Casino Queen stocks sold to workers through ESOP

It was reported earlier by a news agency that the stakes of the Casino Queen Hotel were sold to the workers by the Koman Family as well as its partners. The amount, for which the stakes were sold, was estimated to USD 170 million. This deal came after couple of decades from the time when the casino was first opened up for public on the riverfront of East St. Louis, Illinois.

This deal was a result of the debt that the casino was in for a long time now and the Koman Family could not find a better solution to come out of the same.

The reports also mentioned that the deal was also inclusive of the USD 31 million of existing debt. ESOP (Employee Stock Ownership Plan) scheme financed this deal through USD 170 millions of debt.

The deal has been design in such a way that through ESOP, stock of Casino Queen Hotel is going to be kept in a trust. Employees are going to receive a payout, if they opt to leave the casino for a new opportunity or they are to retire from the casino.

It is believed that Casino Queen is going to be the first ESOP casino of US.

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