CBJ's Largest Privately Held Companies 2018

More documents

Recommendations

Info

Elite Casino Resorts 4 “We try to do things that will change the landscape here in the state,” said Dan Kehl, whose family obtained the first riverboat gambling license in Iowa more than 25 years ago, pioneering the state’s modern gaming industry. Mr. Kehl, CEO of Elite Casino Resorts, which owns three gaming complexes generating more than $225 million per year in combined revenue, is currently overseeing a $10 million revamp of its first land-based venture, Riverside Casino & Golf Resort, located south of Iowa City. Elite’s other properties are Grand Falls Casino, near Larchwood in far northwest Iowa, and Rhythm City Casino Resort, located at the intersection of I-80 and I-74 in Davenport. Riverside has seen tens of millions of visitors in its 12- year lifetime and was due for renewal, Mr. Kehl said. The rehab includes upgrading all the DAN KEHL CEO finishes and furniture, redoing two food venues, reworking a bar, installing facilities for “grab and go” dining and giving the show lounge a makeover. Work at the Rees Jones-designed casino, hotel, golf course and spa is expected to be complete in August. The improvements are also aimed at making the casino “more relevant to millennial clientele,” he said. Elite is “dabbling in some skill-based gaming,” such as Topgolf Swing Suites – golf simulators featuring comfy lounges, massive screens and a selection of virtual games for golfers and non-golfers – although 90 percent of the gaming floor will remain devoted to slot machines and table games. Rees Jones’ firm also designed the Grand Falls Casino & Golf Resort, serving the Sioux City-Sioux Falls market. The facility has been open seven years, with the golf course featuring a 30-foot waterfall since 2014. “It’s going well up there. We will start a remodel of our facility there in a couple of years,” Mr. Kehl said. Elite’s latest venture, Rhythm City, began with purchase of the old Treble Clef gambling boat docked on Davenport’s riverfront in 2014. Its gaming moved inland to the Elmore Avenue corridor two years ago with the completion of the $100-million casino-hotel-events center complex. That change has been “well received in the marketplace,” Mr. Kehl said. THE TEAM EXECUTIVE TEAM Dan Kehl, CEO Ken Bonnet, COO Bobby Kehl, Executive Director of Golf Dan White, GM Shared Services Karlyn Ollendick, CIO Each of Elite’s casinos are outperforming Iowa’s broader gaming industry, which saw its gambling revenue tick up just 1.1 percent last year according to the Iowa Racing and Gaming Commission. Adjusted gross gaming revenue increased 4.75 percent at Riverside to $88.1 million, 2 percent at Grand Falls to $55.6 million, and a whopping 25 percent at Rhythm City, reaching $65.3 million. Three separate casino companies were combined in 2015 to form Elite, which is owned by 1,200 Iowans. That’s a fairly large number of shareholders for a privately held firm, so Elite acts somewhat like a public company, Mr. Kehl said, but with key differences. The company is not burdened with quarterly reports to the Securities Exchange Commission, worries “about what the stock price did this quarter” or regulations that govern publicly traded firms. Adequate financing has been available thus far from local banks, so going public would “create a lot of issues we don’t have to worry about,” Mr. Kehl said. “We look to increase our revenue every year. Our focus is on maintaining a strong balance sheet through debt reduction and deploying capital where it makes sense,” he added. A small executive team allows the firm to make decisions and investments quickly and easily. “That makes us pretty nimble.” Elite keeps a close eye on the state for game-changing opportunities. If the right situation comes along, the company might consider expanding outside the state, or even a public offering, Mr. Kehl said. A new division, Elite Hospitality Group, is pursuing non-gaming opportunities as well. — Emery Styron RIVERSIDE CASINO & GOLF RESORT 12 CBJ’S LARGEST PRIVATELY HELD COMPANIES <strong>2018</strong>
Building Better Communities! Enhancing the quality of life in our community is a top priority at FSB. In addition to our financial contributions, our employees volunteer an average of 5,000 hours each year to support community events and help raise funds for local non-profits. Join us at our annually sponsored events... • Alburnett Road Clean Up • March of Dimes, March for Babies • Marion Arts Festival • Marion by Moonlight Concert Series • Hiawatha Fun Fest • Marion Uptown Markets • Life 101.9 Christian Concerts • Linn County Fair • Summer Fiesta Block Party • Customer Appreciation Picnic • Alburnett Children’s Benefit Days • Uptown Getdown Concert Series • Swamp Fox Festival • Harvest Moon Chocolate Walk • Christmas in the Park Member FDIC | myfsbonline.com | 319-377-4891
Page 1 and 2: CBJ’s Largest Privately Held COMP
Page 3 and 4: CBJ’S LARGEST PRIVATELY HELD COMP
Page 5 and 6: Largest Privately Held Companies La
Page 7 and 8: Let our employee benefit expertise
Page 9 and 10: Gary Watts President & CEO Building
Page 11: LARGEST PRIVATELY HELD As we look b
Page 15 and 16: Strategic Financial Solutions is a
Page 17 and 18: ADVERTISEMENT BankIowa: Your financ
Page 19 and 20: How to future-proof your business:
Page 21 and 22: Celebrating 11 Years in the Corrido
Page 23 and 24: ADVERTISEMENT F & M Bank - Continui
Page 25 and 26: FOCUSED ON BUILDING QUALITY Chaunce
Page 27 and 28: Largest Privately Held Companies (R
Page 29 and 30: LPH by the Numbers 2018 INDUSTRY BR
Page 31 and 32: World Class Industries simplifies s

CBJ's Largest Privately Held Companies 2018

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?