MGM Resorts to sell Grand Victoria Casino to Eldorado Resorts
April 16, 2018 10:13 AM
by Robert Mann
MGM Resorts International along with its venture partner, Monday announced the execution of a definitive agreement to sell the Grand Victoria Casino in Elgin, Illinois. The purchaser is Eldorado Resorts.
Reno-based Eldorado will pay for $327.5 million in cash, subject to a working capital adjustment.
MGM, through a subsidiary, has 50 percent interest in Grand Victoria, which the company acquired in 2005 as part of its 2005 purchase of Mandalay Resort Group. The transaction is expected to close within 12 months, subject to regulatory approvals and other normal closing conditions.