Caesars Looking to Indiana for New Gaming Properties
Caesars Entertainment Corp. is reportedly considering two gaming properties in Indiana.
Caesars Entertainment Corp. is no stranger to the gaming industry. Having operated properties in the United States and abroad, the company seems to always be on the lookout to expanding their portfolio. Just weeks after their main operating unit was able to exit bankruptcy protection, the operator is now reportedly looking to expand in the United States, this time in Indiana.
Negotiating with Centaur Gaming
According to a report by Bloomberg News, Caesars Entertainment Corp. is in the final negotiation states with Centaur Gaming, another gambling company, to acquire two businesses owned by the company that offer horse racing and casino gaming.
Caesars has plans to buy a venue in Anderson, the Hoosier Park Racing & Casino property, as well as a venue in Shelbyville, titled the Indiana Grand Racing and Casino. If the deal finishes up, it could be confirmed in the coming days. It is believed that Caesars will be paying more than $1 billion to obtain the Indiana property.
Caesars Entertainment Corp. already operates in Indiana via the Horseshoe Southern Indiana and the Horseshoe Hammond. If the deal is finalized, the company will then own the fourth largest gambling venues in the state when it comes to revenue generated on a yearly basis. Last year, the Horseshoe Hammond earned $450 million more than any other gaming venue in the state. This is a huge lead and one that would be hard to beat.
Caesars was finally able to close their bankruptcy dealings in October after a long two and a half years of trying to exit bankruptcy filings without seeing any big consequences to their gaming operations. Earlier in the year, the company decided to announce that they had plans to focus on a geographical expansion as well as merger and acquisition deals. They want to work to expand their footprint as well as gambling business as a whole.
Both venues the company is considered did quite well last year. The Hoosier Park venue earned $209 million while the Indiana Grand brought in more at $271 million. Both properties were reportedly helped by a law from two years ago that made it possible for the Centaur Gaming company to apply for permission to offer live dealer gaming by 2021. Currently, the two casinos offer electronic table games.
With the new law in place, both casinos will be able to expand their gaming options to live dealer roulette and blackjack, among others. This will certainly help Caesars to see even more profit in the coming years, if the brand is able to acquire the two gaming properties.
Centaur Gaming has not been the owner of the gaming venues for very long, having just purchased Indiana Grand in 2013. In that time, the owner spent $500 million to help expand their presence in the state.
The deal is not yet completed, and no new information has been presented as of yet. Neither company has announced any information, but one could expect that Caesars will make their new ownership known once the deal is finalized.
With two more venues to their name, Caesars Entertainment Corp. will only continue to extend their brand further within the United States gambling landscape and cementing their role as a top provider of land-based gaming across the nation. It will be interesting to see what Caesars does to the properties, be it rebranding or expansion.