental authority
regulating any form of gaming that has jurisdiction over the corporation or
its Subsidiaries.

               "Person" shall mean any natural person, corporation, firm,
partnership, association, government, governmental agency, or any other
entity, whether acting in an individual, fiduciary, or any other capacity.

               "Redemption Date" shall mean the date fixed by the Board of
Directors for the redemption of any shares of stock of the corporation
pursuant to section B of this Article TWELFTH.

               "Redemption Securities" shall mean any debt or equity
securities of the corporation, any Subsidiary or any other corporation, or any
combination thereof, having such terms and conditions as shall be approved by
the Board of Directors and which, together with any cash to be paid as part of
the redemption price, in the opinion of any nationally recognized investment
banking firm selected by the Board of Directors (which may be a firm which
provides other investment banking, brokerage or other services to the
corporation), has a value, at the time notice of redemption is given pursuant
to paragraph (4), section B of Article TWELFTH, at least equal to the Fair
Market Value of the shares to be redeemed pursuant to section B of Article
TWELFTH (assuming, in the case of Redemption Securities to be publicly traded,
such Redemption Securities were fully distributed and subject only to normal
trading activity).

               "Subsidiary" shall mean company of which a majority of any
class of equity securities is beneficially owned by the corporation or in
which the corporation or any subsidiary is a general partner.

     THIRTEENTH:  Foreign Ownership of Common Stock
          A.  For purposes of this Article Thirteenth, the following terms
shall have the meanings specified below:

          A Person shall be deemed to be the "Beneficial Owner" of, or to
"Beneficially Own" shares of common stock to the extent that such Person would
be deemed to be the beneficial owner thereof pursuant to Rule 13d-3
promulgated by the Securities and Exchange Commission under the Securities
Exchange Act of 1934, as such rule may be amended from time to time.

          "Citizen" shall mean:

          (1)  any individual who is a citizen of the United States, by birth,
naturalization or as otherwise authorized by law;

          (2)  any corporation (A) that is organized under the laws of the
United States or of a state, territory, district or possession thereof, (B) of

                                       4
<PAGE>
which not less than 75% of its stock is Beneficially Owned by Persons who are
Citizens, as defined herein, (C) whose president or chief executive officer,
chairman of the board of directors and all officers authorized to act in the
absence or disability of such Persons are Citizens, as defined herein and (D)
of which more than 50% of that number of its directors necessary to constitute
a quorum are Citizens, as defined herein;

          (3)  any partnership (A) that is organized under the laws of the
United States or of a state, territory, district or possession thereof, (B)
all general partners of which are Citizens, as defined herein and (C) of which
not less than a 75% interest is Beneficially Owned by Persons who are
Citizens, as defined herein;

          (4)  any association or limited liability company (A) that is
organized under the laws of the United States or of a state, territory,
district or possession thereof, (B) whose president or other chief executive
officer (or equivalent position), chairman of the board of directors (or
equivalent committee or body) and all Persons authorized to act in the absence
or disability of such Persons are Citizens, as defined herein, (C) of which
not less than 75% of the voting power is Beneficially Owned by Citizens, as
defined herein and (D) of which more than 50% of that number of its directors
(or equivalent Persons) necessary to constitute a quorum are Citizens, as
defined herein;

          (5)  any joint venture (if not an association, corporation or
partnership) (A) that is organized under the laws of the United States or of a
state, territory, district or possession thereof and (B) all co-ventures of
which are Citizens, as defined herein; and

          (6)  any trust (A) that is domiciled in and existing under the laws
of the United States or of a state, territory, district or possession thereof,
(B) the trustee of which is a Citizen, as defined herein and (C) of which not
less than a 75% interest is held for the benefit of Citizens, as defined
herein.

          "Non-Citizen" shall mean any Person other than a Citizen.

          "Permitted Percentage" shall mean 24.9% of the shares of common
stock from time to time issued and outstanding.

          "Person" shall mean an individual, partnership, corporation, trust
or other entity.

          B.  It is the policy of the corporation that Non-Citizens should
Beneficially Own, individually or in the aggregate, no more than the Permitted
Percentage of the common stock.  If at any time Non-Citizens, individually or
in the aggregate, become the Beneficial Owners of more than the Permitted
Percentage of the common stock, then the corporation shall have the power to
take the actions prescribed in sections C, D, E, and F of this Article
Thirteenth.  The provisions of this Article Thirteenth are intended to assure
that the corporation remains in continuous compliance with the citizenship
requirements of the Merchant Marine Act of 1936, as amended, the Shipping Act
of 1916, as amended (collectively, the Maritime Laws') and the regulations
promulgated thereunder.  Any amendments to the Maritime Laws or the
regulations relating to the citizenship of vessel owners are deemed to be
incorporated herein by reference.

