Grand Victoria Casino Elgin
Encyclopedia
The Grand Victoria Casino Elgin is a riverboat casino
in Elgin, Illinois
, located about 40 mi (64.4 km) west of Chicago
. It is 50% owned and operated by RBG, LLP, a subsidiary of Hyatt, and 50% by a subsidiary of MGM Resorts International, which acquired Mandalay Resort Group
, the former 50% partner company, in April 2005. The casino opened its doors in 1994 and employs about 1,440 people. The 29850 sq ft (2,773.2 m²) facility consists of approximately 1,100 video poker
and slot machines in addition to the following table games
:
In addition to games, the casino has banquet and dining facilities including Buckinghams, Grand Victoria Buffet, Crave Deli, and the Prime Burger Bar.
Board and 12.5% to the Grand Victoria Foundation. 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. 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. 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. Money is also dedicated to the following causes:
The Grand Victoria Foundation sponsors additional community programs, such as film screenings, at Gail Borden Public Library
in Elgin
.
As Illinois Gaming Board reports illustrate, the 2008-2009 economic recession
has 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. The Smoke Free Illinois Act, which banned smoking in all enclosed workplaces beginning January 1, 2008, also severely reduced casino attendance. 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.
In an attempt to make up for lost revenue, the Grand Victoria and other Illinois riverboat casinos are petitioning for permission to distribute free alcoholic beverages. Supporters of a proposed bill say that the current law is unclear, while opposing groups cite increased gambling addiction as a likely consequence if free alcohol distribution is legalized.
Riverboat casino
A riverboat casino is a type of casino found in several areas of the United States which use a riverboat as a casino. Several states authorized this type of casino to limit the areas where casinos could be constructed under a type of legal fiction.-History:...
in Elgin, Illinois
Elgin, Illinois
Elgin is a city in northern Illinois located roughly northwest of Chicago on the Fox River. Most of Elgin lies within Kane County, Illinois, with a portion in Cook County, Illinois...
, located about 40 mi (64.4 km) west of Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
. It is 50% owned and operated by RBG, LLP, a subsidiary of Hyatt, and 50% by a subsidiary of MGM Resorts International, which acquired Mandalay Resort Group
Mandalay Resort Group
Mandalay Resort Group was a hotel-casino operator based in Las Vegas, Nevada. Its major properties included Mandalay Bay, Luxor, Excalibur and Circus Circus, as well as half of the Monte Carlo. In terms of market capitalization, it was one of the largest casino operators in the world. It was...
, the former 50% partner company, in April 2005. The casino opened its doors in 1994 and employs about 1,440 people. The 29850 sq ft (2,773.2 m²) facility consists of approximately 1,100 video poker
Video poker
Video poker is a casino game based on five-card draw poker. It is played on a computerized console similar in size to a slot machine.-History:...
and slot machines in addition to the following table games
Tabletop game
Tabletop game is a general term used to refer to board games, card games, dice games, miniatures wargames, tile-based games and other games that are normally played on a table or other flat surface...
:
- BaccaratBaccaratBaccarat is a card game, played at casinos and by gamblers. It is believed to have been introduced into France from Italy during the reign of King Charles VIII , and it is similar to Faro and Basset...
- BlackjackBlackjackBlackjack, also known as Twenty-one or Vingt-et-un , is the most widely played casino banking game in the world...
- Caribbean Stud PokerCaribbean stud pokerCaribbean Stud poker is a casino table game with rules similar to five-card stud poker. However, unlike standard poker games, Caribbean stud is played against the house rather than against other players...
- CrapsCrapsCraps is a dice game in which players place wagers on the outcome of the roll, or a series of rolls, of a pair of dice. Players may wager money against each other or a bank...
- RouletteRouletteRoulette is a casino game named after a French diminutive for little wheel. In the game, players may choose to place bets on either a single number or a range of numbers, the colors red or black, or whether the number is odd or even....
- Three card pokerThree card pokerPoker played with three cards dates back to the origins of the game of poker. As a result it's as unclear as the origins of poker, but includes the 16th century British card game of Brag. Rules for three card poker are included in Hoyle's Rules of Games from 1983 along with a hi-low...
- Texas Hold'em Poker
In addition to games, the casino has banquet and dining facilities including Buckinghams, Grand Victoria Buffet, Crave Deli, and the Prime Burger Bar.
Economic Contributions
Each year the Grand Victoria Casino Elgin donates 7.5% of its adjusted net operating income to the Kane CountyKane County, Illinois
Kane County is a county located in the U.S. state of Illinois. According to the 2010 census, it has a population of 515,269, which is an increase of 27.5% from 404,119 in 2000. Its county seat is Geneva, and its largest city is Aurora.- Geography :...
Board and 12.5% to the Grand Victoria Foundation. 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. 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
Kane County, Illinois
Kane County is a county located in the U.S. state of Illinois. According to the 2010 census, it has a population of 515,269, which is an increase of 27.5% from 404,119 in 2000. Its county seat is Geneva, and its largest city is Aurora.- Geography :...
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. 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. Money is also dedicated to the following causes:
- Toy collecting
- Not-for-profit organizations
The Grand Victoria Foundation sponsors additional community programs, such as film screenings, at Gail Borden Public Library
Gail Borden Public Library District
Gail Borden Public Library is a public library district located in Elgin, Illinois, USA. District boundaries include the cities of Elgin, South Elgin, Bartlett, Streamwood, and Hoffman Estates...
in Elgin
Elgin, Illinois
Elgin is a city in northern Illinois located roughly northwest of Chicago on the Fox River. Most of Elgin lies within Kane County, Illinois, with a portion in Cook County, Illinois...
.
Revenue Reports Since 2000
According to the Daily Herald, the Grand Victoria Casino Elgin generates more revenue than any other Illinois casino. In 2007, the casino took 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.As Illinois Gaming Board reports illustrate, the 2008-2009 economic recession
Late 2000s recession
The late-2000s recession, sometimes referred to as the Great Recession or Lesser Depression or Long Recession, is a severe ongoing global economic problem that began in December 2007 and took a particularly sharp downward turn in September 2008. The Great Recession has affected the entire world...
has 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. The Smoke Free Illinois Act, which banned smoking in all enclosed workplaces beginning January 1, 2008, also severely reduced casino attendance. 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.
In an attempt to make up for lost revenue, the Grand Victoria and other Illinois riverboat casinos are petitioning for permission to distribute free alcoholic beverages. Supporters of a proposed bill say that the current law is unclear, while opposing groups cite increased gambling addiction as a likely consequence if free alcohol distribution is legalized.