Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Sutcliffe Resources Ltd. - Exhibit 4.c

SUTCLIFFE RESOURCES LTD. 
420
– 625 Howe Street

  Vancouver, BC V6C 2T6

February 5, 2003

David Fleming,     (“Vendor”)
5435 Paton
Drive
Ladner, BC

  V4K 2G4

Dear Sir: 

Re:     Beale Lake Property

This Letter of Intent (the “Letter”) which remains
  open for signature until close of business February 5, 2003, shall set forth
  an offer which when accepted by you shall form the basis for a binding agreement
  between Sutcliffe Resources Ltd. (hereinafter referred to as “Sutcliffe”)
  and yourself (hereinafter referred to as the “Vendor”), subject to
  the terms and conditions hereinafter set forth. 

	1. 	
      This Letter is entered into on the basis of
      representations and warranties made to Sutcliffe by the Vendor in respect
      of Property described in the legal descriptions as described in Schedule
      “A” and the Executive Summaries attached hereto as Schedule “F”
      (hereinafter collectively referred to as the “Property”), as
    follows:

	 	 	 
		a) 	
      the Vendor is the legal and beneficial owner of 100% of
      the mineral rights and interest in and to the Property excluding the
      interests of the Canadian government, provincial and local authorities and
      has the absolute right and authority to enter into this Letter with
      Sutcliffe providing for the option and purchase of the Property;

	 	 	 
		b) 	
      the Vendor is a Canadian citizen residing at 5435 Paton
      Drive, Ladner, BC V4K 2G4;

	 	 	 
		c) 	
      the Vendor is not in breach of any laws, ordinances,
      statutes, regulations, by-laws, orders or decrees to which he is subject
      or which apply to him;

	 	 	 
		d) 	
      the Vendor has full and absolute right, power and
      authority to enter into this Letter on the terms and conditions herein set
      forth, to carry out the

	January 24, 2003 	- 2 - 

	 		 transactions contemplated hereby and to
        sell and transfer the legal and beneficial title and ownership of the
        Property as set forth herein;

	 	 	 	 
	 	e) 	 no consent or approval of or
        registration or declaration with any government or governmental authority
        of Canada or bureau, board or administrative agency, is required for the
        execution and delivery or performance by the Vendor, or to perfect the
        validity or enforceability against the Vendor, of this Letter;

	 	 	 	 
	 	f) 	 there have been no material adverse
        changes in the financial condition and position of the Property since
        the Executive Summary attached hereto;

	 	 	 	 
	 	g) 	 there is no action, suit, judgment,
        litigation, strike, labour disturbance, proceeding or investigation against
        or pending against or involving the Property which might result in any
        material adverse change in the assets, business or financial condition
        of the Property or result in any liability with respect to the Property;

	 	 	 	 
	 	h) 	 the Vendor is not in default
        or breach of any provision of any contract, agreement, lease, indenture
        or other instrument with respect to the Property;

	 	 	 	 
	 	i) 	 the Vendor has completed all
        commitments to the Property including the annual fee assessment to the
        provincial Ministry of Finance, and the Property remains in good standing
        as of the date of signing of this agreement;

	 	 	 	 
	 	j) 	 all facts relating to the Property
        and to their business, operations, assets or financial condition that
        are known, or which on reasonable inquiry ought to be known, to the Vendor
        and that are material to the business, operations, assets or financial
        condition of the Property have been disclosed to Sutcliffe;

	 	 	 	 
	 	k) 	 the Vendor has not entered into
        any non-competition or similar agreement or arrangement with any person,
        firm or corporation with respect to the Property other than as specifically
        disclosed to Sutcliffe;

	 	 	 	 
	 	l) 	 the execution and delivery by
        the Vendor of, and the performance by the Vendor of all his obligations
        under, this Letter does not and will not:

	 	 	 	 
	 		(i)	  violate any provisions of the constating documents
        of the Vendor;

	January 24, 2003 	- 3 - 

		  
	(ii)	 result in or require the creation or imposition of any mortgage, deed
      of trust, pledge, lien, security interest, claim, charge, right of others
      upon or with respect to the Property.
	 	 	 	 
	2. 	 Sutcliffe covenants and agrees with the Vendor
        as follows:

	 	 	 	 
		a) 	 in consideration of the option to Sutcliffe
        of the Property, Sutcliffe will cause to be issued and delivered to the
        Vendor, on the closing of the transaction contemplated herein (the “Closing”),
        $7,500.00 followed by the underlying payment schedule.

	 	
	Schedule of Payments

	 
 	Date	Cash	Shares 	Work Program 
	 	Within 7 business days of signature	$7,500 	0 	Commencing June 15, 2003 and completing no
      later than September 30, 2003 (Phase I)

	 	 the sooner of trading or September
      30, 2003	$15,000 	100,000 (upon trading) 	Completion of Phases II and III
      prior to October 31, 2004 

	 	June 30, 2004	$17,500	50,000	$350,000 before October 31, 2005
	 	June 30, 2005	$30,000	100,000	 $400,000 before October 31, 2006
	 	June 30, 2006	$50,000	100,000	$500,000 before October 31, 2007
	 	CUMULATIVE TOTALS	$120,000 	350,000 	$1,550,000 

	 	Shares at deemed price of $0.15 
	 	 
	 	Should a positive feasibility be
      completed and/or any commercial production attained, a bonus of 650,000
      shares shall be payable to Fleming with 12 months of such event. 

	 	 
	 	A finder’s fee is payable 
	 	 
	 	A 21⁄2% N.S.R. (net smelter royalty) is
      payable with a buyout for 1% of the 2.5 (or 40%) for 1.0 million. 

