MGM Resorts International owns the Grand Victoria Casino of Elgin, Illinois and recently decided, along with their partner, to sell the property. Eldorado Resorts is the new owner, acquiring the casino for $327.5 million. The transaction between the companies is scheduled to close in one year’s time. In the deal, MGM Resorts will receive their 50% share of net profits after $162 million.
The casino first opened in Elgin in October 1994 and was a very popular spot among residents of the region as well as visitors. However, in 2011, the Rivers Casino opened in Des Plaines and competition began. The video gambling industry emerged at this time as well which meant only more competition for the veteran casino.
According to officials, when the Grand Victoria Casino first opened, they had over 2,500 employees. However, over the years, the number of employees decreased to just over 800. One reason the venue was so popular and required more employees was due to river travel. The riverboat casino would leave the dock and cruise the river for gambling when it was first opened. By 2000, dockside gaming was enacted, and the riverboat was no longer able to cruise the waters with patrons.
Eldorado Resorts has big plans for the Grand Victoria Casino. The company sees the acquisition as a way for the brand to gain a footprint in the Chicago area as well as use another acreage of the property for further development.
Eldorado Resorts commented on how well-maintained the casino was and how it will allow the company, upon closing, to focus on enhancing the guest experience as well as enhance operating results without undertaking capital investments.
The casino is located forty miles from downtown Chicago on the Fox River banks. The property has just over 1,000 slot machines and 30 table games, plus a poker room with twelve gaming tables. There are also four dining venues located on-site.
