{"id":1004197965,"date":"2017-11-21T04:28:49","date_gmt":"2017-11-21T12:28:49","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004197965"},"modified":"2022-12-08T23:46:52","modified_gmt":"2022-12-09T07:46:52","slug":"caesars-to-buy-indiana-gaming-operator-for-1-7b","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/caesars-to-buy-indiana-gaming-operator-for-1-7b\/","title":{"rendered":"Caesars to Buy Indiana Gaming Operator for $1.7B"},"content":{"rendered":"

By Scott Baltic<\/em><\/p>\n

\"Mark<\/a>

Mark Frissora<\/p><\/div>\n

Caesars Entertainment Corp. has agreed to acquire Centaur Holdings LLC for $1.7 billion in cash, which will add to Caesars\u2019 already-extensive roster, including Centaur\u2019s \u201cracino\u201d operations in Indiana.<\/p>\n

The two properties are Hoosier Park Racing and Casino in Anderson, roughly 25 miles northeast of Indianapolis, and the Indiana Grand Racing and Casino in Shelbyville, about the same distance southeast of Indianapolis. In addition, Caesars will gain Centaur\u2019s three off-track betting locations, in Indianapolis, New Haven and Clarksville.\u00a0The\u00a0racinos offer gaming, racing, dining, and entertainment, including more than 2,000 slots and electronic table games, multiple dining options\u00a0and both live and simulcast horse racing. Caesars anticipates introducing table games to these properties, pending regulatory approval.<\/p>\n

Centaur\u2019s properties host more than 6.5 million guests each year, and more than 1.1 million members are part of its loyalty program. Caesars sees the acquisition as complementing its existing properties in Indiana: Horseshoe Hammond, which serves the Chicago area, and Horseshoe Southern Indiana, which serves the southern Indiana and Louisville area. \u201cThe acquisition of Centaur represents an excellent opportunity to enter into a growing region<\/em>,\u201d Mark Frissora, president & CEO of Caesars Entertainment, said in a prepared statement.<\/p>\n

\"Rod<\/a>

Rod Ratcliff<\/p><\/div>\n

\u201cWe believe Caesars\u2019 acquisition of Centaur Gaming will further build on the successes and contributions of the properties for the benefit of our customers, team members, horsemen, community partners, and financial stakeholders<\/em>,\u201d Centaur Holdings Chairman\u00a0& CEO Rod Ratcliff said in a prepared statement.<\/p>\n

Subject to regulatory approvals and other closing conditions, the transaction is expected to close in the first half of 2018.<\/p>\n

The Past few Years<\/h2>\n

Caesars Entertainment Operating Co., the operating unit of Caesars Entertainment Corp., had filed for bankruptcy protection in January 2015. The restructuring plan called for the operating unit to be split into a casino company and a real estate unit. \u201cThe addition of Centaur is the first example of our post-emergence, inorganic growth strategy<\/em>,\u201d Frissora said.<\/p>\n

Last month, VICI Properties Inc. completed its spin-off from Caesars Entertainment Operating Co. and became an experiential-asset focused\u00a0REIT.<\/a> VICI owns 19 major gaming facilities, including Caesars Palace Las Vegas, and totaling\u00a0more than\u00a032.5 million square feet of space, 12,000 guestrooms and 150 restaurants, bars and nightclubs.<\/p>\n

Photos courtesy of\u00a0Caesars Entertainment & Centaur\u00a0Holdings<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The company, in bankruptcy not long ago, seems to see the purchase of Centaur Holdings as a safe bet. Subject to regulatory approvals and other closing conditions, the transaction is expected to close in the first half of 2018.<\/p>\n","protected":false},"author":882,"featured_media":1004197969,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21751,1590,21783,13,21742],"tags":[35701,37922],"class_list":["post-1004197965","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-hotel","category-indianapolis","category-investment","category-midwest","category-latest","tag-caesars-entertainment-corporation","tag-vici-properties"],"acf":[],"yoast_head":"\nCaesars to Buy Indiana Gaming Operator for $1.7B - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/caesars-to-buy-indiana-gaming-operator-for-1-7b\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Caesars to Buy Indiana Gaming Operator for $1.7B\" \/>\n<meta property=\"og:description\" content=\"The company, in bankruptcy not long ago, seems to see the purchase of Centaur Holdings as a safe bet. 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