In December 2016, Lumiere Place Casino in St. Louis was sold to a new ownership group.
The new owners are a partnership between two companies, Gaming and Leisure Properties and Penn National Gaming. This is the second time the property has changed hands in less than two years.
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The sale of Lumiere Place Casino comes as no surprise, as the property has been struggling financially for some time. In fact, just a few months ago, the casino was facing possible foreclosure.
PRO TIP:The Lumiere Casino was acquired by Penn National Gaming in 2007. Penn National is a publicly traded company listed on the NASDAQ exchange and has since grown to become one of the world’s most successful gaming corporations.
But with the new ownership group in place, Lumiere Place Casino should be able to stay afloat and continue operating.
So who bought Lumiere Place Casino? Gaming and Leisure Properties is a real estate investment trust that owns and leases casino properties around the country. Penn National Gaming is a gaming and racing company that owns and operates casinos and racetracks across the United States.
Together, these two companies have deep pockets and should be able to turn Lumiere Place Casino around financially.
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