The casino developer MGM Resorts could be seen seeking new potential sources for boosting the brand as well as looking for new partnerships which can improve the state of the company. Sometimes this includes the possibility of selling a given property in order to fortify all parties’ positions on the gaming field, and such is the case with Grand Victoria Casino in Elgin, Illinois.
It was confirmed recently that the international casino operator has made official its decision to sell the riverboat casino venue which is located close to Chicago. The casino venue which has on offer a more thrilling entertainment option than a regular brick-and-mortar casino facility is 50% owned and operated by RBG LLP, a subsidiary of Hyatt, and 50% by a subsidiary of MGM Resorts International. The two gambling entities which oversee the management of the casino location announced officially that they are going to sell the casino location to Eldorado Resorts.
The mutual agreement led to the inking of a sale deal which is going to see Eldorado Resorts acquiring the riverboat casino. The amount of money involved was also publicly disclosed, as it became clear it is going to be $327.5 million in cash. The said definitive arrangement is scheduled to close over the span of the next 12 months, thus finalizing the transfer of capital and ownership. The new owner of the casino facility is already looking for an adjacent land which could be purchased and used to help with the development of the business.
Future Prospects for the Floating Casino Facility
In the meantime it is also managing the operation of as many as 20 locations in 10 states, to the likings of Colorado, Florida, Iowa, Louisiana, Mississippi, Missouri, Nevada, Ohio, Pennsylvania and West Virginia. This new casino facility is expected to further establish Eldorado Resorts as one of the progressive gambling developers.
The purchaser of the Grand Victoria has been eyeing the opportunity for developing and purchasing the location, as it is considered one of the leading venues in the Chicagoland gambling field. It was also specified that everyone currently hired and working at the venue will remain in their work positions, as the management changes to the new owner. As many as 2,500 people were initially hired by the casino location and commenced work at the riverboat, but throughout the years the number was reduced to about 800.
It could be recalled that the Grand Victoria Casino managed to witness a considerable growth in its gambling revenue over the span of 2017, listing as much as $168.7 million generated over the span of those twelve months. This amount of revenue marks a year-on-year increase when compared to the performance of the casino venue back in 2016. According to the information listed by the Illinois Gaming Board, back then the gaming revenue of the riverboat casino amounted to some $163.5 million. Taking these figures into account, the forecasts for the future operation of the location appear to be bright.