Casino Queen reaches agreement to acquire Fairmount Park - KMOV.com

Casino Queen reaches agreement to acquire Fairmount Park

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EAST ST. LOUIS, Ill. (KMOV.com) - The company behind the Casino Queen, located in East St. Louis, has reached an agreement to acquire Collinsville's Fairmount Park racetrack, pending legislation.

The deal is contingent on the passage of legislation that would allow for gaming and slots at horse racing tracks, such as Fairmount Park.

A press release described the agreement as a "win-win scenario for the two entities, both of which were facing unique challenges and declining revenues due to evolving market conditions."

While there has not yet been a bill introduced on the gaming legislation, Representative Dwight Kay (R-Collinsville) said the outlook for Fairmount Park is "much more positive than a year ago."

Rep. Kay said there is likely to be a bill before the current legislative session ends.

Under the new agreement, Fairmount Park would become a subsidiary of CQ Holdings, Inc., the parent company of the Casino Queen but current management would remain in effect.

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