MGM Finalizes Sale of Illinois Grand Victoria Casino to Eldorado Resorts
The Grand Victoria Casino, a riverboat gambling facility located in Elgin, Illinois, has officially changed ownership. MGM Resorts International announced this week that the final stage of the sale to Eldorado Resorts for $327.5 million in cash is underway.
The deal was first announced roughly three months ago. Its fast progress is a testament to the eagerness of state officials who have been anticipating a reinvestment from Eldorado. The Grand Victoria continues to be a profitable casino with an ideal location just outside of Chicago.
Eldorado Resorts is reportedly seeking to purchase an adjacent lot in plan to further develop and expand the casino. It currently includes 1,088 slot machines, 30 table games, and a luxurious poker room with 12 tables. Additional amenities include conference rooms, a concert hall, and four restaurants.
RBG LLP, a subsidiary of Hyatt Hotels, owned 50 percent of the stocks in the Grand Victoria. RBG released a statement saying it had reached a point in the development of the facility at which they were ready to sell. RBG described the riverboat as a unique facility that offers “more thrilling entertainment” than traditional land-based casinos.
MGM Resorts made $162 million from the sale – the total of 50 percent of the proceeds. Their ownership role in the property dates back to a 2005 merger between MGM Mirage and Mandalay Resorts Group.
The sale raises Eldorado’s total number of casino operations to 21, spread across 11 states. MGM is out of Illinois for now but could take over the Par-A-Dice Hotel and Casino in East Peoria, Illinois through its partnership with Boyd Gaming.