Jim Koman told the Post-Dispatch that the ownership group received several inquiries from prospective buyers in recent years but opted to sell to the ESOP to preserve continuity in management. In 2006 iphone casino apps evolution, Columbia Sussex reached a $200 million deal to buy the Queen slots for money canada vital statistics, but the deal fell through in 2007.
The ESOP will be managed by co-trustees Jeff Watson online casino dealer makati, the Casino Queen’s general manager and president, and Chief Financial Officer Robert Barrows.
“It tends to be a more stable form of ownership,” he said. “ESOP companies know they have something to lose if there is a change in ownership.”
The Koman family and its partners have sold their stakes in the Casino Queen for $170 million to workers, nearly two decades after the casino’s debut on the East St. Louis riverfront.
But it has struggled since.
The deal, which closed Wednesday, includes the assumption of $31 million in existing debt. The plan, called an ESOP — employee stock ownership plan — financed the deal through $170 million in debt.
Through November, the Casino Queen had $120.9 million in gaming revenue this year casino games jade elephant, according to the Illinois Gaming Board. That’s up 2 percent from the same time last year but nearly one-third less than its peak in 2007, when it earned $172.1 million in the same period.
Employees tend to fare better in an ESOP than if a company is sold to a third party, Rodgers said.
The Casino Queen has a 40,000-square-foot gaming floor with 1 casino bc lions,100 slot machines and 27 table games. The casino, in Illinois across from downtown St. Louis, replaced a riverboat in 2007 with a new facility that cost $92 million.
After several months of studying the deal, the Illinois Gaming Board voted unanimously to approve the sale on Dec. 20.
As its multi-star ratings show, Casino Queen serves the best in all things beef games games juegos, making this East Saint Louis steakhouse hard to match. Casino Queen is also a good option for those with special dietary needs, offering both low-fat and gluten-free items on the menu.