On Thursday, the Las Vegas based Caesars Entertainment Corp. stated that it plans in paying $1.7 billion by cash in order to own the Indianapolis-based Centaur Holding LLC and its Indiana Grand Casinos and Hoosier Park and to race tracks in the central Indiana.
This step would bring to Caesars one of the largest companies of gambling, and control over to the top four casinos of Indiana after been measured by gambling revenue.
The deal would be adding to the Nevada-based Caesars Indiana portfolio for Entertainment, where it already holds two of the 13 casinos of the state- the Horseshoe Southern Indiana and the Horse Hammond in Elizabeth.
CEO and Chairman of Centaur Gaming, Ratcliff said; that they believe acquisition of the Caesar of Centaur will be ahead building on the contributions and success of the properties for the betterment of their customers, horsemen, community partners, team members, and financial stake holders.
The proceedings will be requiring approval from gaming and horse racing commissions of Indiana. Centaur of Indianapolis-based stated that it expects in closing the deal officially in the first half of next year that’s 2018, having mentioned that it receives the approvals for necessary regulations.
President and CEO of Caesars Entertainment, Mark Frissora said in a statement that both the companies are leading community partners and employers in the cities where they function and this would remain to continue. He also said that they believe 1’Centaur Gaming and Caesar Entertainment” will be a master combination altogether.
The agreement would be the first grand transaction for Caesar as it aroused from a bankruptcy previously this year. Caesars along with subsidiaries managing 47 casinos in five countries and 13 states under nameplates of Caesars, Horseshoe, and Harrah, have restructured over $18 million debt during the time of filing for bankruptcy in 2015.
Deputy Director of the Indiana Gaming Commission, Renske said; Indiana law bars a solo company that owns over two riverboat casinos get around only because Centaur properties are of casinos and race tracks. Jennifer Renske also said that neither of them provided any data about any possible sale.