EAST ST. LOUIS, Ill. -- A Pennsylvania-based real estate investment trust is buying the Casino Queen’s real-estate assets in East St. Louis for $140 million.
The St. Louis Post-Dispatch reports that the properties being bought by Gaming and Leisure Properties Inc. include the 38,000-square-foot casino, 157-room hotel and the park for recreational vehicles.
Based in Wyomissing, Pa., Gaming and Leisure Properties was spun off last month by Penn National Gaming Inc.
The employee-owned Casino Queen will lease the property back from the Gaming and Leisure Properties for about $14 million a year.
The Illinois Gaming Board must approve of the sale, which is expected to be finalized early next year.