	 	 
	 	An advance on Royalties of $20,000 per year,
      commencing October 1, 2008 
	 	 

	 	b) 	
      effective as of the Closing, Sutcliffe will provide for
      day to day exploration regarding the Property to be overviewed by Fleming
      and/or Durfeld in accordance with industry accepted standards and
      remuneration.

	January 24, 2003	- 4 -

	3. 	 The Vendor further represents and warrants
        that he has duly and properly located and recorded the mineral claims;

	 	 	 	 	 
	4. 	 As a condition precedent to the Closing,

	 	 	 	 	 
		a) 	 With the assistance of the Vendor, Sutcliffe
        shall deliver or cause to be delivered the following items, the cost of
        which shall be borne out of the budgets set out in Schedule “B”:

	 	 	 	 	 
			(i)	 an independent evaluation if necessary
        of the Property prepared by an accredited person in accordance with National
        Instrument 43-101 acceptable to the TSX Venture Exchange, confirming the
        merit of the Property, the cost of this report shall be paid from company
        funds, which report shall contain:

	 	 	 	 	 
	 	 	 	(A)	a phased work program budget setting out at minimum, the expenditure of
      CDN $75,000 roughly set in Schedule “B”, and
	 	 	 	 	 
	 	 	 	(B) 	 evidence of the expenditures of the Vendors to date;

	 	 	 	 	 
			(ii) 	 a title opinion verifying title to the Property;

	 	 	 	 	 
			(iii) 	 a written opinion, in a form satisfactory
        to our legal counsel, that all corporate steps have been taken to properly
        and validly effect the option of the Property to Sutcliffe;

	 	 	 	 	 
		b) 	 Sutcliffe shall deliver or cause to be delivered
        to the Vendor:

	 	 	 	 	 
			(i) 	 regulatory approval to the further issuance
        of cash and shares as specified in the outlined Schedule;

	 	 	 	 	 
			(ii) 	 this letter of intent or a formal agreement
        if necessary containing standard clauses inclusive of an area of interest
        clause constituting 3km from existing property boundaries unless otherwise
        mutually agreed to by the parties.

	 	 	 	 	 
		c) 	 Sutcliffe shall have given the following representations
        and warranties:

	 	 	 	 	 
			(i) 	 there are presently authorized, 100,000,000
        common shares, and there are issued and outstanding 2,417,000 common shares,
        in the capital stock of Sutcliffe prior to financing;

	January 24, 2003 	- 5 - 

		 	(ii) 	
      Sutcliffe is not in breach of any laws, ordinances,
      statutes, regula- tions, by-laws, orders or decrees to which it is subject
      or which apply to it;

	 	 	 	 
		 	(iii) 	
      the financial statements of Sutcliffe have been made
      available to the Vendor (the “Sutcliffe Financials”) and have been
      prepared in accordance with generally accepted accounting principles
      applied on a basis consistent with previous years (except as therein
      noted) and fairly and accurately reflect the business and financial
      position of Sutcliffe as of the date thereof and the results of its
      operations for the respective period or periods therein reported upon, and
      disclose no adverse facts not previously disclosed to the Vendor and, at
      the closing, there will have been no material adverse changes in the
      financial condition and position of Sutcliffe since the date of the
      Sutcliffe Financials save and except conclusion of the shares for debt
      disclosed to the Vendor;

	 	 	 	 
		 	(iv) 	
      there is no action, suit, judgment, litigation, strike,
      labour disturbance, proceeding or investigation against or pending against
      or involving Sutcliffe which might result in any material adverse change
      in the assets, business or financial condition of Sutcliffe or result in
      any liability on the part of Sutcliffe;

	 	 	 	 
		 	(v) 	
      all facts relating to Sutcliffe and to its business,
      operations, assets or financial condition that are known, or which on
      reasonable inquiry ought to be known, to Sutcliffe and that are material
      to the business, operations, assets or financial condition of Sutcliffe
      have been disclosed to the Vendor.

	 	 	 	 
	5. 	
      The Closing shall take place within ten (10) business
      days of the date upon which all regulatory, shareholder and board of
      directors’ approvals required to give effect to this transaction are
      received.

	 	     
	6. 	
      The Closing shall take place at the offices of Sutcliffe
      Resources Ltd., and on or before Closing, the Vendor shall use his best
      efforts to ensure the delivery to Sutcliffe of all documentation necessary
      to give effect to the true nature and intent of this Letter and of the
      sale and purchase of the Property and, without limiting the generality of
      the foregoing, shall ensure the delivery to Sutcliffe, of whatever
      documentation is necessary to effect the approval, if necessary, of the
      regulatory authorities having jurisdiction, to this transaction.

	 	     
	7. 	
      This Letter and the option of the Property shall be
      interpreted in accordance with the laws of the Province of British
      Columbia and shall enure to the benefit of and

	January 24, 2003 	- 6 - 

		 be binding upon the parties hereto, their respective
        heirs, administrators, successors and assigns, as the case may be.

	 	 
	8. 	 The Vendor hereby represents that it has read this Letter,
        that it has sought independent legal advice with respect to the contents
        herein and that it fully understands the terms and legal effect of this
        Letter.

	 	 
	9. 	 Sutcliffe will pay a finders fee on the Closing of this
        transaction which fee shall be the responsibility of Sutcliffe and will
        be calculated in accordance with TSX Venture Rules. No other fee or agency
        cost is payable.

	 	 
	10. 	 Each of the parties to this agreement shall bear their
        own costs to close the transaction with the possible cost of the 43-101
        Report being borne by Sutcliffe out of its funds.

