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The writing that’s been on the wall for months regarding the Arlington racetrack sale has a voice behind it finally. It’s more certain now than ever that if ChurchillDowns is to operate a “racino” in Illinois, it won’t be in Arlington Heights.Who Owns Rivers Casino In Des Plaines Illinois Coronavirus
Churchill Downs CEO BillCarstanjen is that voice. Precisely what Arlington International Racecourse‘s fate will be, however, is still unknown.What Carstanjen said about a possible Arlington racetrack sale
On a recent company earnings call, Carstanjen confirmed what many had suspected. Churchill Downs doesn’t have grand designs for its future at the racecourse. Carstanjen said:
Churchill Downs Incorporated (CDI) will pay up to $500 million to acquire a majority stake in the Rivers Casino in the Chicago suburb of Des Plaines. Churchill Downs is racing into Illinois by way. 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. 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.
Osorio/Chicago Tribune) The owner of Arlington Park racetrack has announced a bid to become majority stakeholder in the nearby gambling mecca, Rivers Casino in Des Plaines. Churchill Downs.
“That land will have a higher and better purpose for something else at some point. But we want to work constructively with all of the constituencies in the market to see if there’s an opportunity to move the license or, otherwise, change the circumstances so that racing can continue in Illinois. We’ve been patient and thoughtful and constructive with the parties up in that jurisdiction, but long term, that land gets sold and that license will need to move if it’s going to continue.”
It seems it’s only a matter of time until Churchill Downs gallops away from the property. Indicators showing that would be the case arose last September.
It was then that Churchill Downs announced it would not seek a license for casino gaming at Arlington. That was a stunning reversal, especially after Churchill Downs’ decades of lobbying for that exact privilege.
At the time, Carstanjen cited the tax rate for poker, slots and table games. He expressed doubt that a racino would generate enough revenue to cover expenses, much less show a profit.
The more recent Carstanjen quote affirms that Churchill Downs is looking elsewhere. While there’s an obvious alternative, it’s not entirely up to Churchill Downs.State, city governments yet to weigh in
Churchill Downs has its eyes on another IL city, Waukegan. It was one of three license applicants for casino gaming there, which the city forwarded to the Illinois Gaming Board (IGB) for consideration.
The board can only approve one license there, however. There’s no guarantee that Churchill Downs will be the IGB’s selection. Additionally, there’s no clear timeline for that decision.
The other two applicants are Full House Resorts and North Point Casino.
Rush Street Gaming CEO NeilBluhm, whose company owns RiversCasino in Des Plaines, is a party to Churchill Downs’ bid as well.
Then there’s the matter of whether the horse racing operations would move to Waukegan. Churchill Downs has a license for that with the state it can move, so that’s not an issue.
What may be an issue, however, is Waukegan itself. Mayor SamCunningham says his office hasn’t had any discussions about horse racing in his city. Cunningham said:
“In any economic times, we’d be foolish not to listen to any proposal by a credible developer. But a racino? Right now, our top priority is to get our citizens through these times and then, hopefully, look forward to a new casino opening sometime late next year.”
It’s uncertain whether Churchill Downs would sell the Arlington property before getting all its “ducks in a row” for Waukegan. Right now, what it might do if the IGB grants the license to a competitor is also a matter of speculation.If Waukegan doesn’t work out, then what?
In January, two parties reportedly showedinterest in the Arlington racecourse. The reports went on to state that Churchill Downs rebuffed those inquiries, however.
The reason for that disinterest should be obvious. It’s impossible to offer horse racing without the proper facility. That, in turn, could affect Churchill Downs’ ability to move its racing license to Waukegan.
So far, Waukegan is the only place where Churchill Downs has applied for a gaming license. Although the latest round of gambling expansion authorized six new casinos in different parts of IL, it’s late in the game to file the paperwork elsewhere.
