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Employees tend to fare better in an ESOP than if a company is sold to a third party, Rodgers said.
“It tends to be a more stable form of ownership,” he said. “ESOP companies know they have something to lose if there is a change in ownership.”
The Casino Queen has a 40,000-square-foot gaming floor with 1,100 slot machines and 27 table games. The casino, in Illinois across from downtown St. Louis, replaced a riverboat in 2007 with a new facility that cost $92 million.
Before Wednesday’s sale, the Casino Queen was owned by a group of private investors, including members of the Koman family in the St. Louis area, which held a 20 percent ownership stake. Other stakeholders included members of the Bidwill, Kenny and Rand families in Chicago and Las Vegas casino operator Michael Gaughan.
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