Who Owns Rivers Casino In Des Plaines Illinois
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Rush Street Gaming owns and operates Rivers Casino in Pittsburgh, SugarHouse Casino in Philadelphia, Rivers Casino in Des Plaines, Illinois, and Rivers Casino & Resort in Schenectady, New York. 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. 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. Under the new Illinois gambling expansion law, the operator will participate in a bid for one of six new casino licenses and it will pay another USD 24 M to license 800 additional positions at Rivers Casino in Des Plaines, Chicago. The firm will also pay USD 10 million early next year for the rights to offer sports betting, and will apply by the end of the month to add gambling beyond horse.
Kelsey McCarson@kelsey_mccarsonAugust 7th, 2019 - 09:15am@kelsey_mccarsonThe new majority owner of Rivers Casino intends to expand the Des Plaines casino facility and apply for one of the six new casino licenses offered under the state’s newly expanded Illinois gaming program, according to the Chicago Tribune.
Churchill Downs completed its $407 million purchase of Rivers Casino’s parent company, Midwest Gaming, earlier this year, according to a company release. The company seems to be wasting no time in seeking to expand gaming operations in Illinois to full capacity.
Rivers Casino is already the state’s largest casino, and a popular destination for Chicago area residents and visitors. The casino is in Des Plaines, a suburb just north of Chicago’s O'Hare International Airport.
Churchill Downs Wasting No Time
During a recent conference call with shareholders, according to a yahoo.com report, CEO Bill Carstanjen said Rivers Casino has already notified the Illinois Gaming Board that it intends to expand the 1,200 gaming positions it currently offers at the Des Plaines casino to the full 2,000 allowable under new state law.
The expansion will require new construction at the site, but Carstanjen said he expects some of that new space might be handled by restructuring the current layout of the casino.
Carstanjen also said the parking garage is expected to be extended, and that up to 250 additional gaming positions could quickly be created onsite so long as the company receives all the necessary approvals from government officials.
“Rivers will be working with the Illinois Gaming Board to ascertain what is permissible and to scope out the timing and full capital plan,” Carstanjen said.
Additionally, Rivers said the company will seek to invest in the expansion through “utilizing the available debt capacity at the Rivers level or through additional debt raised at the Rivers level.”
Sports Wagering Big Part of Plan
Illinois Gov. J.B. Pritzker signed a sports betting bill into law in June which greatly expanded gaming operations in the state by allowing both online and in-person sports wagers. Carstanjen said Rivers Casino is well positioned to be at the forefront of the new sports betting market in the state.
“Rivers will also pay the $10 million licensing fee in early 2020 to obtain an Illinois sports wagering license and will construct the sportsbook within its existing footprint,” Carstanjen said. “All of this is very, very exciting.”
Moreover, Rivers Casino is expected to offer sports betting both online and in-person. That should help give the company a leg up on the competition, as Illinois' sports betting bill limits sportsbooks offering online wagering menus to only those with ties to brick-and-mortar locations such as Rivers Casino.
“We will participate in this new market through our 61% ownership of Rivers, and certainly, we have the option to do so separately through our horse racing licenses,” Carstanjen said. 'We will announce our plans soon.”
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sharetweetcopy linkLink copied!WRITTEN BY@kelsey_mccarson<p>Kelsey McCarson, a veteran sports journalist who also covers boxing and MMA, writes about gambling and online casino news for TopUSCasinos.com. He has written for Bleacher Report, TheSweetScience.com and NYFights.com, and his work has appeared in USA Today, CNN and Fox Sports.</p>... Read More
<p>Kelsey McCarson, a veteran sports journalist who also covers boxing and MMA, writes about gambling and online casino news for TopUSCasinos.com. He has written for Bleacher Report, TheSweetScience.com and NYFights.com, and his work has appeared in USA Today, CNN and Fox Sports.</p>... Read MoreARTICLES YOU MAY LIKE
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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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