Who Owns Rivers Casino In Des Plaines Illinois
- Who Owns Rivers Casino In Des Plaines Illinois Plaines Il
- Who Owns Rivers Casino In Des Plaines Illinois Map
Who Owns Rivers Casino In Des Plaines Illinois Plaines Il
Churchill Downs will pay up to $500 million to fully acquire a company that owns a majority stake in the Rivers Casino in the Chicago suburb of Des Plaines. Peter Hancock, Capitol News Illinois SPRINGFIELD — Kentucky-based Churchill Downs Inc. Completed its $326 million acquisition of a majority stake in Rivers Casino in Des Plaines despite state. Rivers Casino Des Plaines Partners With Rush Street Interactive To Launch BetRivers.com, Making History As The First Online And Mobile Sportsbook In Illinois PR Newswire CHICAGO, June 18, 2020. THE BUZZ SCOOP: Churchill Downs Inc. Is buying an ownership stake in in Neil Bluhm’s Midwest Gaming Holdings, the parent company of Rivers Casino in Des Plaines.
The owners of Des Plains’ Rivers Casino have shown interest in building a casino in Waukegan.
Churchill Downs Inc. and Rush Street Gaming revealed on August 22nd that they are to enter the competition for a Waukegan casino operating license as part of the massive gambling expansion which the Governor or Illinois officially signed into law earlier this summer.
The two gambling giants, who jointly own and operate Arlington International Racecourse and Des Plaines’ Rivers Casino, shared that, if given the green light, their proposed new entity is to be called Rivers Casino Waukegan. The project for the casino involves 1,625-gaming positions and is expected to create more than 900 construction jobs and over 1,200 jobs after construction works are finalized, according to the news release issued by the two companies to announce the plan. Apart from that, the Rivers Casino Waukegan would feature a poker room, which is not currently available in the group’s Des Plaines casino.
The companies have been considering the Fountain Square property, which is owned by the city and has been pointed as one of the most suitable spots to host a casino. As a matter of fact, a casino construction there was proposed by supporters of gambling expansion more than ten years ago, but Illinois legislators decided to grant the casino license to the city of Des Plaines, which hosted the Rivers Casino in 2011.
The two companies said they would be pleased to be taken into consideration as developers and operators for the new gambling destination not only for the city, but also for Lake County and Illinois as a whole.
Illinois Gaming Board to Make the Final Decision on Issuing the Casino License
According to preliminary estimates provided by Churchill Downs Inc. and Rush Street Gaming, their casino project could bring over $150 million to the local economy every year.
So far, six groups have entered the competition for a casino license in the city of Waukegan, as revealed by local officials who are expected to unveil a list of the frontrunners in the upcoming week. Then, the city is set to recommend one or more of these finalists to the state’s gambling regulatory body – the Illinois Gaming Board – by October 26th. It is the gambling regulator of Illinois which has the final decision on issuing a license.
The joint venture between Rush Street and Churchill Downs Inc. has been the fourth group to announce their interest in building and operating a new Waukegan-based gambling venue. The rest of the companies which have announced they are among the bidders for the project are Full House Resorts Inc., Potawatomi Hotel & Casino and North Point Casino.
The proposals for ownership of the new casino in Waukegan has been made possible with the long-expected gambling expansion of the state, which Illinois Governor J.B. Pritzker signed into law in June 2019. Under the expansion, legislators granted Chicago, Rockford, Waukegan, as well as three other locations in the state with permission to establish new casinos.
Who Owns Rivers Casino In Des Plaines Illinois Map
Churchill Downs acquires “crown jewel of Illinois gaming” in latest acquisition deal within the US land-based casino space
Gambling company Churchill Downs Incorporated announced on Wednesday that it has reached an agreement to buy a majority stake in Rivers Casino Des Plaines in Des Plaines, Illinois. The transaction involves Churchill Downs’ acquisition of “certain of the ownership interests” of Midwest Gaming Holdings, parent company of the gaming venue.
Rivers Casino Des Plaines first opened doors in 2011. The property is located two miles from O’Hare International Airport, and is thus able to benefit from domestic and international passenger traffic at one of the busiest US airports. The casino features a 44,000-square-foot gaming floor with nearly 1,000 slot machines and 58 table games as well as multiple food and beverage facilities and an event center.
Under the terms of the deal, Churchill Downs will assume ownership of at least 50.1% of Midwest Gaming and will pay no more than $500 million in cash to complete the transaction. Churchill Downs has thus agreed to buy 100% of the ownership stake in the Des Plaines-based casino’s parent company from Clairvest Group affiliates and co-investors for $291 million and additional units of Midwest Gaming currently owned by High Plaines Gaming, an affiliate of major gambling group Rush Street Gaming, which will result in a cash consideration of no less than $326 million.
It has also become known that Rush Street will keep managing the day-to-day operations of the Des Plaines casino. Once the transaction is complete, the company expects to hold approximately the same stake in the gambling venue as it currently owns.
The deal is subject to approval from the Illinois Gaming Board and other customary closing conditions and is expected to be finalized in the first half of 2019.
Crown Jewel of Illinois Gaming
Commenting on the deal, Churchill Downs CEO Bill Carstanjen said that it came as part of his company’s strategy to invest in gaming properties with “stable, predictable cash flows in diverse markets.” the executive further pointed out that the Des Plaines casino is the “crown jewel of Illinois gaming” and one of the nation’s premier casinos.
The acquisition of Rivers Casino Des Plaines is not the first time Churchill Downs and Rush Street have engaged in a deal of this kind. In 2012, the former company bought Riverwalk Casino and Hotel in Vicksburg, Mississippi from Rush Street.
Greg Carlin, CEO of Midwest Gaming, commented on the recently announced transaction, praising Churchill Downs for creating significant shareholder value over the years and expressing optimism that Rivers Casino will continue to be one of North America’s most successful gambling destinations under the Churchill Downs and Rush Street stewardship.
The recently announced transaction comes as another manifestation of a growing trend of major US land-based gambling companies merging or acquiring properties in a bid to cement their positions in a highly competitive environment.
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