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Casino Queen sold to workers for $170 million through stock ownership plan28 December 2012
The St. Louis Post-Dispatch reports that the Koman family and its partners have sold their stakes in the Casino Queen Hotel for $170 million to workers, nearly two decades after the casino’s debut on the East St. Louis, Illinois, riverfront.
According to the Post-Dispatch the deal includes the assumption of $31 million in existing debt. The plan, called an ESOP — employee stock ownership plan — financed the deal through $170 million in debt.
The Post-Dispatch goes on to say that through the ESOP, company stock will be held in a trust and employees will receive a payout when they retire or leave the casino, which is believed to be the first ESOP casino in the country.