All of Churchill Downs’ money appears to be on Waukegan. If that “horse” doesn’t run, the company could be left with a situation it clearly has no desire to be in.Rivers Casino Location Des Plaines, Illinois, United States Address 3000 S River RoadOpening dateJuly 18, 2011Casino typeLand-basedOwnerChurchill Downs Inc. (62%)
Rush Street Gaming (38%)Websiteriverscasino.com/desplaines
Rivers Casino is a casino in Des Plaines, Illinois, United States, a northern suburb of Chicago. It is minutes away from O’Hare International Airport. Rivers Casino opened on July 18, 2011. It is majority-owned by Churchill Downs Inc., and managed by its minority owner, Rush Street Gaming.Who Owns Rivers Casino In Des Plaines Illinois Map
The building sits above a few inches of water in a shallow pit. This was created for the casino to comply with state law, intended to legalize riverboat gambling.[1]History[edit]
In 2008, 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,[1] to build a 140,000-square-foot (13,000 m2) casino on approximately 21 acres (8.5 ha) adjacent to the Tri-State Tollway at the northwest corner of Devon Avenue and Des Plaines River Road. Des Plaines was awarded the gaming license in 2008. The city approved zoning in early 2010. The casino opened in July 2011 as Rivers Casino.
In 2019, Churchill Downs Inc., which owned the nearby Arlington Park racetrack, purchased a 62 percent stake in the casino from Bluhm and his partners for $407 million.[2][3]References[edit]
*^ abChicago Tribune: ’Des Plaines casino goes Vegas to corner upscale Chicago market’ by Jennifer Delgado and Robert McCoppin July 15, 2011
*^Form 10-K: Annual Report (Report). Churchill Downs Inc. February 27, 2019. p. 5 – via EDGAR.
*^’Churchill Downs Incorporated completes purchase of stake in Rivers Casino Des Plaines in Illinois’ (Press release). Churchill Downs Inc. March 5, 2019 – via EDGAR.Who Owns Rivers Casino In Des Plaines Illinois Obituaries
Rivers Casino In Des Plaines IllinoisRetrieved from ’https://en.wikipedia.org/w/index.php?title=Rivers_Casino_(Des_Plaines)&oldid=889614591’
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https://diarynote.indered.space
The writing that’s been on the wall for months regarding the Arlington racetrack sale has a voice behind it finally. It’s more certain now than ever that if ChurchillDowns is to operate a “racino” in Illinois, it won’t be in Arlington Heights.Who Owns Rivers Casino In Des Plaines Illinois Coronavirus
Churchill Downs CEO BillCarstanjen is that voice. Precisely what Arlington International Racecourse‘s fate will be, however, is still unknown.What Carstanjen said about a possible Arlington racetrack sale
On a recent company earnings call, Carstanjen confirmed what many had suspected. Churchill Downs doesn’t have grand designs for its future at the racecourse. Carstanjen said:
Churchill Downs Incorporated (CDI) will pay up to $500 million to acquire a majority stake in the Rivers Casino in the Chicago suburb of Des Plaines. Churchill Downs is racing into Illinois by way. 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. 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.
Osorio/Chicago Tribune) The owner of Arlington Park racetrack has announced a bid to become majority stakeholder in the nearby gambling mecca, Rivers Casino in Des Plaines. Churchill Downs.
“That land will have a higher and better purpose for something else at some point. But we want to work constructively with all of the constituencies in the market to see if there’s an opportunity to move the license or, otherwise, change the circumstances so that racing can continue in Illinois. We’ve been patient and thoughtful and constructive with the parties up in that jurisdiction, but long term, that land gets sold and that license will need to move if it’s going to continue.”
It seems it’s only a matter of time until Churchill Downs gallops away from the property. Indicators showing that would be the case arose last September.
It was then that Churchill Downs announced it would not seek a license for casino gaming at Arlington. That was a stunning reversal, especially after Churchill Downs’ decades of lobbying for that exact privilege.
At the time, Carstanjen cited the tax rate for poker, slots and table games. He expressed doubt that a racino would generate enough revenue to cover expenses, much less show a profit.
The more recent Carstanjen quote affirms that Churchill Downs is looking elsewhere. While there’s an obvious alternative, it’s not entirely up to Churchill Downs.State, city governments yet to weigh in
Churchill Downs has its eyes on another IL city, Waukegan. It was one of three license applicants for casino gaming there, which the city forwarded to the Illinois Gaming Board (IGB) for consideration.
