Elite Casino Resorts received approval from the Iowa Racing and Gaming Commission yesterday for its Catfish Bend Casino purchase. CEO Dan Kehl called it “coming home” for his family and the company’s 1,200 Iowa unitholders.
The Kehl family launched casino gaming in Burlington during the riverboat era. Now they’re buying back into the market they helped create.
Elite announced the acquisition on August 26. The deal adds a sixth Iowa property to its Midwest portfolio.
Why This Deal Strengthens Elite’s Iowa Position
Elite operates five other Iowa casinos including Grand Falls Casino & Golf Resort and Rhythm City Casino Resort. The Catfish Bend purchase fills a geographic gap in southeast Iowa.
The property sits in Burlington, where Elite has historical ties. That local connection matters for an operator focused on regional markets.
Iowa’s casino market grew 4.9% in August 2025 compared to last year. Revenue hit $151.2m that month. The state’s gambling sector continues expanding despite the crowded field.
But this isn’t just about market share. Elite sees opportunities for coordinated guest experiences across its properties. Cross-promotion between six Iowa casinos could drive traffic to all locations.
What Changes at the Burlington Property
Catfish Bend Casino and FunCity Resort will become Great River Casino Resort after closing. The new name references the Mississippi River’s importance to Burlington’s identity.
All current employees keep their jobs. Elite promised training and advancement opportunities for staff. That approach mirrors how the company handled previous acquisitions.
The property includes a 30,000 square foot casino floor. There’s also lodging, an entertainment venue, and a water park. Elite plans to maintain all these amenities while potentially adding programming.
The operator will work with local organisations and events in southeast Iowa. Elite stated it wants to build partnerships throughout the region.
How This Acquisition Reshapes Regional Competition
Closing happens on January 27, giving Elite three months to prepare integration plans. The company knows Burlington’s market after helping establish it decades ago.
Other Iowa operators now face a strengthened competitor. Elite’s six-property network creates advantages in marketing and loyalty programs. Players can earn rewards at multiple locations.
The transaction also signals Elite’s confidence in Iowa gambling despite market maturity. Most operators focus on newly regulated states. Elite doubled down on a market it understands.
Southeast Iowa tourism could benefit from Elite’s entertainment programming expertise. The operator has experience drawing visitors to smaller markets through its other properties.
The deal’s approval came quicker than some industry observers expected. That suggests the Commission found Elite’s track record and local ties persuasive.
