Casino Queen to be sold to employees

Casino Queen to be sold to employees

Credit: UPI

Gamblers sit at the slot machines in the opening minutes of the new Isle of Capri Casino in Cape Girardeau, Missouri on October 30, 2012. The $135 million casino next to the Mississippi River, received over 9,000 applications for employment but selected 725 of the best to be on staff. UPI/Bill Greenblatt

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by KMOV.com Staff

KMOV.com

Posted on December 27, 2012 at 10:41 PM

Updated Monday, Oct 21 at 11:08 AM

EAST ST. LOUIS, Ill. (KMOV.com) --  Owners the Casino Queen Hotel and Casino announced Thursday their agreement to sell their interest in the company to a newly-formed Employee Stock Ownership Plan (ESOP) for approximately $170 million.

An ESOP is a qualified retirement plan under federal law that allows employees to become official owners of their company. This acquisition includes the assumption and refinancing of approximately $31 million in existing indebtedness.

The company stock will be held in a trust. All participating employees are beneficiaries of that trust.  It will also create a new retirement benefits plan tied to the performance of the property for the approximately 700 employees. 

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