The property at the time of the April announcement was owned equally by MGM Resorts International and also a Pritzker family limited partnership, RBG LP. The cash deal, subject to some customary working capital adjustment, will reportedly farther grow Eldorado’s reach at the Chicago-area sector.
According to the official press release…
The Las Vegas-based global hospitality and entertainment company received its 50% share of the net profits of the sale following transactions costs, or about $162 million.
Executive Vice President and Chief Financial Officer for MGM Resorts International, Dan D’Arrigo said…
“We invite the employees of Grand Victoria Casino, who’ve made it a tremendous success through the years, and wish them all the best in the long run.
The MGM Resorts portfolio encompasses 28 hotel offerings and at 2018 opened MGM COTAI at Macau and the very first Bellagio-branded hotel in Shanghai. Additionally, it owns 56% of MGM China Holdings Limited (SEHK: 2282), that possesses MGM MACAU and MGM COTAI, and 50 percent of CityCenter in Las Vegas, which features ARIA Resort & Casino.
It is also growing MGM Springfield at Massachusetts, which is slated to open August 24, 2018.
In 2005, Grand Victoria’s co-owner and former manager, Mandalay Resort Group, was acquired by MGM Resorts for $7.9 billion, making it an equal partner of the casino using Hyatt Gaming affiliate RBG LP at the moment.
Accredited in 1994, the Grand Victoria reportedly had gross receipts of $168.7 million in 2017, an increase of 3.4% in the year prior, according to the Illinois Gaming Board. Tax revenue from the Grand Victoria added $45 million into the state’s coffers, a 4.6% gain from 2016.
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