Caesars agrees to buy Indiana Grand, Hoosier Park racetracks, casinos

TORONTO (WISH) — Caesars Entertainment has agreed to acquire Hoosier Park Racing & Casino in Anderson and Indiana Grand Racing and Casino near Shelbyville, according to an announcement from a group of investors.

Centaur Holdings, the owner of the two central Indiana racetracks and casinos, would sell the entities for $1.7 billion. The two facilities offer gaming, live and simulcast horse racing and dining.

The proposed acquisition is subject to regulatory approvals. It is expected to close by July.

“The addition of Centaur is the first example of our post-emergence, inorganic growth strategy,” said Mark Frissora, president and chief executive officer of Caesars Entertainment, said in the announcement. “The acquisition of Centaur represents an excellent opportunity to enter into a growing region. We anticipate that the deployment of Total Rewards will bring substantial benefits to current Centaur customers and the implementation of our centralized supply chain and efficient operating model will drive synergies.”

“We believe the acquisition of Centaur is the best use of capital to support our growth plans and the long-term value of Caesars Entertainment. Our network expansion plan is off to a great start with this strategic transaction and we continue to have a strong financial position with solid cash flows to pursue other expansion opportunities with attractive returns.”

Caesars has two facilities in Indiana: Horseshoe Hammond Casino and Horseshoe Southern Indiana Hotel and Casino in Elizabeth.

In Indiana, Centaur also owns Winner’s Circle Pub, Grille & OTB in downtown Indianapolis, Winner’s Circle OTB and VooDoo BBQ and Grill in New Haven and another off-track betting facility in Clarksville.