Eldorado completes Grand Victoria Casino acquisition
Eldorado Resorts has completed its $327.5m cash acquisition of the Grand Victoria Casino.
Gary Carano, Chairman and CEO of Eldorado, called the Elgin, Illinois-based riverboat casino an “excellent addition” to his company’s operations.
“As with our other recent acquisitions, we intend to quickly implement our proven integration and operating strategies, allowing us to increase margins and cash flow from the property and thus reduce the purchase multiple,” Carano said.
Eldorado has undergone a period of high profile acquisitions including the $1.85bn purchase of Tropicana Entertainment.
Carano added: “Grand Victoria Casino is one of the premier casinos in the Chicagoland market and given the quality of the property, our immediate focus is on further enhancing the guest experience and operating results as there is no need to undertake capital investments at the property beyond normal maintenance expenses.”
Fellow operator MGM’s subsidiary owned a 50% interest in the property, which worked out at approximately $162m of the sale acquisition cost.
Dan D’Arrigo, Executive Vice President and CFO of MGM Resorts said: “We thank the employees of Grand Victoria Casino, who have made it a tremendous success over the years, and wish them all the best in the future.”
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