East St. Louis Casino Now Employee-OwnedEAST ST. LOUIS, Ill. (AP) - The 700 employees of an East St. Louis casino now own the company.
The Casino Queen Hotel and Casino is operating as an employee stock ownership plan following approval last week from the Illinois Gaming Board. The $170 million acquisition creates a trust for the participating employees, who are eligible for shareholder dividends. The employees took on the casino's $31 million debt as part of the deal.
Casino President Jeff Watson says he knows of no other casino in the nation operating as an ESOP. The Casino Queen opened in 1993 along the riverfront in East St. Louis. It attracts nearly 2 million visitors a year.
See other LocalNews news:15th District Congressional Candidates To Discuss Issues on WJBD Friday
Centralia Football Field Will Stay Within Budget
Marion County Finance Committee Finds Way To Offer Employee Health Insurance
Illinois GOP Files Lawsuit Over Poll Practices
Dix Man Receives Prison Time For Hacking Government Computers