	 	 
	11. 	 This Letter and the Closing of this transaction may
        be subject to regulatory approval, shareholder approval, and Board of
        Director Approvals, and all news releases with respect to it must receive
        joint approval prior to dissemination.

	 	 
	12. 	 If, at any time up until completion of terms to be defined
        in the formal purchase agreement that Sutcliffe does not to continue with
        payment of advance royalties in cash or by way of common shares of Sutcliffe,
        title and option shall be relinquished to David Fleming unless mutually
        agreed to by the parties.

	 	 
	13. 	 All dollar figures are represented in Canadian currency.

If the foregoing accurately sets forth your understanding of
our agreement, kindly sign this Letter where indicated below, which will then
form a binding agreement between us, subject only to the terms and conditions
aforesaid. 

Yours very truly,

SUTCLIFFE RESOURCES LTD. 

	Per: 	/s/ Laurence Stephenson	 	Per: 	/s/ Glen Indra
		Authorized
    Signatory	 		Authorized
Signatory

TERMS UNDERSTOOD AND AGREED TO AND THE WITHIN OFFER ACCEPTED
  THIS    5th    DAY OF February, 2003.

	Per: 	/s/ David Fleming	 
		David Fleming 	 

	January 24, 2003 	- 7 -

SCHEDULE A:

CLAIM SUMMARY

	Claim Name	Number	NTS Map Sheet	Units	Expiry Date
	BLT 1	374633	104I/14E	18	February 28, 2005
	BLT 2	374634	104I/14E	18	February 28,
2005

All claims are registered in the name of David Fleming.

All claims occur within the Liard Mining Division. 

	January 24, 2003 	- 8 -

SCHEDULE B: BUDGET, PHASES I, II AND III

PROPERTY: BEALE LAKE

	 	 	 	 	 	 
	 	PHASE 1 	 	 
	 	 
	 	  	 	  	 	 
	 	Data Preparation and Technical Work 	 	  	 	 
	 	     (thin sections, airborne data, satellite
      imagery)	$	 10,000 	 	 
	 	Grid Establishment, Geochemical Sampling 	 	35,000 	 	 
	 	Geological Mapping, Reconnaissance, and Report 	 	30,000 	 	 
	 	  	$	 75,000 	 	 
	 	  	 	  	 	 
	 	PHASE II 	 	  	 	 
	 	Follow-up Geology, IP Geophysics, Mapping, Reconnaissance 	 	  	 	 
	 	  	$	 75,000 	 	 
	 	  	$	 75,000 	 	 
	 	  	 	  	 	 
	 	PHASE III 	 	  	 	 
	 	Trenching and/or Diamond Drilling 	$	 150,000 	 	 
	 	 	 	 	 	 

	N.B.   	All phases are inclusive of
      mobilization, demobilization, air support (fixed wing and helicopter),
      camp and supplies. 

	January 24, 2003 	- 9 - 

SCHEDULE “C”

“Net Smelter Return” shall mean the aggregate proceeds received
by the Optionee from time to time from any smelter or other purchaser from the
sale of any ores, concentrates, metals or any other material of commercial value
produced by and from the Property, whether in testing, partial production or
full production, after deducting from such proceeds the following charges only
to the extent that they are not deducted by the smelter or other purchaser in
computing the proceeds: 

	 	(a) 	
      The cost of transportation of the ores, concentrates or
      metals from the Property to such smelter or other purchaser, including
      related insurance;

	 	 	 
	 	(b) 	
      Smelting and refining charges including penalties;
    and

The Optionee shall reserve and pay to the Optionor a NSR equal
to two point five (2.5%) percent of Net Smelter Return. 

Payment of NSR payable to the Optionor hereunder shall be made
quarterly within thirty (30) days after the end of each calendar quarter during
which the Optionor receives Net Smelter Returns in U.S. dollars or in kind
bullion at the discretion of the Optionor. Within sixty (60) days after the end
of each calendar quarter for which the NSR are payable to the Optionor, the
records relating to the calculation of NSR for such year shall be audited by the
Optionee and any adjustments in the payments of NSR to the Optionor shall be
made forthwith after completion of the audit.

All payments of NSR to the Optionor for a calendar year shall
be deemed final and in full satisfaction of all obligations of the Optionee in
respect thereof if such payments or the calculations thereof are not disputed by
the Optionor within one hundred eighty (180) days after receipt by the Optionor
of the same audited statement. The Optionee shall maintain accurate records
relevant to the determination of the NSR and the Optionor, or its authorized
agent, shall be permitted the right to examine such records at all reasonable
times. 

	January 24, 2003 	- 10 - 

SCHEDULE “D” 

For bonus share accounting, “Commercial Production” means the
commercial exploitation of any Mineral Products from the Property or any part of
the Property as a mine after a Product Program, but does not include milling for
the purpose of testing or milling by a pilot plant for a total period of less
than 30 days and to a maximum of 25,000 tonnes as allowed under a one time bulk
sample BCMEMPR guideline, and will be deemed to have commenced 

	 	(i)     if a plant is located on the
      Property, on the first day after the first period of (31) consecutive days
      during which Mineral Products have been produced from the Property, or 

	 	    
	 	(ii)    if no plant is located on the Property,
      on the first day of the first month that begins after the first 31 total
      days during which the Mineral Products have been shipped from the Property
      on a reasonably regular basis for the purpose of earning revenue. 

	January 24, 2003 	- 11 -

SUTCLIFFE RESOURCES LTD.

