In Indiana, Caesars Entertainment Corporation has announced the completion of the previously-agreed deal to acquire local casino operator, Centaur Holdings, and its Indiana Grand Racing and Casino and Hoosier Park Racing and Casino properties.
According to an official Monday press release from Caesars, the purchase has cost the Las Vegas-based giant some $1.625 billion in cash alongside $75 million in deferred compensation and also includes a trio of off-track betting facilities in the Indiana communities of New Haven, Clarksville and Indianapolis.
The corporation and its various subsidiaries already operated some 47 casinos across 13 states and five countries including Indiana’s Horseshoe Hammond and Horseshoe Southern Indiana and explained that it now intends to spend upwards of $50 million to improve its latest purchases. The operator stated that these upgrades are set to include the enhancement of the venues’ information technology systems as well as the introduction of its Total Rewards customer loyalty program.
Indiana Grand Racing and Casino and Hoosier Park Racing and Casino each already offer patrons a collection of approximately 2,000 slots in addition to a selection of electronic table games. Caesars declared that it now intends to seek approval to bring live-dealer games to the central Indiana venues while maintaining their horseracing events and dining and entertainment outlets.
Mark Frissora, President and Chief Executive Officer for Caesars Entertainment Corporation, described the purchase of Centaur Holdings as ‘an important part of our growth strategy’ that is destined to expand its brand, increase revenues and facilitate the ‘broad distribution of the Total Rewards program.’
“The Centaur [Holdings] acquisition expands our footprint to the attractive central Indiana region with exciting new destinations that are profitable, well capitalized and highly complementary to our existing portfolio,” read a statement from Frissora.
The closing of the purchase comes after Caesars Entertainment Corporation agreed to pay a $1 million fine to the Indiana Gaming Commission earlier this month for allegedly attempting to swerve the $50 million license transfer fee connected to the acquisition of Hoosier Park Racing and Casino.