Caesars gets an extra year to sell Indiana casino

By Ucatchers

Members of the Indiana Gaming Commission unanimously agreed Monday to give casino operator Caesars Entertainment Inc. an additional year to sell its Horseshoe Hammond property.

Caesars originally had until December 31 to find a buyer for its Hammond casino. However, the commissioners shared the view that selling the property now “presents unique challenges,” referring to the uncertainty over the ongoing expansion of gambling in neighboring Illinois and the impact of the Covid-19 pandemic on the state and industry. national game.

Sara Tait, executive director of the Indiana Gaming Commission, said Monday that granting relief in connection with the sale of Horseshoe Hammond was “in the best interest of the state and local community” and that the measure would not “It would adversely affect operations at the property.”

The Indiana Gaming Commission was one of the last regulators to rule on the proposed acquisition from the former Caesars Entertainment Corp. by the former Eldorado Resorts. Hoosier State gambling regulators greenlit the $ 17.3 billion deal in July, but ordered Caesars to sell three of its five Indiana properties by the end of the year.

The sale of the three casinos is intended to prevent an “undue economic concentration” of the state’s gaming industry following Eldorado’s acquisition of Caesars. The two companies closed the deal at the end of July.

Tropicana Casino and Caesars Southern Indiana Already Have Buyers

Caesars will also sell its Tropicana Casino in Evansville and the Caesars Southern Indiana casino complex in Elizabeth. The casino giant announced last month that it had signed an agreement to sell Tropicana Evansville to Bally’s Corp. (formerly Twin River Worldwide Holdings) for $ 430 million. The deal is expected to close in mid-2021.

News also emerged last week that Caesars signed a Letter of Intent with the Eastern Band of Cherokee Indians which expresses the tribe’s interest in purchasing Caesars Southern Indiana as long as the parties involved “can agree on the terms of the transaction.”

Under the terms outlined in the letter of intent, Caesars agreed to work exclusively with the tribe for 45 days from the date the casino operator signed the letter and promised not to. “Receive offers from other potential buyers” from Caesars Southern Indiana.

The tribe’s chief chief, Richard G. Sneed, said last week that the Elizabeth casino is “a business with a known amount of cash flow and a known return to the tribe.”

In 2018, Caesars began construction on a $ 90 million project to relocate Caesars Southern Indiana to dry land, renovate your adjacent hotel and add new facilities like restaurants, bars and other new experiences. Late last year, the operator revealed the property’s new 110,000-square-foot casino floor with 1,650 slot machines, table games and a sportsbook.

Caesars has said it plans retain its two racetracks in Indiana, Harrah’s Hoosier Park and Indiana Grand. The two properties added live dealer table games earlier this year.

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