Isle sells Marquette casino to employee-owned gambling firm, CQ Holdings, Inc. for $40 million

Isle of Capri Casinos, Inc. said today (10/13) it has agreed to sell its Marquette, Iowa casino to CQ Holdings, Inc. for $40 million, less an adjustment for working capital.

The deal with CQ Holdings' affiliate Casino Queen is specifically permitted under the agreement announced September 19 in which the Isle agreed to be acquired by Eldorado Resorts, of Reno, Nevada, in a $1.7 billion transaction, according to the company's news release.

The Marquette Lady Luck Casino is one of three Iowa gambling properties owned by Isle. The others are Bettendorf's Isle of Capri Casino and the Isle of Capri Casino in Waterloo.

The Marquette sale is expected to close early next year and is subject to approval by the Iowa Racing and Gaming Commission and the Illinois Gaming Control Board, the company said.

CQ Holdings, based in East St. Louis, Illinois, is employee-owed and has a workforce of 600.

The Marquette casino had net revenue of $25.6 million for the fiscal year ended April 24, nearly the same as the previous fiscal year.

Marquette is 60 miles north of Dubuque, and the floating casino along the Mississippi River has 534 slot machines and 8 table games.