Caesars Entertainment now owns two Indiana racetrack casinos after completing its $1.7 billion purchase of Centaur Holdings on Monday.
Caesars is acquiring Hoosier Park Racing and Casino in Anderson and Indiana Grand Racing and Casino in Shelbyville. The two racinos serve the Indianapolis market and areas in central Indiana.
The Las Vegas-based casino giant operates properties in the state, including two dockside riverboat casinos – Horseshoe Casino Hammond, located 20 miles from downtown Chicago, and Horseshoe Southern Indiana, near the border with Louisville, Ky.
Hoosier Park and Indiana Grand offer live and simulcast horse racing, dining outlets, entertainment, and casinos with approximately 2,000 slot machines and electronic table games. Caesars plans to add live table games to the casinos, subject to Indiana gaming approval.
Caesars Entertainment is investing $50 million into various property improvements, including adding its Total Rewards player loyalty program to the casinos.
“The Centaur 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,” Caesars CEO Mark Frissora said in a statement. “This project is an important part of our growth strategy.”
During the licensing hearing last month, the Indiana Gaming Commission fined the company $1 million to settle allegations that it violated the public trust and confidence in the integrity of the state’s casino industry.
Caesars tried to avoid paying a $50 million transfer fee required as part of the acquisition. The company threatened to cancel a planned $90 million project to move Horseshoe Southern Indiana onto land unless the commission agreed to cancel the $50 transfer fee for Hoosier Park.
Shares of Caesars were up 15 cents or 1.30 percent to close at $11.65 on the Nasdaq.
Howard Stutz is the executive editor of CDC Gaming Reports. He can be reached at hstutz@cdcgamingreports.com. Follow @howardstutz on Twitter.
