US casino operator Elite Casino Resorts has signed an agreement to acquire the assets and operations of Great River Entertainment, including Catfish Bend Casino and FunCity Resort in Burlington, Iowa.
The transaction marks a homecoming for the Kehl family, the majority owners of Elite, who helped launch casino gaming in Burlington during the original riverboat era before selling to Randy Winegard.
The acquisition will see the Kehl family, along with more than 1,200 Iowa unitholders, bring Catfish Bend and FunCity back under their ownership.
The Burlington property joins Elite’s growing portfolio, which includes Riverside Casino & Golf Resort and Rhythm City Casino Resort in Iowa, Grand Falls Casino & Golf Resort in South Dakota, Walker’s Bluff Casino Resort in Illinois, Grand Island Casino Resort and Lake Mac Casino Resort and Racetrack in Nebraska.
“This feels like coming home,” said Elite CEO Dan Kehl. “Our family’s history with Burlington and Southeast Iowa goes back to the earliest days of Iowa gaming. Bringing Catfish Bend and FunCity back into the fold allows us to honor that past while building toward an exciting future of growth, investment, and community partnerships.”
Elite has pledged a smooth transition for all team members, who will continue in their roles with expanded opportunities for training and advancement.
The company also intends to promote tourism and strengthen the economy of Southeast Iowa.
“Burlington and all of Southeast Iowa have always been close to our hearts,” Kehl added. “When Catfish Bend started in 1994, I moved my young family to Fort Madison to oversee riverboat operations. Now my sons are grown and part of the family business, and bringing this property back truly feels like a homecoming.”
“Randy Winegard and Gary Hoyer have been great leaders for Catfish Bend and the community. We look forward to maintaining and building on their legacy.”