Grand Victoria Casino Elgin

History

The casino was developed by Gold Strike Resorts and Hyatt. It opened its doors on October 6, 1994.

Gold Strike was acquired in 1995 by Circus Circus Enterprises, which later changed its name to Mandalay Resort Group, and was then acquired by MGM Mirage in 2005. At the time of the merger in 2005, management of the property was transferred from Mandalay to Hyatt.

In August 2018, MGM and Hyatt sold the casino to Eldorado Resorts (later renamed as Caesars Entertainment) for $328M.

Casino

The casino employs about 1,440 people. The 29850 sqft facility consists of approximately 1,100 video poker and slot machines in addition to 36 table games.{{Citation |access-date=2009-03-29 |url-status=dead |archive-url=https://web.archive.org/web/20090416082549/http://www.grandvictoria-elgin.com/property/index_property.php |archive-date=2009-04-16

In addition to games, the casino has banquet and dining facilities including Buckinghams, Crave Deli, and Slice Pizzeria.{{Citation |access-date=2009-03-29 |url-status=dead |archive-url=https://web.archive.org/web/20090415175057/http://www.grandvictoria-elgin.com/dining/index_dining.php |archive-date=2009-04-15

Economic contributions

Each year the Grand Victoria Casino Elgin donates 7.5% of its adjusted net operating income to the Kane County Board and 12.5% to the Grand Victoria Foundation. In 2008, Kane County received about $8 million to use for internal programs, about $1 million of which was available for projects benefiting the county's educational, environmental, and economic needs.{{Citation | access-date = 2009-03-31

In addition to the Kane County Board and the Grand Victoria Foundation, The city of Elgin receives its own portion of the Grand Victoria's revenue. Casino profits led to the removal of the $25 vehicle license fee as well as a yearly property tax rebate for senior citizens.{{Citation | access-date = 2009-04-02 | access-date = 2009-03-31

• Toy collecting
• Not-for-profit organizations

The Grand Victoria Foundation sponsors additional community programs, such as film screenings, at Gail Borden Public Library in Elgin.{{Citation | access-date = 2009-03-31

Revenue reports since 2000

According to the Daily Herald, in 2007 the Grand Victoria Casino Elgin generated more revenue than any other Illinois casino,taking in $437 million, a rise of 13% since 2000. This increase in revenue came as a result of tightening slot machines, and occurred despite a 32% drop in attendance between 2000 and 2007.{{Citation | access-date = 2009-03-31 | access-date = 2009-03-31

As Illinois Gaming Board reports illustrate, the 2008-2009 economic recession led to an overall decrease in revenue among Illinois casinos, particularly the Grand Victoria. The casino's revenue of $25 million for the month of February, 2009 was down 9.9% from the previous year and down 24% from 2007.{{Citation |access-date=2009-03-31 |url-status=dead |archive-url=https://web.archive.org/web/20090407055155/http://www.igb.state.il.us/revreports/february2009statreport.pdf |archive-date=2009-04-07 | access-date = 2009-03-31 | access-date = 2009-04-02 | access-date = 2009-04-02 | access-date = 2009-04-02

In an attempt to make up for lost revenue, the Grand Victoria and other Illinois riverboat casinos petitioned for permission to distribute free alcoholic beverages. Supporters of a proposed bill said that the existing law was unclear, while opposing groups cited increased gambling addiction as a likely consequence if free alcohol distribution were to be legalized.{{Citation | access-date = 2009-04-02

In 2018, the Grand Victoria was third among Illinois riverboat casinos, with gross receipts of $160.7 billion.

References

References

1. Siewers, Alf. (October 7, 1994). "Elgin sees dollar signs as casino boat sets sail". Chicago Sun-Times.
2. (2005). "IL Campaign for Political Reform".
3. (April 29, 2005). "Hyatt affiliate to manage Grand Victoria". Kane County Chronicle.
4. Corilyn Shropshire. (April 16, 2018). "Elgin's Grand Victoria Casino to sell for $327.5 million". Chicago Tribune.
5. (August 7, 2018). "Eldorado Resorts completes acquisition of Grand Victoria Casino". Eldorado Resorts.
6. Illinois Casino and Gambling Association. "Grand Victoria Casino".
7. "Illinois Gaming Board - Annual Reports".