CQ Holding Company, based in Swansea, Ill. (the parent of East St. Louis, Ill.-based Casino Queen, the first and only 100% employee owned casino in the country) announced today that it 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. (NASDAQ:ISLE).
Under the terms of the agreement, CQ Holding Company, Inc. will purchase Lady Luck Casino Marquette for cash consideration of approximately $40.0 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,” stated Jeffrey K. Watson, President of CQ Holding Company. “We are excited to work with a very talented and experienced team at Lady Luck Marquette.”
Lady Luck Casino offers an exciting gaming experience with 540 slot machines featuring a variety of popular games. It also is home to a full array of the most popular gaming tables and offers a variety of dining options.
CQ Holding Company 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.
About CQ Holding Company
Swansea, Ill.-based CQ Holding Company is the parent of the Casino Queen. Located at 200 South Front Street in East St. Louis, Ill., 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. For the past decade, Casino Queen has been recognized for having the nation’s highest slot payback among individual casinos by Casino Player Magazine. For more information, visit www.casinoqueen.com. You can also find Casino Queen on Facebook and Twitter.
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For more information:
Abigail Rolland
The Hauser Group
314.436.9090 (office)