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Owners agree to sell Casino Queen to employees

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Posted: Friday, December 28, 2012 9:49 am

According to owners of the Casino Queen Hotel & Casino announced yesterday that they will sell their interest in the company to a newly formed Employee Stock Ownership Plan (ESOP) for approximately $170 million.

An ESOP is a qualified retirement plan under federal law that allows employees to become official owners of their company. This acquisition includes the assumption and refinancing of approximately $31 million in existing indebtedness.

The company stock will be held in a trust. All participating employees are beneficiaries of that trust. It will also create a new retirement benefits plan tied to the performance of the property for the approximately 700 employees.

Information from contributed to this report.

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