Elite Casino Resorts Confirmed Acquisition of Catfish Bend and FunCity Resort

Elite Casino Resorts is making waves in the Hawkeye State by acquiring Catfish Bend Casino and FunCity Resort in Burlington, marking an exciting expansion of their current operations. This strategic move sees the Iowa-based company strengthening its presence in the southeastern region of the state.

Key Highlights

• Expansion: This acquisition brings the number of casinos owned by Elite Casino Resorts in Iowa to four.
• Supported by History: The Kehl family originally established Catfish Bend back in the early 90s before passing it to businessman Randy Winegard.
• Community Focused: CEO Dan Kehl emphasizes the importance of their history with the area and the commitment to community partnerships and future growth.

About the Acquisition

Pending regulatory approval from the Iowa Racing and Gaming Commission, this acquisition signifies a homecoming for Elite. The acquisition is significant for several reasons:

• The return to the south-east Iowa market.
• Revitalizing the community with growth, investments, and partnerships.
• The legacy of the Kehl family with the original riverboat operations in Burlington.

As part of the acquisition, Catfish Bend features a spacious 30,000-square-foot gaming area that houses:

• 600 slot machines
• 18 live-dealer table games
• A sportsbook and a dedicated poker room
• A luxurious high-limit area for serious players

Details of FunCity Resort

Adjacent to the casino, FunCity Resort enhances the appeal of the area, offering:

• 241 hotel rooms across three brands: FunCity Hotel, Hampton Inn & Suites, and Catfish Bend Inn & Suites (adults-only).
• 14 dining and beverage outlets catering to all tastes.
• A seasonal outdoor water park for family fun.
• State-of-the-art fitness facilities including a full-service spa, bowling alley, go-kart track, laser tag, and arcade games.

Although financial specifics regarding the acquisition remain undisclosed, it’s clear that both Elite Casino Resorts and Winegard’s Great River Entertainment are privately held companies committed to the local community.

Strategic Implications After Cedar Rapids Loss

This strategic move follows Elite’s recent challenges with a failed attempt to block a new casino development in Cedar Rapids. Riverside Casino made headlines after dropping its lawsuit against the legality of a local referendum that permitted a commercial casino project in the area, leading to a significant investment change in the region.

By acquiring Catfish Bend, Elite Casino Resorts plans to consolidate its market presence while navigating potential changes to its customer base.

Looking Forward

If the acquisition succeeds, Catfish Bend will join Elite’s existing properties in Iowa, including Riverside, Rhythm City Casino Resort in Davenport, and Grand Falls Casino & Golf Resort in Larchwood. Furthermore, Elite also owns Walker’s Bluff Casino Resort in Illinois and Grand Island Casino Resort, marking a significant footprint in the region.

As we look ahead, it’s clear that Elite Casino Resorts is dedicated to not just expanding their reach but also enhancing the gaming experience for Iowans and visitors alike. Their commitment to investment and community partnerships aims to foster an environment of growth while respecting local histories.

Summary

Elite Casino Resorts is set to acquire Catfish Bend Casino and FunCity Resort in Burlington, reinforcing its presence in Iowa’s gaming landscape. This milestone marks a return to roots for the Kehl family, promising not just investment in gaming facilities but also in community relations and developments. With significant facilities including tens of hundreds of gaming options and hospitality amenities, this acquisition signals a strong future trajectory for Elite within a competitive market.