Investment trust to buy Casino Queen - KMOV.com

Investment trust to buy Casino Queen

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By KMOV Web Producer By KMOV Web Producer

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.

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