EAST SAINT LOUIS, Ill. (KSDK) - The owners of the Casino Queen today announced an agreement to sell the casino to an Employee Stock Ownership Plan (ESOP) for approximately $170 million.
An ESOP is a plan that allows employees to become official owners of their company.
The privately held ESOP will provide the Casino Queen's nearly 700 employees with an opportunity to benefit from the success and growth of the company.
The newly formed ESOP will be led by the Casino's General Manager Jeff Watson, who will serve as president, and its Chief Financial Officer Robert Barrows.
The change in ownership will not affect the Casino Queen's current management or operations.