Casino Queen sold to Pennsylvaniareal estate investment trust

Posted on: 12:26 pm, December 10, 2013, by , updated on: 12:25pm, December 10, 2013

ST. LOUIS, MO (KPLR) – The Casino Queen will soon have a new landlord.

The St. Louis Post-Dispatch Reports the employee owners of the casino are selling the casino, hotel and RV park to a real estate investment trust from Pennsylvania or $140 million dollars. The casino will then lease back the property, for about $14-million dollars a year, which will allow them to pay down some outstanding debts.

The deal still needs approval from the Illinois Gaming Board.