  420 – 625 Howe Street

  Vancouver, BC V6C 2T6

September 27, 2004

David Fleming,     (“Vendor”)

  5435 Paton Drive

  Ladner, BC

  V4K 2G4

Dear Sir:

Re:     Beale Lake Property

This addendum to the Letter of Intent (the “Letter”)
  shall set forth an extension of the program completion time, outlined in the
  Letter and due to the regulatory process of one (1) year. 

It further acknowledges that all cash payments have been made
  and the issuance of stock on trading has been prepared.

The revised Schedule of Payments is page 2 and the Work Phase
  Budgets are Page 3.

SUTCLIFFE RESOURCES LTD. 

	 	  	 	 	  
	Per: 	/s/ Laurence Stephenson	 	Per: 	/s/
      Glen Indra
	 	Authorized Signatory 	 	 	Authorized Signatory 
	 	  	 	 	  
	 	  	 	 	  
	Per: 	/s/ David Fleming	 	 	  
	 	David Fleming	 	 	  

	January 24, 2003 	- 2 - 

	 	 
	 	Schedule of Payments

	 	Date	Cash 	Shares 	Work Program 
		Within
      7 business days of signature	$7,500 completed	0	Commencing
      June 15, 2003 and completing no later than September 30, 2003 Assessment
      work completed

		the
      sooner of trading or September 30, 2003	$15,000 completed		Success
      contingent, completion of Phases II and III prior to October 31, 2004 Changed
      to October 31 2005

		June
      30, 2004	$17,500 completed	150,000 (upon
      trading)	$350,000
      before October 31, 2005 Changed to October 31 2006

		June
      30, 2005	$30,000	100,000	$400,000
      before October 31, 2006 Changed to October 31 2007

		June
      30, 2006	$50,000	100,000	$500,000
      before October 31, 2007 Changed to October 31 2008

		CUMULATIVE
      TOTALS	$120,000	350,000	$1,550,000

	     	Should a positive feasibility be completed
      and/or any commercial production attained, a bonus of 650,000 shares shall
      be payable to Fleming with 12 months of such event. 

	 	  
	   	A 21⁄2% N.S.R. (net smelter royalty)
      is payable with a buyout for 1% of the 2.5 (or 40%) for 1.0 million. 

	 	  
	   	An advance on Royalties of $20,000 per
      year, commencing October 1, 2008 Changed to October 1 2009 

	January 24, 2003 	- 3 - 

SCHEDULE B: BUDGET, PHASES I, II AND III

PROPERTY: BEALE LAKE

	 	 	 	 	 	 
	 	PHASE 1 	 	  	 	 
	 	  	 	  	 	 
	 	Data Preparation and Technical Work 	 	  	 	 
	 	     (thin sections, airborne data, satellite
      imagery) 	$	 10,000 	 	 
	 	Grid Establishment, Geochemical Sampling 	 	35,000 	 	 
	 	Geological Mapping, Reconnaissance, and Report 	 	30,000 	 	 
	 	  	$	 75,000 	 	 
	 	  	 	  	 	 
	 	PHASE II 	 	  	 	 
	 	Follow-up Geology, IP Geophysics, Mapping, Reconnaissance 	 	  	 	 
	 	  	$	 75,000 	 	 
	 	  	$	 75,000 	 	 
	 	  	 	  	 	 
	 	PHASE III 	 	  	 	 
	 	Trenching and/or Diamond Drilling 	$	 150,000 	 	 
	 	 	 	 	 	 

	N.B.   	All phases are inclusive of mobilization,
      demobilization, air support (fixed wing and helicopter), camp and supplies.<PAGE>
                                                               EXHIBIT 10.1

                             AMENDED AND RESTATED
                             EMPLOYMENT AGREEMENT

  This agreement ("Agreement") has been entered into effective the 1st day
of June, 2005 by and between President Casinos, Inc., a Delaware corporation
("Company"), and John E. Connelly, an individual ("Executive").

                                   RECITALS

  The Board of Directors of the Company (the "Board") has determined that it
is in the best interests of the Company and its stockholders to reinforce
and encourage the continued attention and dedication of the Executive to the
Company as a member of the Company's management and to assure that the
Company will have the continued dedication of the Executive. The Board
desires to provide for the continued employment of the Executive on the
terms hereof, and the Executive is willing to commit himself to continue to
serve the Company. Therefore, the Board has caused the Company to enter into
this Agreement.

                           IT IS AGREED AS FOLLOWS:

<PAGE>

SECTION 1.  DEFINITIONS AND CONSTRUCTION

  1.1 DEFINITIONS. For purposes of this Agreement, the following words and
phrases, whether or not capitalized, shall have the meanings specified
below, unless the context plainly requires a different meaning.

    1.1(a) "CASH COMPENSATION" means the Executive's Annual Base Salary (as
defined in Section 2.4(a)) plus the Incentive Bonus (as defined in Section
2.4(b)).

    1.1(b) "BOARD" means the Board of Directors of the Company.

    1.1(c) "COMPANY" means President Casinos, Inc., a Delaware corporation.

    1.1(d) "EMPLOYMENT PERIOD" means the period beginning on the Effective
Date and ending at the end of the TERM of this agreement.

    1.1(e) "EFFECTIVE DATE" shall mean June 1, 2005.

    1.1(f) "TERM" means the period that begins on the Effective Date and
ends on the earlier of: (i) December 1, 2005, or (ii) its Date of
Termination as defined herein.

  1.2 GENDER AND NUMBER. When appropriate, pronouns in this Agreement used
in the masculine gender include the feminine gender, words in the singular
include the plural, and words in the plural include the singular.

