The Lady Luck in Marquette, Iowa, will now be owned by Casino Queen, based in Swansea, Illinois. Isle of Capri Casinos agreed to sell the Lady Luck for million.
Eric Hausler, chief executive officer of Isle of Capri Casinos, commented, “Since we acquired Lady Luck Casino Marquette in March 2000, our talented team members have built fantastic customer relationships. Our Marquette team will continue providing customers with the same great experiences for which they are known.”
Lady Luck Casino Marquette will be accounted for as discontinued operations beginning in the fiscal 2017 second quarter. The sale is expected to close in early fiscal 2018, subject to the approval of the Iowa Racing and Gaming Commission, the Illinois Gaming Control Board and customary closing conditions.
According to the company, this transaction is expressly permitted by the recently signed definitive merger agreement pursuant to which Eldorado Resorts, Inc. will acquire all of the outstanding shares of Isle of Capri Casinos, Inc. and is not expected to alter the timing of the transaction with Eldorado. The deal is worth $1.7 billion.
Casino Queen is the first and only employee owned casino company in the U.S. through CQ Holdings, with annual revenues of over $120 million.
“This transaction marks an exciting time for the Casino Queen family as we grow from a single property into a regional gaming company,” Jeffrey Watson, president of CQ Holdings Co., said in a statement. “We are excited to work with a very talented and experienced team at Lady Luck Marquette.”
The Lady Luck Marquette offers 540 slot machines, table games, a buffet and a snack bar. CQ Holdings will rebrand the casino as Casino Queen Marquette following the closing of the sale.
