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The Casino Queen in East St. Louis, the Argosy Casino in Alton and the eight other casinos in the state must close for two weeks beginning Monday, the Illinois Gaming Board announced Friday. Casino Queen RV Park,East St Louis, Illinois. Check for ratings on facilities, restrooms, and appeal. Save 10% on Good Sam Resorts. With so many Online Casino games to choose from, this Casino Queen Illinois will help you decide which ones you like best. The free demo is also a great way to learn how to play a specific game before Casino Queen Illinois you decide to wager real money.
A new partnership will help one Illinois casino expand its reach. On July 23, Casino Queen announced the company will rebrand as part of a deal with DraftKings. In many ways, the deal mirrors one signed earlier this year between Penn National and Barstool Sports, with one key exception. Officials from both Casino Queen and DraftKings made it clear this is a partnership, rather than a purchase.
“There will be no organizational structure change as far as ownership or operations are concerned,” said Stephen Miraglia, a spokesman for DraftKings.
This is where it differs from the Barstool deal. Penn National bought a 36 percent stake in Barstool, with plans to increase that to 50 percent within three years. But while the financial terms of the deals are different, the structure appears very similar. Both focus on a rebranding effort.
Under terms of the partnership, the East St. Louis riverboat casino will now be called “DraftKings at Casino Queen.” The goal is to bring in the DraftKings audience, either to the physical casino or online offerings.
“In addition to the name change, the DraftKings at Casino Queen physical retail location in East. St. Louis will be fully rebranded to reflect the new name and branding,” said DraftKings spokesman Randy Crader. “[It] will also include a retail sportsbook on-site as well, once we receive all necessary approvals.”
DraftKings’ latest SEC filing provides more details on the financial part of the deal. It doesn’t give specifics, but says it’s a “multi-year” contract, between 5 to 10 years.
“In exchange for a fee based on a percentage of net gaming revenue generated by gaming activities in [Illinois], the casino licenses DraftKings the right to offer either online or retail sports betting (or both),” the filing states.
DraftKings Deal Levels The Playing Field
The deal levels the playing field in a way. Before this, Casino Queen was the only casino in the St. Louis region not connected with a national company. That limited their ability to promote. Now they have access to the DraftKings machine, which gives them the ability to run national commercials, feature on the DraftKings app and in other materials. The app right now is key. Illinois legalized sports betting last year, but COVID-19 shutdowns put a stop to both launching physical sportsbooks and apps. In fact, the majority of casinos in Illinois currently don’t have an active sports betting app. Take the Argosy Casino Alton, for example. Their parent company is Penn National, which originally planned to have a sports betting app operational by July. Now that’s been pushed back to September.
Casino Queen meanwhile, doesn’t have to wait. As soon as DraftKings gets approval, which could come in the next week, that app can go live. It potentially gives the casino a one to two month head start on most of its competitors.
“We believe this collaboration will enhance the Casino Queen iconic brand while introducing the sports betting industry leader to our state,” said Casino Queen president Terry Downey in a press release.
The deal doesn’t just benefit Casino Queen. As Downey mentioned, this marks the first time DraftKings’ sports betting products will be available in Illinois. Under state law, DraftKings could only operate in the state by partnering with a “land-based casino,” which is why the app hasn’t been available until now.
Casino Queen Alton Il
A Sign of Things to Come
Both the DraftKings deal and the Barstool purchase point to the future. In an interview earlier this year, Penn National officials said the reason they bought a stake in Barstool was because of age. The average age of their casino guests stood at 55 as of January. Other casinos report similar issues. Data from 2019 shows 50 percent of casino visitors last year were senior citizens. They need to find ways of bringing in a younger demographic. Working with operations like DraftKings provides that opportunity. Add that age issue to the financial struggles caused by COVID-19 and you see why casinos are starting to reach out.
The only real question right now is who’s next? What company will be the next one to sign an exclusive deal? Looking at the global market, FanDuel stands out as the biggest company without a deal in place. It’s hard to imagine that will still be the case by the end of 2020. BetFair, Bet 365 and BetAmerica also come to mind as groups likely to sign deals. By this time next year, it’s likely we won’t be asking who’s next, but rather who’s left.
| Casino Queen | |
|---|---|
| Location | East St. Louis, Illinois |
| Address | 2000 S Front St |
| Opening date | June 23, 1993 |
| Total gaming space | 38,000 sq ft (3,500 m2) |
| Casino type | Riverboat |
| Owner | Gaming and Leisure Properties |
| Operating license holder | Employee-owned management company |
| Coordinates | 38°37′33″N90°10′34″W / 38.62583°N 90.17611°W |
| Website | CasinoQueen.com |
The Casino Queen is a riverboat casino located near the Mississippi River in East St. Louis, Illinois, just across the river from downtown St. Louis. It is owned by Gaming and Leisure Properties and operated by an employee-owned management company.