  1.3 HEADINGS. All headings in this Agreement are included solely for ease
of reference and do not bear on the interpretation of the text. Accordingly,
as used in this Agreement, the terms "Article" and "Section" mean the text
that accompanies the specified Article or Section of the Agreement.

  1.4  APPLICABLE LAW.  This Agreement shall be governed by and construed in

<PAGE> 92
accordance with the laws of the state of Missouri, without reference to its
conflict of law principles.

SECTION 2.  TERMS AND CONDITIONS OF EMPLOYMENT

  2.1 PERIOD OF EMPLOYMENT. Throughout the Term of this Agreement, the
Executive shall remain in the employ of the Company in accordance with the
terms and provisions of this Agreement.

  2.2  POSITIONS AND DUTIES.

    2.2(a) Throughout the Term of this Agreement, the Executive's position
(including status, offices, titles and reporting requirements), authority,
duties and responsibilities shall be at least commensurate in all material
respects with those assigned to, or held and exercised by, the Executive on
the Effective Date of this Agreement.

    2.2(b) Executive is engaged as Chairman and Chief Executive Officer of
the Company and agrees to perform such duties and render such services
consistent therewith as may from time to time be reasonably required of him
by the Board of Directors of the Company (the "Board"), provided, however,
that Executive shall not be required to devote his full business time or
affairs to the Company during the term of this Agreement and shall only
serve the Company on an as-needed basis from time to time, and provided,
further that Executive may pursue his other business interests and engage in
other activities, such as activities involving charitable, educational,
religious and similar types of organizations (all of which are deemed to
benefit the Company), speaking engagements, membership on the boards of
directors of other organizations, and similar type activities.

  2.3 SITUS OF EMPLOYMENT. Through the Term of this Agreement, the
Executive's services shall be performed at any appropriate location.

  2.4 COMPENSATION. The Executive's annual Compensation and other benefits
described in this Section 2.4 shall be provided by the Company.

    2.4(a) BASE SALARY. During the Term, the Executive shall receive a base
salary of $16,666 per month ("Base Salary") which shall be paid in
accordance with the regular payroll practice of the Company.

    2.4(b) INCENTIVE BONUSES.

      (i) In addition to Base Salary, the Executive shall be entitled to
participate in any incentive bonuses ("Incentive Bonuses") currently in
effect at the Company.

      (ii) In further addition, in the event that the transaction between
the Company and Columbia Sussex closes during the Term on terms which have
been approved prior to the date of this Agreement in the Company's
bankruptcy proceedings, Executive, if then employed by the Company, shall
receive an additional amount equal to three (3) months' salary payable
within ten (10) days of such closing.

    2.4(c) INCENTIVE, SAVINGS AND RETIREMENT PLANS. Throughout the Term of
this Agreement, the Executive shall be entitled to participate in all
incentive, savings and retirement plans generally available to other peer

                                    2

<PAGE> 93 executives of the Company.

    2.4(d) WELFARE BENEFIT PLANS. Throughout the Term of this Agreement (and
thereafter, subject to Section 4.1(c) hereof), the Executive and/or the
Executive's family, as the case may be, shall be eligible for participation
in and shall receive all benefits under welfare benefits plans, practices,
policies and programs provided by the Company (but limited, however, to
medical, prescription, dental, disability, employee life, group life,
accidental death and travel accident insurance plans and programs) to the
extent generally available to other peer executives of the Company.

    2.4(e) EXPENSES. Throughout the Term of this Agreement, the Executive
shall be entitled to receive prompt reimbursement for all reasonable
expenses incurred by the Executive in accordance with the most favorable
policies, practices and procedures generally applicable to other peer
executives of the Company.

    2.4(f) FRINGE BENEFITS. Throughout the Term of this Agreement, the
Executive shall be entitled to such fringe benefits as generally are
provided to other peer executives of the Company.

    2.4(g) OFFICE AND SUPPORT STAFF. Throughout the Term of this Agreement,
the Executive shall be entitled to an office or offices of a size and with
furnishings and other appointments, and to personal secretarial and other
assistance, at least equal to those generally provided to other peer
executives of the Company.

    2.4(h) VACATION. Throughout the Term of this Agreement, the Executive
shall be entitled to paid vacation in accordance with the most favorable
plans, policies, programs and practices generally provided with respect to
other peer executives of the Company.

SECTION 3.  TERMINATION OF EMPLOYMENT.

  3.1 DEATH. The Executive's employment will terminate automatically upon
the Executive's death during the Employment Period.

  3.2 DISABILITY. If the Company determines that the Disability of the
Executive has occurred during the Employment Period (pursuant to the
definition of Disability set forth below), it may give to the Executive
written notice in accordance with Section 7.1 of its intention to terminate
the Executive's employment. In such event, the Executive's employment with
the Company shall terminate effective on the thirtieth (30th) day after
receipt of such notice by the Executive (the "Disability Effective Date"),
provided that, within the thirty (30) days after such receipt, the Executive
shall not have returned to full-time performance of the Executive's duties.
For purposes of this Agreement, "Disability" shall mean that the Executive
has been unable to perform the material duties of his position for a period
of thirty (30) days by reason of a physical and/or mental condition during
any 60-day period. "Disability" shall be deemed to exist when certified by a
physician selected by the Company or its insurers and acceptable to the
Executive or the Executive's legal representative (such agreement as to
acceptability not to be withheld unreasonably). The Executive will submit to
such examinations and tests as such physician deems necessary to make any
such Disability determination.

