MGM Resorts International has successfully finalized the sale of the Grand Victoria Casino to Eldorado Resorts, granting them ownership of the Elgin, Illinois property.
The gaming giant, MGM, made a substantial profit of $162 million from its 50 percent share in the property purchase as Eldorado Resorts paid a total of $327.5 million in cash to acquire the property from MGM and its partner.
MGM acquired its ownership stake in the Grand Victoria Casino through its merger with the Mandalay Resort Group in 2005.
The Grand Victoria Casino fits better with its new owner’s roster
Considered to have some influence in the Chicago area, the Grand Victoria Casino is one of the ten riverboat casinos in Illinois, situated on the Fox River, despite its relatively smaller size.
The casino premises comprise of 1,100 cash slots, various table games, live poker games, and four dining establishments.
Despite its smaller size, the casino continues to thrive, consistently securing the third spot among the state’s largest establishments in terms of revenue figures.
Given that the casino is situated in Elgin, a 45-minute drive from Chicago, it is truly impressive that residents of the city have several alternatives that are more conveniently located in the city center.
Nevertheless, the casino did not meet the high expectations of opulence commonly attributed to MGM. The establishment appeared to be in discord with the other properties under the same ownership, such as Bellagio, MGM Grand, and Mandalay Bay.
On the contrary, Eldorado’s portfolio of properties excludes any Las Vegas establishments, focusing mainly on smaller, regional casinos.
Gorilla Or Buffalo Ways
MGM’s Boyd partnership rendered Grand Victoria moot
MGM’s choice to sell the property appears rather odd, particularly given their recent endeavors to grow sports betting in different areas. As a result, the sale of Grand Victoria Casino seems quite peculiar.
Illinois, along with several other states, is currently considering the possibility of legalizing sports betting. At first glance, it may appear that MGM would be unable to obtain a license in Illinois.
MGM has successfully addressed the problem by reaching a access agreement with Boyd Gaming. This partnership grants MGM the opportunity to participate in sports betting activities at Boyd’s Par-A-Dice Hotel Casino, situated in East Peoria, Illinois.
MGM’s agreement with Boyd is anticipated to facilitate the company’s expansion into 15 US states. Although not all of these states currently allow sports betting, it is highly likely that they will legalize it within the next five years.
By teaming up with GVC Holdings and the NBA, MGM has solidified its position in the sports betting industry. This collaboration allows MGM to offer both retail and online sports betting options, thanks to GVC Holdings’ expertise. Furthermore, the partnership with the NBA not only adds credibility to MGM’s sports betting ventures but also acknowledges the widespread acceptance of sports betting as a legitimate institution.
ARTYOORAN / Shutterstock.com receives credit for the photo.
