A Pennsylvania-based real estate investment trust is buying the Casino Queen's real-estate assets in East St. Louis for $140 million. The properties reportedly being bought by Gaming and Leisure Properties Inc. include the 38,000-square-foot casino, 157-room hotel and the park for recreational vehicles. Gaming and Leisure Properties was spun off last month by Penn National Gaming Inc. 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.
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