CQ Holding Company, based in Swansea, Ill. (the parent of East St. Louis, Ill.-based Casino Queen, the first and only 100% employee owned casino in the country) announced that it has entered into a definitive agreement to buy Isle of Capri Marquette, Inc. d/b/a Lady Luck Casino Marquette from Isle of Capri Casinos, Inc.
Under the terms of the agreement, CQ Holding Company, Inc. will purchase Lady Luck Casino Marquette for cash consideration of approximately $40.0 million subject to a customary working capital adjustment. Citizens Bank, N.A. and Gaming and Leisure Properties, Inc. have provided committed financing for the transaction.
“This transaction marks an exciting time for the Casino Queen family as we grow from a single property into a regional gaming company,” stated Jeffrey K. Watson, president of CQ Holding Company. “We are excited to work with a very talented and experienced team at Lady Luck Marquette.”
Lady Luck Casino offers an exciting gaming experience with 540 slot machines featuring a variety of popular games. It also is home to a full array of the most popular gaming tables and offers a variety of dining options.
CQ Holding Company notes that Lady Luck Casino Marquette will be rebranded as Casino Queen Marquette. The transaction, which remains subject to regulatory approval, is expected to close in 2017.