History
The company was founded in 1991 by Pittsburgh millionaire John E. Connelly who owned the Gateway Clipper Fleet and SS Admiral. Its riverboat casino The President in Davenport, Iowa which opened in April 1991 was one of the first modern riverboat casinos in the Midwest and South after they started becoming legal. It began trading on NASDAQ in 1992.
On June 20, 2002 President Casinos filed for Chapter 11 bankruptcy. On April 15, 2005 the President Casino Broadwater Resort in Biloxi was sold to Broadwater Development.
On February 24, 2006, Pinnacle Entertainment announced that it would purchase the President Casino Laclede's Landing for $31.5 million. On December 21, 2006, Pinnacle Entertainment completed the purchase of the casino.
It has sold all of its operations since declaring bankruptcy and as of February 2009 is making its final distribution of assets.
Read more about this topic: President Casinos
Famous quotes containing the word history:
“The history of the world is none other than the progress of the consciousness of freedom.”
—Georg Wilhelm Friedrich Hegel (1770–1831)
“No one is ahead of his time, it is only that the particular variety of creating his time is the one that his contemporaries who are also creating their own time refuse to accept.... For a very long time everybody refuses and then almost without a pause almost everybody accepts. In the history of the refused in the arts and literature the rapidity of the change is always startling.”
—Gertrude Stein (1874–1946)
“What we call National-Socialism is the poisonous perversion of ideas which have a long history in German intellectual life.”
—Thomas Mann (1875–1955)