          To the extent necessary to enable the corporation to submit any
proof of citizenship required by law or by contract with the United States
government (or any agency thereof), the corporation may require the record
holders and the Beneficial Owners of common stock to confirm their citizenship

                                      5
<PAGE>
status from time to time, and dividends payable with respect to stock held by
such record holder or owned by such Beneficial Owner may, in the discretion of
the Board of Directors, be withheld until confirmation of such citizenship
status is received; and the stock transfer records of the corporation shall be
maintained in such manner as to enable the percentage of common stock that is
Beneficially Owned by Non-Citizens and by Citizens to be confirmed.  The Board
of Directors is authorized to take such other ministerial actions or make such
interpretations as it may deem necessary or advisable in order to implement
the policy set forth in this Section B of Article Thirteenth.

          C.  Any transfer, or attempted transfer, of any shares of common
stock, the effect of which would be to cause one or more Non-Citizens to
Beneficially Own common stock in excess of the Permitted Percentage, shall be
ineffective as against the corporation, and neither the corporation nor its
transfer agent shall register such transfer or purported transfer on the stock
transfer records of the corporation and neither the corporation not its
transfer agent shall be required to recognize the transferee or purported
transferee thereof as a stockholder of the corporation for any purpose
whatsoever except to the extent necessary to affect any remedy available to
the corporation under this Article Thirteenth.  A citizenship certificate may
be required from all transferees (and from any recipient upon original
issuance) of common stock of the corporation and, if such transferee (or
recipient) is acting as a fiduciary or nominee for a Beneficial Owner, such
Beneficial Owner, and registration of transfer (or original issuance) shall be
denied upon refusal to furnish such certificate.

          D.  If on any date (including any record date) the number of shares
of common stock that is Beneficially Owned by Non-Citizens is in excess of the
Permitted Percentage (such shares herein referred to as "Excess Shares"), the
corporation shall determine those shares Beneficially Owned by Non-Citizens
that constitute such Excess Shares.  The determination of those shares that
constitute Excess Shares shall be made by reference to the date or dates such
shares were acquired by Non-Citizens, starting with the most recent
acquisition of shares of common stock by a Non-Citizen and including, in
reverse chronological order of acquisition, all other acquisitions of shares
of common stock by Non-Citizens from and after the acquisition of those shares
of common stock by a Non-Citizen that first caused the Permitted Percentage to
be exceeded.  The determination of the corporation as to those shares that
constitute the Excess Shares shall be conclusive.  Shares deemed to constitute
such Excess Shares (so long as such excess exists) not be accorded any voting
rights and shall not be deemed to be outstanding for purposes of determining
the vote required on any matter properly brought before the stockholders of
the corporation for a vote thereon.  The corporation shall (so long as such
excess exists) without the payment of dividends and the sharing in any other
distribution (upon liquidation or otherwise) in respect of the Excess Shares.
At such time as the Permitted Percentage is no longer exceeded, full voting
rights shall be restored to any shares previously deemed to be Excess Shares
and any dividend or distribution with respect thereto that has been withheld
shall be due and paid solely to the record holders of such shares at the time
the Permitted Percentage is no longer exceeded.

          E.  Notwithstanding any other provisions of this Certificate, but
subject to the provisions of any resolution of the Board of Directors creating
any series of preferred stock or any other class of stock which has a
preference over common stock with regard to dividends or upon liquidation, the
Excess Shares shall be subject to redemption at any time by the corporation by
action of the Board of Directors.  The terms and conditions of such redemption
shall be as follows:

          (1)  the redemption price of the shares to be redeemed pursuant to

                                       6
this Article Thirteenth shall be equal to the Fair Market Value of such shares
or such other redemption price as required by pertinent state or federal law
pursuant to which the redemption is required;

          (2)  the redemption price of such shares may be paid in cash,
Redemption Securities or any combination thereof;

          (3)  if less than all the Excess shares are to be redeemed, the
shares to be redeemed shall be selected in such manner as set forth in Section
D of this Article Thirteenth or as otherwise determined by the Board of
Directors,

          (4)  at least thirty (30) days' written notice of the Redemption
Date shall be given to the record holders of the Excess Shares selected to be
redeemed (unless waived in writing by any such holder) provided that the
Redemption Date may be the date on which written notice shall be given to
record holders if the cash or Redemption Securities necessary to effect the
redemption shall have been deposited in trust for the benefit of such record
holders and subject to immediate withdrawal by them upon surrender of the
stock certificates for the Excess Shares to be redeemed;

          (5)  from and after the Redemption Date or such earlier date as
mandated by pertinent state or federal law, any and all rights of whatever
nature, which may be held by the record holder of Excess Shares selected for
redemption (including without limitation any rights to vote or participate in
dividends declared on stock of the same class or series as such shares), shall
cease and terminate and they shall thenceforth be entitled only to receive the
cash or Redemption Securities payable upon redemption; and

          (6)  such other terms and conditions as the Board of Directors shall
determine,

          (7)  capitalization terms used in this section E of Article
Thirteenth shall have the meanings provided below.

