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.[3] At the time of the merger in 2005, management of the property was transferred from Mandalay to Hyatt.[4]
In August 2018, MGM and Hyatt sold the casino to Eldorado Resorts (later renamed as Caesars Entertainment) for $328M.[5][6]
Casino
The casino employs about 1,440 people.[7] The 29,850 sq ft (2,773 m2) facility consists of approximately 1,100 video poker and slot machines in addition to 36 table games.[8]
In addition to games, the casino has banquet and dining facilities including Buckinghams, Crave Deli, and Slice Pizzeria.[9]
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.[7] 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.[10] Grants for these projects are recommended by Kane County's riverboat committee, but both the executive committee and the county board must approve the funds before they can be distributed.
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.[11] Today, the city continues to allocate funds for housing restoration. In 2007 specifically, the city allocated twice as much money as usual for housing rehabilitation.[12] Money is also dedicated to the following causes:
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.[14][15]
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.[16][17] The Smoke Free Illinois Act, which banned smoking in all enclosed workplaces beginning January 1, 2008, also severely reduced casino attendance.[18][19] Casino industry officials estimated that Illinois would receive about 20% less in monetary contributions from the casino over the course of 2008, a difference of nearly $144 million.[20]
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.[21]
In 2018, the Grand Victoria was third among Illinois riverboat casinos, with gross receipts of $160.7 billion.[22]
References
^Sanborn, Tele Atlas (2009), Google Maps, retrieved 2009-03-29
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