The board can only approve one license there, however. There’s no guarantee that Churchill Downs will be the IGB’s selection. Additionally, there’s no clear timeline for that decision.
The other two applicants are Full House Resorts and North Point Casino.
Rush Street Gaming CEO NeilBluhm, whose company owns RiversCasino in Des Plaines, is a party to Churchill Downs’ bid as well.
Then there’s the matter of whether the horse racing operations would move to Waukegan. Churchill Downs has a license for that with the state it can move, so that’s not an issue.
What may be an issue, however, is Waukegan itself. Mayor SamCunningham says his office hasn’t had any discussions about horse racing in his city. Cunningham said:
“In any economic times, we’d be foolish not to listen to any proposal by a credible developer. But a racino? Right now, our top priority is to get our citizens through these times and then, hopefully, look forward to a new casino opening sometime late next year.”
It’s uncertain whether Churchill Downs would sell the Arlington property before getting all its “ducks in a row” for Waukegan. Right now, what it might do if the IGB grants the license to a competitor is also a matter of speculation.If Waukegan doesn’t work out, then what?
In January, two parties reportedly showedinterest in the Arlington racecourse. The reports went on to state that Churchill Downs rebuffed those inquiries, however.
The reason for that disinterest should be obvious. It’s impossible to offer horse racing without the proper facility. That, in turn, could affect Churchill Downs’ ability to move its racing license to Waukegan.
So far, Waukegan is the only place where Churchill Downs has applied for a gaming license. Although the latest round of gambling expansion authorized six new casinos in different parts of IL, it’s late in the game to file the paperwork elsewhere.
All of Churchill Downs’ money appears to be on Waukegan. If that “horse” doesn’t run, the company could be left with a situation it clearly has no desire to be in.Rivers Casino Location Des Plaines, Illinois, United States Address 3000 S River RoadOpening dateJuly 18, 2011Casino typeLand-basedOwnerChurchill Downs Inc. (62%)
Rush Street Gaming (38%)Websiteriverscasino.com/desplaines
Rivers Casino is a casino in Des Plaines, Illinois, United States, a northern suburb of Chicago. It is minutes away from O’Hare International Airport. Rivers Casino opened on July 18, 2011. It is majority-owned by Churchill Downs Inc., and managed by its minority owner, Rush Street Gaming.Who Owns Rivers Casino In Des Plaines Illinois Map
The building sits above a few inches of water in a shallow pit. This was created for the casino to comply with state law, intended to legalize riverboat gambling.[1]History[edit]
In 2008, 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,[1] to build a 140,000-square-foot (13,000 m2) casino on approximately 21 acres (8.5 ha) adjacent to the Tri-State Tollway at the northwest corner of Devon Avenue and Des Plaines River Road. Des Plaines was awarded the gaming license in 2008. The city approved zoning in early 2010. The casino opened in July 2011 as Rivers Casino.
In 2019, Churchill Downs Inc., which owned the nearby Arlington Park racetrack, purchased a 62 percent stake in the casino from Bluhm and his partners for $407 million.[2][3]References[edit]
*^ abChicago Tribune: ’Des Plaines casino goes Vegas to corner upscale Chicago market’ by Jennifer Delgado and Robert McCoppin July 15, 2011
*^Form 10-K: Annual Report (Report). Churchill Downs Inc. February 27, 2019. p. 5 – via EDGAR.
*^’Churchill Downs Incorporated completes purchase of stake in Rivers Casino Des Plaines in Illinois’ (Press release). Churchill Downs Inc. March 5, 2019 – via EDGAR.Who Owns Rivers Casino In Des Plaines Illinois Obituaries
Rivers Casino In Des Plaines IllinoisRetrieved from ’https://en.wikipedia.org/w/index.php?title=Rivers_Casino_(Des_Plaines)&oldid=889614591’
Register here: http://gg.gg/x6plc
https://diarynote.indered.space
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