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.