That legislation also required that women and minority shareholders make up at least 20 percent of the ownership interest in the enterprise.Īround that time, HP changed its name to Emerald Casino Inc., which began making plans to develop a new riverboat casino in Rosemont.

In 1999, amid heavy lobbying by HP, Illinois lawmakers passed legislation authorizing the casino to relocate to Cook County. It closed in 1997, but its owners, known at the time as HP Inc., retained the license. Rivers, however, is actually a successor to one of the state’s original 10 riverboat casinos, Silver Eagle Casino, which was located in East Dubuque on the Mississippi River. In 2018, according to the Gaming Board’s most recent annual report, it reported gross revenues of $441 million, generating $170 million in revenue for the state, plus another $25 million in revenue for local governments. Rivers Casino is the state’s largest and most profitable riverboat casino. Gaming board officials confirmed this week the transaction was finalized June 4, despite the fact that there had been no stock sales to women and minority investors, something that had been a statutory condition of granting the original license in 2008 to a consortium that included Midwest Gaming and Entertainment LLC, Rush Street Gaming LLC, and a Canadian private equity firm, Clairvest Group Inc. At the time, board members said they wanted Churchill Downs to make a “good faith effort” to bring in more women and minority investors over the next 90 days so they would comprise up to 10 percent of the ownership interest. The Illinois Gaming Board gave its initial approval of the sale on March 1, pending the execution of final documents to seal the transaction. completed its $326 million acquisition of a majority stake in Rivers Casino in Des Plaines despite state gambling regulators concerns that the new ownership group does not include enough women and minorities. SPRINGFIELD - Kentucky-based Churchill Downs Inc.

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