Grand Victoria Casino Sells For $327 Million

ELGIN, IL – Eldorado Resorts has purchased the Grand Victoria Casino in Elgin for $327.5 million. The cash deal is expected to close by the end of this year, according to a news release from Eldorado Resorts. MGM Resorts International along with its venture partner sold the casino, which is located in downtown Elgin, the Daily Herald reports.

“Grand Victoria is one of the leading casinos in the Chicagoland market and is extremely well maintained which will allow us, upon closing, to focus on enhancing the guest experience and operating results without the need to undertake capital investments," said Gary Carano, chairman and CEO of the Reno, Nev.-based Eldorado, in a statement. "As we work towards closing this acquisition by the end of 2018, we look forward to welcoming the team at Grand Victoria to the Eldorado family.”

“This transaction represents yet another milestone for Eldorado as we continue to opportunistically expand our regional gaming platform through accretive acquisitions. The addition of Grand Victoria Casino will further diversify the geographic reach of our operations and includes excess contiguous acreage for potential future development," Carano said.

Grand Victoria Casino has 1,088 slot machines, 30 table games, a 12-table poker room and four restaurants.

The casino first opened on Oct. 6, 1994, according to the Daily Herald. In its first years, it served as a cruise ship, allowing people to board and gamble during a 1 1/2 hour jaunt along the Fox River. Dockside gambling was enacted in 2000 and the casino has seen a steady decline in revenue since 2007.

Eldorado, a casino entertainment company, owns and operates 20 properties in ten states, including Colorado, Florida, Iowa, Louisiana, Mississippi, Missouri, Nevada, Ohio, Pennsylvania and West Virginia.

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