Sale of Four Queens on track

Mar 26, 2002 8:26 AM

The $22 million purchase of the Four Queens by Summergate and TLC Enterprises continues to go smoothly.

David Atwell, of Resort Properties of America, said that the purchase is expected to be finalized at the closing in early May.

“Terry Caudill (owner of the Magoo’s chain) is assuming the four million debt from the purchase,” said Atwell, who transacted the Main Street Station purchase in 1993. “The downtown area is coming back and the Four Queens purchase is a positive indicator of that.”

Phil Madow, president and general manager at Four Queens, was quoted as saying that the 1,000 employees at the downtown casino hotel would be offered employment by Summergate.

Caudill was not available for comment.