Isle of Capri will sell Lady Luck Casino Marquette

10/14/16

The leading regional gaming and entertainment company announced that it has entered a definitive agreement to sell the casino to an affiliate based in Illinois.

US.- CQ Holdings Company, an affiliate of Casino Queen, based in Illinois, will purchase the Lady Luck Casino Marquette for US$40 million. This represents 7.5x the trailing-twelve months Adjusted EBITDA through the first quarter of fiscal 2017.

Chief executive officer of Isle of Capri Casinos, Eric Hausler, said: “Since we acquired Lady Luck Casino Marquette in March 2000, our talented team members have built fantastic customer relationships. Our Marquette team will continue providing customers with the same great experiences for which they are known.”

The sale is expected to be closed by 2018, subject to the approval of the Iowa Racing and Gaming Commission, the Illinois Gaming Control Board and customary closing conditions.