It has been announced that the owners of the Casino Queen casino in East St. Louis, Illinois have reached a deal with Thoroughbred raceway Fairmount Park that would see the casino take over the Collinsville track if racino legislation is passed into law by the state.

A report on the situation by the Belleville News Democrat explains that terms of the deal were not disclosed, but that the racetrack would be operated as a subsidiary of Casino Queen’s parent company, CQ Holdings, Inc.

Casino Queen’s president and general manager, Jeff Watson, was quoted as saying, “This agreement recognizes a two-step process. The first step was reaching an agreement and the second step is working with our legislators to craft a gaming bill that ensures the success of both companies while generating much-needed tax revenue for the state of Illinois and local communities.”

“We recognized the importance of reaching a mutually beneficial agreement,” Fairmount Park President Brian Zander was quoted as saying, “and after months of negotiations, we believe the decision to become a part of the Casino Queen family is in the best interest of all parties.”

(With files from the Belleville News Democrat)