Casino Queen Becomes ESOP-Owned
Executive Director
The 700-employee Casino Queen, based in East St. Louis, IL, announced on December 27 that it had agreed to become 100% ESOP-owned in a transaction involving a $171 million loan. The Illinois Gaming Board voted to approve the sale on December 20, allowing the Casino Queen ESOP to buy the shares of an investor group led by Jim Koman. The "Home of the Loosest Slots," just across the Mississippi River from downtown St. Louis, had gaming revenue of $121 million for the first 11 months of 2012, which is slightly higher than 2011, but one-third less than 2007, its best year. Jeff Watson, who will be the company's president and an ESOP trustee, said, "The leaders of the Casino Queen recognize that the best place to put the future of the company is in the hands of its very talented employees who have made it a success. Profits generated by the Casino Queen will now stay in the community and directly benefit our workforce."