Casino Boat Deal in Columbia in Danger of not Pushing Through
11.04.2008
The agreement signed by the Columbia Sussex to acquire a casino boat in St Louis may not push through. One of the reasons is that the gaming commission will not meet until March 2007.
Last February 21st, 2007, an agreement made by the Columbia Sussex to buy a casino boat located in East St. Louis may be in danger of not pushing through. The Illinois Gaming Board said during their meeting they decided not to vote on the proposed buyout of the casino boat, and say that the buyout still needs to be reviewed thoroughly.
The Columbia Sussex has formally signed the agreement last May 2006, which will allow them to purchase the Casino Queen Incorporated, which manages the Casino Queen Hotel and Casino for about $200 million dollars. The agreement states that the whole deal will not be finalized until the end of February 2007 and the gaming commission will not convene until the end of March 2007.
The Casino Queen conducts their business from the Mississippi River located at the St. Louis Gateway Arch, are constructing a new casino as part of their three phase expansion plan. The casino and the hotel expansion plans cost about $150 million dollars.
The new gaming facility, which will take the place of the gambling casino boat, will be the first ever land based casino gaming facility in Illinois and will be built in a really large barge floating in a moat. The Columbia Sussex is currently located at Fort Mitchell and is a privately owned company whose main interests lie in the hotel and casino industry.
Last year, the company won a $2 Billion dollar bidding dispute in order to buy the Aztar Corporation, which manages the Tropicana Casino and Resort in Atlantic City in N.J., The Tropicana Resort and Casino based in Las Vegas as well as the Ramada Express Hotel and Casino in Laughlin, Nevada.
Saturday, November 17 , 2007
