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24-410: The casino was developed by Gold Strike Resorts and Hyatt . It opened its doors on October 6, 1994. Gold Strike was acquired in 1995 by Circus Circus Enterprises , which later changed its name to Mandalay Resort Group, and was then acquired by MGM Mirage in 2005. At the time of the merger in 2005, management of the property was transferred from Mandalay to Hyatt. In August 2018, MGM and Hyatt sold

48-537: A former oil lease speculator and William Bennett , a former furniture salesman and the manager of The Mint Las Vegas casino. Circus Circus Enterprises purchased the Silver City Casino and Slots-A-Fun Casino in 1979 for $ 30 million, then refurbished both the interior and exterior. The company went public in 1983 and traded on the New York Stock Exchange. The company's properties found success in

72-458: A joint venture in 1993 with Don Carano of Eldorado in Reno to develop and build Reno's largest and tallest megaresort titled Silver Legacy . The $ 350 million hotel opened on July 28, 1995. Circus Circus Enterprises held a majority stake in that Reno resort. Circus Circus Tunica opened on August 29, 1994. It was rebranded in 1997 as Gold Strike Tunica and given a more upscale theme. The total cost for

96-401: A revised offer of $ 71 per share. The agreement called for MGM Mirage to pay $ 4.8 billion and to assume $ 2.5 billion in debt. The transaction was completed on April 26, 2005 for $ 7.9 billion. MGM executives were confident that antitrust regulators would not require the sale of any of the two companies' properties. Michigan law, however, forbade one company from owning multiple casinos, requiring

120-467: 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 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

144-582: The 1980s offering a Las Vegas experience to families subsequently experimented upon by its competitors. Its converted Circus Circus (originally developed for the upmarket) and later Excalibur properties offered gaming opportunities for adults and separate non-gambling games and theme-park-style experiences for underage visitors under the same roof. In 1983, Circus Circus purchased the Edgewater Hotel and Casino in Laughlin, Nevada for $ 17 million. The next year,

168-640: The Grand Victoria Casino Elgin donates 7.5% of its adjusted net operating income to the Kane County 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

192-607: The Grand Victoria and other Illinois riverboat casinos petitioned for permission to distribute free alcoholic beverages. Supporters of a proposed bill said that the existing law was unclear, while opposing groups cited increased gambling addiction as a likely consequence if free alcohol distribution were to be legalized. In 2018, the Grand Victoria was third among Illinois riverboat casinos, with gross receipts of $ 160.7 billion. 42°01′52″N 88°16′49″W  /  42.031046°N 88.280318°W  / 42.031046; -88.280318 Gold Strike Resorts Gold Strike Resorts

216-533: The Hacienda was closed to the public after 40 years, and imploded later that month. This implosion was broadcast on the Fox Network as a part of their New Year's Eve 1996 telecast. Despite the implosion, parts of the old resort still stood, due to the building not falling into its footprint, but toppling into its parking lot. The next day a wrecking crew was brought in to bring down the remaining parts. In March 1999, it

240-626: The Mandalay Resort Group announced a second 1,122-room hotel tower at their Mandalay Bay property, with a cost of at least $ 200 million. Construction began on the tower in September 2002. The name of the tower, THEhotel at Mandalay Bay , was chosen in September 2003. The tower opened on December 17, 2003. On June 4, 2004, one of Mandalay's largest competitors, MGM Mirage , announced a bid to acquire it for $ 68 per share plus assumption of debt. The stock closed at $ 60.27 per share on June 4. Although

264-409: The casino to Eldorado Resorts (later renamed as Caesars Entertainment) for $ 328M. The casino employs about 1,440 people. The 29,850 sq ft (2,773 m) facility consists of approximately 1,100 video poker and slot machines in addition to 36 table games . In addition to games, the casino has banquet and dining facilities including Buckinghams, Crave Deli, and Slice Pizzeria. Each year

