(Rising Sun, Ind.) - Rising Sun Mayor Bill Marksberry says he has high hopes and great expectations for the future of the city and Grand Victoria Casino.

Grand Victoria Casino on the Ohio River in Rising Sun.

It was announced Monday that Las Vegas-based Full House Resorts will buy the riverboat for $43 million. The sale is expected to close in 2011’s first quarter.

Marksberry reacted to the announcement by saying the city will look to help ensure that the new owners are successful.

“We are encouraged by this news and are hopeful that we have a productive and cooperative relationship with the management team.  Our goal has always been to have open dialogue with the owners of the riverboat docked in our city and we look forward to working with Full House Resorts in an effort to develop a true public private partnership,” said Marksberry.

Grand Victoria has about 15 percent of the market share of casino goers in southeast Indiana, but Full House said in its 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. 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.

“Our objective remains unchanged; the development of a collaborative effort between the riverboat owner and the City to ensure the riverboat is competitive in this challenging market,” Marksberry added.

The mayor is also hopeful the new ownership helps bolster the number of jobs at the facility which is currently Ohio County’s largest employer.

“Ohio County, on average, experiences a one percent higher unemployment rate than the state as a whole and we hope the change in ownership leads to the creation of additional jobs. More jobs will be beneficial not only to our community, but also to the surrounding counties, and the state of Indiana,” Marksberry said.

LINKS:

Grand Vic Sold To Vegas Company - http://www.eaglecountryonline.com/news.php?nID=755