                                    3

<PAGE> 94
  3.3  TERMINATION FOR CAUSE.  The Company may terminate the Executive's
employment during the Employment Period for "Cause," which shall mean
termination based upon: (i) any breach or failure to perform duties or
follow instructions of the Board of Directors if not cured within thirty
(30) days after receipt of written notice of breach or failure, (ii) the
Executive's commission of fraud, misappropriation, embezzlement or other
acts of dishonesty, alcoholism, drug addiction or dependency or conviction
of a felony or gross misdemeanor if the Board of Directors determines such
conduct is materially adverse to the Company, (iii) the Executive's material
breach of any provision of this Agreement, if not cured within thirty (30)
days after written notice to Executive that a breach has occurred, (iv)
based upon the Executive testing positive for a controlled substance on
three occasions, (v) based upon the Executive failing on three occasions to
pass a blood alcohol test at the level set for being intoxicated in the
State in which the test is performed, or (vi) any gaming commission with
jurisdiction over a facility owned, operated or managed by the Company which
requires Executive's licensure, refuses or fails within a reasonable period
of time to grant a license to Executive or suspends or revokes a license
granted to Executive. Notwithstanding the foregoing, the Executive shall not
be deemed to have been terminated for Cause unless and until he receives a
Notice of Termination (as defined in Section 3.5) from the Chairman of the
Compensation Committee of the Board.

  3.4 GOOD REASON. The Executive may terminate this employment with the
Company for "Good Reason," which shall mean termination based upon:

      (i) a significant and adverse change in the nature or scope of
position, authority, duties or responsibility;

      (ii) (a) the failure by the Company to continue in effect any material
(i) benefit or compensation plan, (ii) stock ownership plan, (iii) life
insurance plan, (iv) health and accident plan, or (v) disability plan to
which the Executive is entitled as specified in Section 2.4, (b) the taking
of any action by the Company which would adversely affect the Executive's
participation in, or materially reduce the Executive's benefits under, any
plans described in Section 2.4, or deprive the Executive of any material
fringe benefit enjoyed by the Executive as described in Section 2.4(f), or
(c) the failure by the Company to provide the Executive with the number of
paid vacation days to which the Executive is entitled as described in
Section 2.4(h), provided, however, if the Company discontinues one of the
foregoing on a Company-wide or executive-level basis, such action shall not
constitute Good Reason; or

      (iii) a material breach by the Company of any provision of this
Agreement which has not been cured within thirty (30) days after receipt of
written notice of such material breach.

  3.5 NOTICE OF TERMINATION. Any termination by the Company for Cause or
Disability, or by the Executive for Good Reason, shall be communicated by
Notice of Termination to the other party, given in accordance with Section
7.1. For purposes of this Agreement, a "Notice of Termination" means a
written notice which (i) indicates the specific termination provision in
this Agreement relied upon, (ii) to the extent applicable, sets forth in
reasonable detail the facts and circumstances claimed to provide a basis for
termination of the Executive's employment under the provision so indicated,
and (iii) if the Date of Termination (as defined below) is other than the
date of receipt

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of such notice, specifies the termination date (which date shall be not more
than fifteen (15) days after the giving of such notice). The failure by the
Executive or the Company to set forth in the Notice of Termination any fact
or circumstance which contributes to a showing of Good Reason or Cause shall
not waive any right of the Executive or the Company hereunder or preclude
the Executive or the Company from asserting such fact or circumstance in
enforcing the Executive's or the Company's rights hereunder.
  3.6 DATE OF TERMINATION. "Date of Termination" means (i) if the
Executive's employment is terminated by the Company for Cause, the Date of
Termination shall be the date or receipt of the Notice of Termination or any
later date specified therein, as the case may be, (ii) if the Executive's
employment is terminated by him for Good Reason as provided in Section 3.4
hereof, the Date of Termination shall be the date on which the Company
receives notice from the Executive of termination, (iii) if the Executive's
employment is terminated by reason of death or Disability, the Date of
Termination shall be the date of death of the Executive or the Disability
Effective Date, as the case may be, or (iv) if the Executive's employment is
terminated by the Company other than for Cause, death, or Disability, the
Date of Termination shall be the date of receipt of the Notice of
Termination.

SECTION 4.  CERTAIN BENEFITS UPON TERMINATION.

  4.1 TERMINATION WITHOUT CAUSE OR FOR GOOD REASON. If (i) the Company shall
terminate the Executive's employment without Cause, or (ii) the Executive
shall terminate employment with the Company for Good Reason, the Executive
shall be entitled to the benefits provided below:

    4.1(a) "Accrued Obligations": On the twentieth (20th) business day
following the Date of Termination, the Company shall pay to the Executive
the sum of (1) the Executive's Base Salary through the Date of Termination,
to the extent not previously paid, (2) any compensation previously deferred
by the Executive (together with any accrued interest or earnings thereon),
(3) any accrued vacation pay, in each case to the extent not previously
paid, and in the event of a termination pursuant to Section 4.1, 4.2, 4.3 or
4.4 hereof.

    4.1(b) "Base Salary Continuation": For the remainder of the Term, the
Company shall pay on a monthly basis to the Executive, the Executive's
then-current Base Salary.

    4.1(c) "Welfare Benefit Continuation": For the remainder of the Term,
the Company shall continue benefits to the Executive and/or the Executive's
family at least equal to those which would have been provided to them in
accordance with the plans, programs, practices and policies described in
Section 2.4(d) if the Executive's employment had not been terminated, in
accordance with the most favorable plans, practices, programs or policies of
the Company as those provided generally to other peer executives and their
families during the ninety (90) day period immediately preceding the
Effective Date, or, if more favorable to the Executive, as those provided
generally at any time after the Effective Date to other peer executives of
the Company and their families; provided, however, that if the Executive
becomes reemployed with another employer and is eligible to receive medical
or other welfare benefits under another employer-provided plan, the medical
and other welfare benefits described herein shall cease.

