πŸ”₯ Sale goes through, but concerns linger over new Rivers Casino ownership

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Kentucky-based Churchill Downs Inc. completed its $ million acquisition of a majority stake in Rivers Casino in Des Plaines despite state.


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In , the Illinois Gaming Board awarded the state's 10th and last casino license to Midwest Gaming and Entertainment LLC, a group led by Neil Bluhm, to build.


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Neil Bluhm, chairman of Midwest Gaming, told the regulatory board in March that to finance the project, his company recruited a Canadian private equity firm, Clairvest Group Inc. Gaming board officials confirmed this week the transaction was finalized June 4, despite the fact that there had been no stock sales to female and minority investors, something that had been a statutory condition of granting the original license in to a consortium that included Midwest Gaming and Entertainment LLC, Rush Street Gaming LLC, and a Canadian private equity firm, Clairvest Group Inc. In , amid heavy lobbying by HP, lawmakers authorized the casino to relocate to Cook County. Two years later, the General Assembly passed a law authorizing the Gaming Board to reissue a revoked license through a kind of bidding process. At the time, board members said they wanted Churchill Downs to make a "good faith effort" to bring in more female and minority investors over the next 90 days so they would constitute up to 10 percent of the ownership interest. Eventually, in December , the board accepted a proposal from Midwest Gaming, in large part because of its plan for bringing in minority and female investors. They were not long-term investors like we are. Like most private equity firms, they needed to sell at some point to take a profit, show a good internal rate of return for its institutional investors. Related Coverage.

Kentucky-based Churchill Downs Inc. Recommended for You. Mark Welsh Staff Photographer. The company, which is most famous for operating the Kentucky Derby, also owns the Arlington International Racecourse in Arlington Heights.

But instead of selling the entire casino, Clairvest agreed to allow Churchill Downs to buy its shares. Pritzker is expected to sign, authorizing the development of six new land-based casinos in Illinois, along with the legalization of sports wagering.

Rivers, however, is actually a successor to one of the state's original 10 riverboat casinos, Silver Eagle Casino, which was located in East Dubuque. But it also came about two weeks after the General Assembly passed legislation, which Gov.

Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. Tracy made that comment during what turned out to be his final meeting as a member of the board. During a June 13 meeting in Chicago, Illinois Gaming Board Chairman Donald Tracy said that https://k9x.ru/casino/casino-bar-fire-island-band-schedule.html though the deal had closed, he wanted the board to continue reviewing the transaction and to take up the issue again at the board's next meeting Aug.

Emerald began construction on the project before the Gaming Board had approved it, which involved bringing in new investors, including some that the Gaming Board found to have ties with organized crime. Rivers casino il entertainment a result, the Gaming Board revoked Emerald's license in Januaryrivers casino il entertainment decision that was later upheld by the Illinois Supreme Court.

That legislation also required that female and minority shareholders make up at least 20 percent of the ownership rivers casino il entertainment in the enterprise. That agreement also allowed Churchill Downs to buy additional shares from other investors under the same terms, ensuring that it rivers casino il entertainment end up owning at least Sale goes through, but concerns linger over new Rivers Casino ownership.

That rivers casino il entertainment came at the read article of the Great Recession. Article Comments. The Illinois Gaming Board gave its initial approval of the sale on March 1, pending the execution of final documents to seal the transaction.

In earlyClairvest announced its plan to sell. People who harass others or joke about tragedies will be blocked. To find our more, read our FAQ. It closed inbut its owners, known at the time as Rivers casino il entertainment Inc.

If a comment violates these standards or our terms of serviceclick the X in the upper right corner of the comment box. Paddock Publications Employee-Owned. Related Article Rivers Casino starts work on new sportsbook, expansion.

Rivers Casino is the state's largest and most profitable casino. Search DailyHerald.

He has since resigned.