Elgin's Grand Victoria Casino to sell for $327.5 million – Chicago Tribune

Elgin’s Grand Victoria Casino is set to change hands later this year, and the prospective new owner is eyeing land near the casino for future development.

Reno, Nev.-based Eldorado Resorts said it entered into a definitive agreement to pay $327.5 million for the casino now owned by equal partners MGM Resorts International and RBG, a Pritzker family limited partnership.

Buying the Grand Victoria furthers Eldorado’s efforts to grow by acquisition and gain a foothold in the Chicago-area market. It also includes contiguous acreage that could be developed, the company said.

“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,” Gary Carano, chairman and chief executive office of Eldorado, said on a conference call Monday.

Eldorado also announced plans Monday to team up with Gaming and Leisure and acquire Tropicana Entertainment for $1.85 billion. Gaming and Leisure will pay roughly $1.21 billion and Eldorado will pay $64 million. Eldorado will manage the properties. Tropicana owns seven casinos in six states, including two in Nevada — the Tropicana Laughlin Hotel and Casino and the MontBleu Resort Casino & Spa in South Lake Tahoe — as well as properties in Indiana, Louisiana, Mississippi, Missouri and New Jersey.

Eldorado currently owns several casino properties in states including Missouri, Pennsylvania, Ohio, Nevada and Louisiana. “Following the completion of these transactions, Eldorado has grown from a company that just four years ago was comprised of two wholly owned properties and a 50 percent joint ownership interest … (in) a third property in just two states to a company now that owns 26 gaming properties in 13 states,” Carano said on the conference call.

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