Grand Victoria Casino
(Indianapolis, Ind.) - The Indiana Gaming Commission decided to award the gaming license for Grand Victoria Casino to it's new owner.
The license was transferred from Hyatt to new owner Full House Resorts following a commission hearing in Indianapolis yesterday.
Las vegas-based Full House says the transfer will allow it to close on the riverboat property in the early second quarter of 2011.
“We want to thank the Indiana Gaming Commission for granting us this gaming license, and are now a couple of weeks away from closing on the Grand Victoria acquisition,” said Andre M. Hilliou, Chairman and Chief Executive Officer of Full House. “We have already received our necessary financing commitments, and we are excited to be bringing the Grand Victoria property and team members into the Full House family in the very near future.”
The $43 million deal was announced last September.
Rising Sun Mayor Bill Marksberry and Clerk-Treasurer Rae Baker-Gipson were among those at the hearing supporting the new license for Full House.
Grand Victoria has about 15 percent of the market share of casino goers in southeast Indiana, but Full House said in its sale announcement that the company -- owners of one casino in Nevada and operators of a handful of others around the country -- has a proven track record of managing properties in competitive environments.
The city will help to make that possible said the mayor after the announcement last fall. Already lagging behind its two neighboring riverboats in Lawrenceburg and Switzerland County, Grand Victoria will face even stiffer competition when a Cincinnati casino opens in 2012.