Caesars Entertainment announced Monday that it has completed the acquisition of two central Indiana racetrack and casino facilities previously owned by Centaur Holdings.
Caesars, owner of Horseshoe Casino in Hammond, bought the "racinos" for $1.7 billion. The transaction adds Hoosier Park Racing and Casino in Anderson and Indiana Grand Racing and Casino in Shelbyville to the Caesars Entertainment portfolio, which also includes Horseshoe Southern Indiana near Louisville.
"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," said Mark Frissora, president and CEO of Caesars Entertainment.
Caesars plans to invest $50 million in various property improvements and IT upgrades at its new properties. Both Hoosier Park and Indiana Grand offer live and simulcast horse racing, multiple dining outlets and entertainment, and offer approximately 2,000 of the latest slots and electronic table games. The properties have more than 6.5 million guests combined each year and serve more than 1.1 million members as part of its loyalty program. Those members will be added to Caesars' Total Rewards loyalty program.
With the completion of the sale, Caesars now owns facilities that produce more than 54 percent of the state's annual gaming tax revenue.
"Indiana will be our largest market after this acquisition, besides Nevada," Frissora said at the June 28 Indiana Gaming Commission meeting during which the sale was approved.