It has been a month since casino giant, Caesars Entertainment, exited nearly three-years of chapter 11 bankruptcy. Now the gaming corporation is aiming for big heights. The group says they are buying a new property in Indiana, and that is casino and gaming operator; Centaur Holdings.
Caesars’ plan to acquire Centaur Holdings
On Thursday, Caesars Entertainment announced that it is buying Centaur Holdings for a whopping $1.7 billion in cash. If approved, the purchase will see the company acquiring Centaur gaming properties which include; Indiana Grand Racing & Casino in Shelbyville, and Hoosier Park Racing & Casino located in Anderson.
Caesars CEO Mark Frissora commented saying: “It’s important to note that, like Caesars Entertainment properties around the country, Centaur locations are leading employers and community partners which will continue going forward”. Frissora, who’s also the company’s president, added that they believe that the two companies will be a great combination.
The chairman and CEO of Centaur says: “Centaur Gaming has been committed to bringing the entertainment and economic benefits of gaming and horse racing to key communities throughout Indiana since 1993. We believe Caesars’ acquisition of Centaur Gaming will further build on the success and contributions of the properties for the benefit of our customers, team members, horsemen, community partners, and financial stakeholders”.
The gaming operations which are soon to be owned by Caesars offer slot machines, electronic table games and live horse racing. The conclusion for the acquisition is set for the first half of 2018.
Caesars Entertainment is one of the oldest gaming, hospitality and leisure groups. It has been in operation for more than 77 years since its foundation in Reno, Nevada. The group currently operates 47 casinos in 13 U.S states and five other countries. Caesars Entertainment owns well-known South African casino and resort; Emerald South Africa which is based in Vanderbijlpark.
Caesars Entertainment already operates two casinos in Indiana; the Horseshoe Southern Indiana Hotel and Casino, and the Horseshoe Hammond Casino. Although the law in Indiana does not allow one company to operate two casino properties in the region, the rule does not affect Caesars and Centaur’s deal since the casinos on sale are race-track-based.