  4.1(d) "Other Benefits": To the extent not previously paid or provided,

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the Company shall timely pay or provide to the Executive and/or the
Executive's family any other vested amounts or vested benefits required to
be paid or provided for which the Executive and/or the Executive's family is
eligible to receive pursuant to this Agreement and under any plan, program,
policy or practice or contract or agreement of the Company as those provided
generally to other peer executives and their families during the ninety (90)
day period immediately preceding the Effective Date or, if more favorable to
the Executive, as those provided generally after the Effective Date to other
peer executives of the Company and their families.

    4.1(e) The provisions of Section 5 shall apply in the event of any
termination pursuant to this Section 4.1.

    4.1(f) Pursuant to this Section 4.1(f), the Executive shall not be
required to mitigate the amount of any payment provided for in this Section
by seeking other employment or otherwise, nor shall the amount of any
payment provided for in this Section be reduced by any compensation earned
by the Executive as the result of employment by another employer after the
Date of Termination, or otherwise other than pursuant to Section 4.1(c).

  4.2 DEATH. If the Executive's employment is terminated by reason of the
Executive's death during the Employment Period, this Agreement shall
terminate without further obligations to the Executive's legal
representatives under this Agreement, other than for (i) payment of Accrued
Obligations which have vested (as defined in Section 4.1)(a)) (which shall
be paid to Executive's estate or beneficiary, as applicable, in a lump sum
in cash within twenty (20) days of the Date of Termination) and (ii) the
timely payment or provision of Other Benefits which have vested (as defined
in Section 4.1(d)), including death benefits pursuant to the terms of any
plan, policy or arrangement of the Company.

  4.3 DISABILITY. If the Executive's employment is terminated by reason of
the Executive's Disability during the Employment Period, this Agreement
shall terminate without further obligations to the Executive, other than for
(i) payment of Accrued Obligations (as defined in Section 4.1(a)) (which
shall be paid to the Executive in a lump sum in cash within twenty (20) days
of the Date of Termination) and (ii) the timely payment or provision of
Other Benefits which have vested (as defined in Section 4.1(d)), including
disability benefits pursuant to the terms of any plan, policy or arrangement
of the Company. The provisions of Section 5.1 and 5.2 shall apply in the
event of termination hereunder.

  4.4 TERMINATION FOR CAUSE, OTHER THAN GOOD REASON. If the Executive's
employment shall be terminated for Cause during the Term, this Agreement
shall terminate without further obligations to the Executive other than the
obligation to pay to the Executive Accrued Obligations (as defined in
Section 4.1(a)). If the Executive terminates employment with the Company
during the Employment Period (excluding a termination for Good Reason), this
Agreement shall terminate without further obligations to the Executive,
other than for Accrued Obligations (as defined Section 4.1(a)). In such
case, all Accrued Obligations shall be paid to the Executive in a lump sum
in cash within thirty (30) days of the Date of Termination. If the
Executive's employment shall terminate for the reasons stated in this
Section, the provisions of Section 5 shall continue to apply.

  4.5  NON-EXCLUSIVITY OF RIGHTS.  Except as provided in Sections 4.1(c),

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nothing in this Agreement shall prevent or limit the Executive's continuing or
future participation in any plan, program, policy or practice provided by
the Company and for which the Executive may qualify nor shall anything
herein limit or otherwise affect such rights as the Executive may have under
any contract or agreement with the Company. Amounts which are vested
benefits of which the Executive is otherwise entitled to receive under any
plan, policy, practice or program of, or any contract or agreement with, the
Company at or subsequent to the Date of Termination, shall be payable in
accordance with such plan, policy, practice or program or contract or
agreement except as explicitly modified by this Agreement.

  4.6 FULL SETTLEMENT. The Company's obligation to make the payments
provided for in this Agreement and otherwise to perform its obligations
hereunder shall not be affected by any set-off, counterclaim, recoupment,
defense or other claim, right or action which the Company may have against
the Executive or others other than an obligation on the part of the
Executive to repay money borrowed from the Company. The Company agrees to
pay to the full extent permitted by law, all legal fees and expenses which
the Executive may reasonably incur as a result of any contest by the
Company, the Executive or others of the validity or enforceability of, or
liability under, any provision of this Agreement or any guarantee or
performance thereof (including as a result of any contest by the Executive
regarding the amount of any payment pursuant to this Agreement), provided,
however, in the event the Executive is unsuccessful in enforcing a
contractual right at issue no such reimbursement shall be made and, further
provided, Executive shall reimburse Company for its reasonable legal fees if
any claim by the Executive is found frivolous.

SECTION 5.  NON-COMPETITION WITH AND SERVICES FOR THE COMPANY.

  5.1  NON-COMPETE AGREEMENT.

    5.1(a) It is agreed that either: (i) during the Term of this Agreement
and for a period ending one (1) year thereafter; or (ii) if the Executive's
employment is terminated during the Term of this Agreement, then until the
date one (1) year after the date of termination, the Executive shall not,
without prior written approval of the Board, become an officer, employee,
agent, partner, consultant or director of any business enterprise in
substantial direct competition (as defined in Section 5.1(b)) with the
Company.