          "Fair Market Value" of a share of Capital Stock shall mean the
average Closing Price for such a share for each of the forty-five (45) most
recent days during which shares of stock of such class or series shall have
been traded preceding the day on which notice of redemption shall have been
given pursuant to Paragraph (4) of section E of Article Thirteenth; provided,
however, that if shares of stock of such class or series are not traded on any
securities exchange or in the over-the-counter market, "Fair Market Value"
shall be determined by the Board of Directors in good faith; and provided,
further, however, that "Fair Market Value" as to any stockholder who purchases
any stock subject to redemption within one hundred twenty (120) days prior to
a Redemption Date shall not (unless otherwise determined by the Board of
Directors) exceed the purchase price paid for such shares.  "Closing Price" on
any day means the reported closing sales price or, in case no such sale takes
place, the average of the reported closing bid and asked price on the
composite tape for the New York Stock Exchange-listed stocks, or, if stock of
the class or series in question is not quoted on such composite tape on the
New York Stock Exchange, or, if such stock is not listed on such exchange, on
the principal United States Securities Exchange registered under the Act on
which such stock is listed, or, if such stock is not listed on any such
exchange, the highest closing sales price or bid quotation for such stock on
the National Association of Securities Dealers, Inc., Automated Quotation
System (including the National Market Systems) or any system then in use, or,
if no such prices or quotations are available, the fair market value on the
day in question as determined by the Board of Directors in good faith.

          "Redemption Date" shall mean the date fixed by the Board of
Directors for the redemption of any shares of stock of the corporation

                                       7
<PAGE>
pursuant to section 5.

          "Redemption Securities" shall mean any debt or equity securities of
the corporation, any Subsidiary or any other corporation, or any combination
thereof, having such terms and conditions as shall be approved by the Board of
Directors and which, together with any cash to be paid as part of the
redemption price, in the opinion of any nationally recognized investment
banking firm selected by the Board of Directors (which may be a firm which
provides other investment banking, brokerage or other services to the
corporation), has a value, at the time notice of redemption is given pursuant
to paragraph (4), section E of Article Thirteenth, at least equal to the Fair
Market Value of the shares to be redeemed pursuant to Article Thirteenth
(assuming, in the case of Redemption Securities to be publicly traded, such
Redemption Securities were fully distributed and subject only to normal
trading activity).

          F.  In determining the citizenship of the Beneficial Owners or their
transferees of common stock, the corporation may rely on the stock transfer
records of the corporation and the citizenship certificates given by
Beneficial Owners or their transferees or any recipients (in the case of
original issuance) (in each case whether such certificates have been given on
their own behalf or on behalf of others) to prove the citizenship of such
Beneficial Owners, transferees or recipients of the common stock.  The
determination of citizenship of Beneficial Owners and their transferees of the
common stock may also be subject to proof in such other way or ways as the
corporation may deem reasonable.  The corporation may at any time require
proof, in addition to the citizenship certificates, of the Beneficial Owner or
proposed transferee of shares of common stock, and the payment of dividends
may be withheld, and any application for transfer of ownership on the stock
transfer records of the corporation may be refused, until such additional
proof is submitted.

          G.  Each provision of Article Thirteenth is intended to be severable
from every other provision.  If any one or more of the provisions contained in
this Article Thirteenth is held to be invalid, illegal or unenforceable, the
validity, legality or enforceability of any other provision of this Article
Thirteenth shall not be affected, and this Article Thirteenth shall be
construed as if the provisions held to be invalid, illegal or unenforceable
had never been contained therein.

     IN WITNESS WHEREOF, the undersigned, being an authorized officer of the
Company, has executed, signed and acknowledged this Restated Certificate of
Incorporation this 26th day of September, 2001.

                                           /s/ Ralph J. Vaclavik
                                           ---------------------------------
                                           RALPH J. VACLAVIK
                                           Senior Vice President and
                                           Chief Financial Officer

[Corporate Seal]

ATTEST:

/s/ John S. Aylsworth
-------------------------
JOHN S. AYLSWORTH
President and Chief Operating Officer

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