Illinois Casino Queen first ESOP in US

Jan 7, 2013 6:13 PM

The Casino Queen Hotel & Casino in East St. Louis, Illinois, has become the nation’s first ESOP, an employee-owned company.

The $170 million acquisition by the property’s employees was approved by the Illinois Gaming Board.

Casino President Jeff Watson says he knows of no other casino in the nation operating as an ESOP.

Originally built in 1993 by a group of investors, including Las Vegas casino owner Michael Gaughan, as a riverboat operation, the casino changed hands in 2008 and was transferred to a land-based casino.

Ray Poirier is the longtime executive editor at GamingToday.

Contact Ray at [email protected].

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