    5.1(b) For purposes of Section 5.1, a business enterprise with which the
Executive becomes associated as an officer, employee, agent, partner,
consultant or director shall be considered in substantial direct competition
if such entity competes with the Company in any business in which the
Company is engaged and is within the Company's market area (as defined
herein) as of the Date of Termination. The Company's market area is defined
for this purpose as the area which constitutes the St. Louis, Missouri
metropolitan area, and (a) if the Company becomes the successor (whether
direct or indirect, by purchase, merger, consolidation or otherwise), after
the Effective Date, to all or substantially all of the business and/or
assets of another business enterprise, the geographical areas in which such
predecessor business enterprise conducts substantial business activity, (b)
any other metropolitan area where the Company is conducting gaming
operations under an effective gaming license, and (c) any metropolitan area
with respect to which the Company has expended more than five hundred
thousand dollars ($500,000) in development costs. In no event shall an
asserted violation of the provisions

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of this Section constitute a basis for deferring or withholding any amounts
otherwise payable to the Executive under this Agreement.

  5.2 CONFIDENTIAL INFORMATION. The Executive shall hold in fiduciary
capacity for the benefit of the Company all secret or confidential
information, knowledge or data relating to the Company or any of its
affiliated companies, and their respective businesses, which shall have been
obtained by the Executive during the Executive's employment by the Company
and which shall not be or become public knowledge (other than by acts by the
Executive or representatives of the Executive in violation of this
Agreement). After termination of the Executive's employment with the
Company, the Executive shall not, without the prior written consent of the
Company, or as may otherwise be required by law or legal process,
communicate or divulge any such information, knowledge or data to anyone
other than the Company and those designated by it. In no event shall an
asserted violation of the provisions of this Section constitute a basis for
deferring or withholding any amounts otherwise payable to the Executive
under this Agreement. The Executive and the Company agree that neither of
them shall disclose information of a derogatory nature about the other, that
the Executive shall return all Company property in his possession on
termination of employment, and that this Section 5.2 shall remain binding
notwithstanding termination of employment for any reason. The parties agree
that damages are an insufficient remedy if a party has breached the terms of
this Section 5.2 and that a request for equitable relief is permitted.

  5.3 MODIFICATION. If any court of competent jurisdiction determines that,
consistent with the established precedent of the forum of jurisdiction, any
restriction contained in Section 5.1 of this Agreement is unenforceable or
unreasonable, a lesser restriction shall be enforced in its place to the
maximum extent deemed enforceable or reasonable, and the remaining covenants
and restrictions shall be enforceable independently of each other.

SECTION 6.  SUCCESSORS.

  6.1 SUCCESSORS OF EXECUTIVE. This Agreement is personal to the Executive,
and without the prior written consent of the Company, amounts receivable
hereunder shall not be assignable by the Executive otherwise than by will or
the laws of descent and distribution. This Agreement shall inure to the
benefit of and be enforceable by the Executive's legal representatives.

  6.2 SUCCESSORS OF COMPANY. The Company will require any successor (whether
direct or indirect, by purchase, merger, consolidation or otherwise) to all
or substantially all of the business and/or assets of the Company to assume
expressly and agree to perform this Agreement in the same manner and to the
same extent that the Company would be required to perform it if no such
succession had taken place. As used in this Agreement, "Company" shall mean
the Company as herein before defined and any successor to its business
and/or assets which assumes and agrees to perform this Agreement by
operation of law, or otherwise.

SECTION 7.  MISCELLANEOUS.

  7.1 NOTICE. For purposes of this Agreement, notices and all other
communications provided for in this Agreement shall be in writing and shall
be deemed to have been duly given when delivered or mailed by certified or
registered mail, return receipt requested, postage prepaid, addressed to the

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respective addresses as set forth below; provided that all notices to the
Company shall be directed to the attention of the President of the Company
with a copy to the Secretary of the Company, or to such other address as one
party may have furnished to the other in writing in accordance herewith,
except that notice of change of address shall be effective only upon
receipt:

     Notice to Executive:

     John E. Connelly
     c/o J. Edward Connelly Associates, Inc.
     1020 Saw Mill Run Blvd.
     Pittsburgh, Pennsylvania  15220

     Notice to Company:

     President Casinos, Inc.
     802 North First Street
     St. Louis, Missouri  63102
     Attn:  President

  7.2 VALIDITY. The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other
provision of this Agreement.

  7.3 WITHHOLDING. The Company may withhold from any amounts payable under
this Agreement such federal, state or local taxes as shall be required to be
withheld pursuant to any applicable law or regulation.

  7.4 WAIVER. The Executive's or the Company's failure to insist upon strict
compliance with any provision hereof or any other provision of this
Agreement or the failure to assert any right the Executive or the Company
may have hereunder, including, without limitation, the right of the
Executive to terminate employment for Good Reason pursuant to Section 3.4
shall not be deemed to be a waiver of such provision or right or any other
provision or right of this Agreement.

  7.5 REPLACEMENTS OF PRIOR AGREEMENT. This Agreement supersedes and
replaces the Agreement between the undersigned and the Company dated
November 4, 1992, December 15, 1994 and June 26, 1998.

  IN WITNESS WHEREOF, the Executive and the Company, pursuant to the
authorization from its Board, have caused this Agreement to be executed in
its name on its behalf, all as of the day and year first above written.

                                        /s/ John E. Connelly
                                    ------------------------------------
                                    JOHN E. CONNELLY

                                    PRESIDENT CASINOS, INC.

                                    By  /s/ John S. Aylsworth
                                      ----------------------------------
                                      Name:  JOHN S. AYLSWORTH
                                      Title:  PRESIDENT

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