ST. LOUIS, Mo. (Dow Jones News) -- President Casinos Inc. said Monday the Nasdaq Stock Market will delist its common stock because the value of its net tangible assets no longer meets the requirements for listing.

On May 31, the company had $3 million in net tangible assets. The minimum requirement is $4 million.

President Casinos, an owner of riverboat and dockside gaming facilities, said its representatives will appeal the decision before a Nasdaq panel Oct. 22.

If the appeal fails, the company's common stock will be quoted on the over-the-counter bulletin board.

President Casinos said it believes its casino, hotel, development and other properties have significant value not reflected in its financial statements.

President Casinos, based in St. Louis, Mo., had revenues of $187.5 million for the 1998 fiscal year.

In Monday afternoon trading, the company's shares plummeted 32.5 percent, or 40 5/8 cents, to 84 3/8 cents on the Nasdaq Stock Market.