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Casino Queen parent to buy Lady Luck Marquette in Iowa

 

EAST ST. LOUIS – CQ Holding Co., the parent of East St. Louis-based Casino Queen, the only 100 percent employee owned casino in the country, has entered into a definitive agreement to buy Isle of Capri Marquette Inc. d/b/a Lady Luck Casino Marquette from Isle of Capri Casinos Inc.

Under the terms of the agreement, CQ Holding Company, Inc. based in Swansea, will purchase Lady Luck Casino Marquette for cash consideration of approximately $40 million subject to a customary working capital adjustment. Citizens Bank, N.A. and Gaming and Leisure Properties, Inc. have provided committed financing for the transaction.

“This transaction marks an exciting time for the Casino Queen family as we grow from a single property into a regional gaming company,” Jeffrey K. Watson, president of CQ Holding Co., said in a statement. “We are excited to work with a very talented and experienced team at Lady Luck Marquette.”

Lady Luck Casino offers 540 slot machines, popular gaming tables and a variety of dining options.

CQ Holding Co. notes that Lady Luck Casino Marquette will be rebranded as Casino Queen Marquette. The transaction, which remains subject to regulatory approval, is expected to close in 2017.

Casino Queen became the first employee owned, locally owned casino in the country in 2012. It was established in 1993 and has since made more than $10 million in charitable contributions and invested more than $200 million in capital improvements on the East St. Louis riverfront.

— From the Illinois Business Journal

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