BURLINGTON –Catfish Bend is experiencing what CEO Gary Hoyer is calling a "full-circle moment" after today's announcement of an agreement for Elite Casino Resorts out of Riverside to acquire the Burlington casino.
Elite shared in the announcement today with Great River Entertainment, LLC. The deal has some regulatory approvals needed prior to closing on the acquisition.
Hoyer said he's hoping the deal is finalized by December or January. Details of the offer weren't disclosed.
"I guess I see this as a full-circle moment," he said.
"Dan Kehl started as our first general manager way back in 1994 and got this facility, as a riverboat company, open and ran it until 2000. Then in 2006 after Catfish had helped develop the Riverside project, Dan went up there and Randy Winegard bought the southeast Iowa operation. There's a long history there."
Kehl and his family lived in Fort Madison for just over a decade.
“This feels like coming home,” said Kehl, CEO of Elite Casino Resorts. “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.”
The acquisition, when approved, would bring Catfish Bend into Elite’s growing portfolio, which includes Riverside Casino & Golf Resort in Riverside, Rhythm City Casino Resort in Davenport, Grand Falls Casino & Golf Resort in Larchwood, Walker’s Bluff Casino Resort in southern Illinois, Grand Island Casino Resort at Fonner Park, and Lake Mac Casino Resort and Racetrack in Ogallala, Nebraska. The company has more than 1,200 stakeholders.
Hoyer said he doesn't think patrons will see any shifts in operations.
"I don't think they'll see a lot of change. The leadership has indicated they plan to keep everybody," he said.
According to the joint release issued Tuesday morning, 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. 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.” Kehl said.
“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.”
Southeast Iowa Regional Riverboat Commission is a charitable arm of Catfish Bend and Hoyer said he thinks that will maintain status quo, as well.
"He and I have had specific talks about keeping SIRRC just as it is, taking our position there, I think he likes that structure and is very familiar with it, with the multi community and larger southeast Iowa impact. So I don't envision any change there," Hoyer said.
But he said Kehl has a long history of supporting local economies and he doesn't see that changing either.
Catfish Bend just underwent a signficant upgrade inside the casino and recently added "The Courts" venue for indoor sports tournaments. They've also undergone some impactful changes to food offerings throughout the property, anchored by The Boogaloo.
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