St. Louis, Missouri-based Isle of Capri Casinos Inc. completed the sale of its Lady Luck Casino Marquette in Iowa to an affiliate of the Casino Queen based in Swansea, Illinois for million. The sale had been announced in October. Casino Queen is one of St. Louis’ largest privately held companies with revenue of 0 million in 2015.
Casino Queen bought the Lady Luck for 7.5 times the trailing 12 months adjusted EBITDA through the first quarter of fiscal 2017.
In addition, Isle of Capri announced it has called for the redemption of $50 million of the principal amount of senior notes due in 2021. The company will finance the redemption in part with proceeds from the Lady Luck sale. Following the redemption, Isle of Capri will have $450 million in aggregate principal notes outstanding.