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288-519: 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 . According to the Daily Herald , in 2007 the Grand Victoria Casino Elgin generated more revenue than any other Illinois casino,taking in $ 437 million,

312-609: The company bought the neighboring Colorado Belle casino from Advanced Patent Technology and John Fulton for $ 4 million. The company planned to move the unprofitable Colorado Belle to make room for an expansion of the Edgewater. The group subsequently developed the Excalibur in 1990, the Luxor in 1993 and the Mandalay Bay in 1999 for which the group was renamed. The group entered into

336-468: 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,

360-477: The proposal was announced after the close of trading on June 4, the volume of trading in Mandalay Resort Group stock on that day was quadruple the normal, with the stock closing at $ 60.27 per share. The ensuing negotiations between the two companies included at one point an announcement that the Mandalay board was rejecting the offer because of antitrust concerns. On June 15, 2004, however, both companies' boards approved

384-559: The remodel was estimated to be $ 125 million. On March 20, 1995, Circus Circus Enterprises announced that it had agreed to acquire Gold Strike Resorts , a closely held budget casino owner and operator based in Jean, Nevada , in a deal valued at more than $ 600 million. At the time of the acquisition, Gold Strike Resorts owned the Gold Strike Hotel and Gambling Hall , Nevada Landing Hotel and Casino , Railroad Pass Hotel and Casino and 50% of

408-503: The under-construction Monte Carlo Resort and Casino . The acquisition did not include the original Gold Strike near Boulder City , because the owners wanted to pass it on to their children. In 1995, Circus Circus purchased the Hacienda from Archon Corporation . By this time, the Hacienda was dwarfed by the many new megaresorts that were being built, in particular the Luxor , which had just been recently completed. On December 10, 1996,

432-418: Was a family of gaming companies based in Jean , Nevada . The company's history can be traced to 1977, when David Belding, Michael Ensign, and William Richardson purchased the Gold Strike Hotel and Casino near Boulder City, Nevada . Belding and Richardson acquired their shareholdings from their fathers Don Belding, and Jack Richardson, while Ensign bought out third owner O.L. Raney's shareholding. Ensign

456-517: Was acquired in 1995 by Circus Circus Enterprises for $ 450 million in cash and stock. The acquisition did not include the original Gold Strike near Boulder City, because the owners wanted to pass it on to their children. Gold Strike's properties at the time of its acquisition by Circus were: This article relating to a casino or gaming company is a stub . You can help Misplaced Pages by expanding it . Circus Circus Enterprises Mandalay Resort Group (formerly Circus Circus Enterprises )

480-569: Was an American hotel and casino operator based in Paradise , 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. Its stock traded on the New York Stock Exchange with the ticker symbol "CIR" and "MBG". The company

504-433: 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,

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528-470: Was originally known as Circus Circus Enterprises and originated with Jay Sarno 's 1968 opening of the Circus Circus as well as a Circus Circus in Reno, which opened in 1978. The company incorporated as Circus Circus Enterprises (CCE) in 1974 to purchase Circus Circus from Sarno at a time when the casino was experiencing financial difficulties. The original majority owners of CCE were William Pennington ,

552-429: Was replaced by the Mandalay Bay . The group was also a partner with Mirage Resorts on the 1996 opening of the nearby Monte Carlo Resort and Casino . Circus Circus Enterprises closed the Silver City Casino on October 31, 1999. Following the completion of Mandalay Bay in 1999, the name of the company was changed to Mandalay Resorts Group. On December 14, 1999, MotorCity Casino Hotel opened. On May 23, 2002,

576-479: Was the father of Senator John Ensign and had connections to competitor Circus Circus Enterprises . In 1994, Gold Strike announced a partnership with Mirage Resorts to build a $ 250-million casino targeted at budget-conscious visitors, on part of the site of the demolished Dunes golf course on the Las Vegas Strip . It ultimately opened in 1996, following the merger, as the Monte Carlo . Gold Strike Resorts

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