Published on: September 27, 2024, 03:50h.
Last updated on: September 27, 2024, 03:50h.
The nearest hotel to Rivers Casino Des Plaines has changed ownership for the second time in under a year.
The Real Deal Chicago initially reported that the Courtyard by Marriott at 2950 S. River Road in Des Plaines changed hands earlier this month. NewcrestImage, a Texas-based real estate firm, sold the 200-room hotel to Parag Patel and his business partner Kevin Patel from Wisconsin. The deal, worth $21 million, follows NewcrestImage’s purchase of the property for $18 million in October 2023.
The transaction was facilitated with the help of two loans totaling almost $16 million from Midland States Bank in Missouri. The new owners plan to invest $5 million in renovating the hotel, unofficially known as the Courtyard Chicago O’Hare. Property tax records for 2024 indicate an annual liability of nearly $900,000 for the hotel.
In addition to catering to O’Hare International Airport travelers, the Des Plaines Courtyard benefits from its close proximity to Rivers Casino.
The casino, launched in July 2011, boasts the largest gaming floor in Illinois, spanning 78,500 square feet with over 1,500 slot machines, 70 live dealer table games, and a BetRivers Sportsbook.
Rivers Casino Des Plaines leads Illinois’ 15-casino gaming market, generating $43.5 million in gross gaming revenue in August. Its closest competitor, Caesars Entertainment’s Grand Victoria riverboat, trailed behind at $11.9 million.
Though Rush Street Gaming sold a 62% stake in Rivers Des Plaines to Churchill Downs for $407 million in 2019, the Chicago-based company continues to manage the casino’s operations.
Many Illinois residents flying from O’Hare, the state’s largest airport and the fifth busiest in the US, extend their stays to visit Rivers Casino. A significant number of these gamblers choose to lodge at the Courtyard adjacent to the casino.
The Courtyard offers discounted rates to casino rewards members as part of its partnership with Rivers.
Standard room rates start at $159 for non-members, while casino rewards members can book the same room for $127. Guests booking under the casino rewards program must present their Rush Rewards card at check-in.
In addition to the casino, Rivers Des Plaines features five full-service restaurants, a coffee bar, a casino bar, and a concert venue for live performances.
Casinos vs. Hotels
Rush Street Gaming typically opts not to include on-site hotels at its casinos nationwide. Among its five properties, only Rivers Casino & Resort in Schenectady, New York, and Rivers Casino Pittsburgh offer on-site accommodations.
Rivers casinos in Philadelphia and Portsmouth, Virginia, follow a similar model to Rivers Des Plaines by partnering with local hotels instead. Rivers Philadelphia recently announced a partnership with a new luxury hotel located near the casino along the Delaware River.