The gaming company that owns Casino Queen, a gambling hall in East St. Louis, Ill., has said it will buy Fairmount Park Race Track in Collinsville, Ill., if state laws are changed to allow race tracks to have slot machines.
CQ Holdings Inc., which owns Casino Queen, said it would operate the 90-year-old Fairmount Park as a subsidiary, leaving current racetrack management in place. Other terms of the proposed deal were not disclosed.
Owners of both the casino and the racetrack have indicated common ownership would help both St. Louis-area enterprises combat declining revenue.
The deal depends on passage of a bill in the Illinois Legislature that calls for expanded gambling permissions in the state, including slot machines at horse tracks.
The purchase would also require approval from the Illinois Gaming Board.