History[edit]
Casino Queen Hotel Il
Illinois enacted a riverboat casino law in 1990 authorizing licenses for ten casinos to open around the state.[1] One of the licenses was guaranteed to East St. Louis, in an effort to help the financially troubled city.[2][3] The group that would ultimately open the Casino Queen, led by real estate developer Bill Koman, submitted its proposal to the Illinois Gaming Board in January 1992.[4] With no other proposals before the board, Koman's group was awarded the license in May 1992.[5]
The Casino Queen opened on June 23, 1993.[6] It was viewed positively by most city officials and residents, as the struggling city desperately needed both a revenue source and employment opportunities for its residents.[7] Casino Queen originally operated on a boat called the White Star One.
Construction of a hotel began in 1998.[8] The 157-room hotel, built at a cost of $15 million, opened in January 2000.[9]
Changed regulations led to the casino to be moved inland, but still built above a shallow pit of water, in 2007. The move also allowed the casino to add 10,000 additional square feet of gaming space. In 2014, the White Star One was auctioned off and sold for $600,000.[10] Casino Queen has generated over $160 million for the city of East St. Louis between 1993 and 2009.[11]
In 2012, Koman and his partners sold the Casino Queen for $170 million to a newly formed Employee Stock Ownership Plan (ESOP), which would steer the casino's profits into the retirement accounts of participating employees.[12] In 2014, to pay down debt taken on to finance the purchase, the ESOP sold the real estate of the Casino Queen to Gaming and Leisure Properties for $140 million, leasing it back for $14 million per year.[13][14]
In 2020, the casino struck a deal with sports betting provider DraftKings to rebrand the property as DraftKings at Casino Queen.[15] As part of the rebranding, Sevens sports bar will be gutted and re-built as a full sportsbook, and the casino will be integrated into DraftKings' mobile betting app.[15]
Property information[edit]
The casino includes both 1,100 slots and 34 table games in its 38,000 square feet of gaming space.[16] Per Illinois law and unlike neighboring Missouri casinos, it is not open 24 hours a day.[17]
Dining options include: the Market Street Buffet, Prime Steakhouse, Sevens, and Deli & Chips.
Both a hotel and an RV Park are located on the Casino Queen property.
References[edit]
- ^Robert Kelly (February 8, 1990). 'Dice to be rollin' on the river'. St. Louis Post-Dispatch – via NewsBank.
- ^Kathleen Best (September 11, 1990). 'East side casino assured: E. St. Louis wins right to riverboat'. St. Louis Post-Dispatch – via NewsBank.
- ^Lynn Sweet (July 3, 1990). '10 vie for 5 riverboat gambling licenses'. Chicago Sun-Times – via NewsBank.
- ^'William Koman seeks license for casino boat in E. St. Louis'. St. Louis Post-Dispatch. January 3, 1992 – via NewsBank.
- ^Patrick E. Gauen (May 15, 1992). 'Illinois backs casino at E. St. Louis site'. St. Louis Post-Dispatch – via NewsBank.
- ^Margaret Gillerman (June 24, 1993). 'Casino Queen, a city's dreamboat, sails at last'. St. Louis Post-Dispatch – via NewsBank.
- ^Brett Pulley (21 July 1998). 'Casino Changes the Fortune Of a Hard-Luck Illinois City'. The New York Times. Retrieved 17 November 2019.
- ^'Mayor says hotel signals renewal of East St. Louis'. St. Louis Post-Dispatch. November 18, 1998 – via NewsBank.
- ^Denise Hollinshed (January 4, 2000). 'New hotel at Casino Queen opens for business with views of St. Louis skyline'. St. Louis Post-Dispatch – via NewsBank.
- ^Robert Patrick (4 April 2014). 'Old Casino Queen yields $600,000 at auction'. St Louis Post Dispatch. Retrieved 17 November 2019.
- ^'Gambling on the future of East St Louis'. Lindenwood University. Retrieved 17 November 2019.
- ^Tim Logan (December 28, 2012). 'Employee-owners hope to reverse Casino Queen's fortunes'. St. Louis Post-Dispatch. Retrieved 2020-07-26.
- ^Lisa Brown (December 10, 2013). 'REIT buying Casino Queen real estate for $140 million'. St. Louis Post-Dispatch. Retrieved 2020-07-26.
- ^'Gaming and Leisure Properties, Inc. closes acquisition of the real estate assets related to the Casino Queen in East St. Louis for $140 million' (Press release). Gaming and Leisure Properties. January 23, 2014. Retrieved 2020-07-26 – via GlobeNewswire.
- ^ ab'In deal with sports wagering firm, Casino Queen rebrands as DraftKings at Casino Queen'. St. Louis Post-Dispatch. July 24, 2020. Retrieved 2020-07-24.
- ^'Casino Queen'. Clayco. Retrieved 17 November 2019.
- ^'IL Says Casino Queen Can't Stay Open 24 Hours'. St Louis Public Radio. Retrieved 17 November 2019.