A Berks County-based real estate investment trust is buying the Casino Queen's real-estate assets in East St. Louis, Ill, for $140 million.
The St. Louis Post-Dispatch reported that the properties being bought by Gaming and Leisure Properties Inc. include the 38,000-square-foot casino, 157-room hotel and the park for recreational vehicles.
Based in Wyomissing, Gaming and Leisure Properties was spun off last month by Penn National Gaming Inc., also headquartered in Wyomissing.
The employee-owned Casino Queen will lease the property back from the Gaming and Leisure Properties for about $14 million a year.
The Illinois Gaming Board must approve of the sale, which is expected to be finalized early next year.
Gaming and Leisure Properties owns three other casinos in Illinois -- Argosy Alton, Hollywood Casino Aurora and Hollywood Casino Joliet -- and two in neighboring Missouri -- Argosy Riverside and Hollywood Casino St. Louis.