EAST ST. LOUIS, IL (KTVI) – The company that owns the Casino Queen, CQ Holdings, Inc, says they have an agreement with Fairmount Park to acquire the Collinsville-based racetrack. The agreement is contingent on legislation that allows slot machines at horse racing tracks.
Owners of both facilities were looking for a win-win situation after facing falling revenues. They were encouraged after gaming hearings held by Representative Bob Rita and his committee, according to a release from the group that owns the Casino Queen.
Under the agreement, Fairmount Park would be operated as a subsidiary of CQ Holdings, Inc., parent company of the Casino Queen. The existing management at Fairmount Park would remain in place.
The release also states that the timing for the deal will be dictated by the legislative process. Owners of both facilities are ready to move forward as soon as all the legislative and regulatory approvals are met.
Terms of the deal were not disclosed.