Posted on: October 23, 2022, 07:01h.
Last update: October 23, 2022, 9:19 a.m.
Caesars Entertainment is spending $4 million on upgrades to the Grand Victoria Casino in Elgin, Illinois, an effort that has resulted in a revamped sportsbook and a new World Series of Poker (WSOP) poker room.
Eldorado Resorts — the company that acquired Caesars in 2020 — bought the Illinois casino in 2018 for $327.5 million in cash.
Grand Victoria Casino, located in Elgin, Illinois, is about 40 miles west of downtown Chicago along the banks of the Fox River. The property features 1,088 slot machines, 30 table games, a 12-table poker room and four dining options,” according to a press release.
The new WSPO sportsbook and poker room will be in the space previously occupied by Indulge Kitchen Buffet. The sportsbook commands 2,100 square feet, while the poker room occupies 4,400 square feet and has 20 tables. The sporsbook has three customer service desks and four self-service kiosks. In November, Greater Victoria will host the first WSOP event in Illinois history.
Maybe a good time for Illinois
News of the revamped poker and sports betting options at Grand Victoria Casino could be a good time for Caesars in an increasingly competitive market.
Earlier this month, Penn Entertainment announced spends $360 million to bring his Hollywood riverside casino to shore in Aurora. Another $185 million is allocated to bring a river gambling vessel to Joliet.
Additionally, Illinois, in less than three years in the regulated sports betting scene in the United States, is rapidly climbing the state-by-state rankings. Recent data from the Illinois Gaming Board (IGB) indicates that the state reported nearly $565 million in gross gaming revenue (GGR) in August. That makes it the second-largest sports betting state by this metric, overtaking New Jersey in the process and trailing only New York.
Illinois sportsbooks have raked in around $1 billion in GGR since going live in March 2020, bringing in $175 million to state coffers along the way.
Caesars operates two other casinos in the state – Harrah’s Joliet and Harrah’s Metropolis.
Caesars Sportsbook Update
Caesars Sportsbook is the brand through which bettors in Illinois and other stadiums place online and mobile wagers with the gaming company.
Nationally, the operators generally rank fourth behind FanDuel, BetMGM and DraftKings, according to the state. But Caesars was one of the first sports betting companies to drastically cut its advertising spend, indicating that it is profitably accumulating market share.
Analysts expect this unit will announce a loss in the third quarter. But that loss is expected to be among the lowest since the unit’s inception, paving the way for the operator to potentially be among the first to profit from online gaming and sports betting.