Casino Acquisitions Nearing Completion

Posted: Updated:
Centaur Holdings owns Indiana Grand in Shelbyville and Hoosier Park in Anderson. Centaur Holdings owns Indiana Grand in Shelbyville and Hoosier Park in Anderson.
INDIANAPOLIS -

Two major acquisitions involving Indiana casinos are coming close to the finish line. The Indiana Gaming Commission has approved the deals for Centaur Holdings in Indianapolis and Last Vegas-based Pinnacle Entertainment Inc. (Nasdaq: PNK), which total $4.5 billion and are expected to close this year.

Centaur Holdings owns Indiana Grand Racing and Casino in Shelbyville and Hoosier Park Racing and Casino in Anderson. The company is being acquired for $1.7 billion by Las Vegas-based Caesars Entertainment Corp.'s (Nasdaq: CZR). With the approval from the Indiana Gaming Commission as well as the Indiana Horse Racing Commission, Caesars says all regulatory requirements have been met and the deal is expected to close in mid-July.

"This acquisition represents an outstanding opportunity to expand our footprint in a growing region while also leveraging our Total Rewards loyalty network to benefit the customers of Indiana Grand and Hoosier Park," said Mark Frissora chief executive officer of Caesars. "We will continue to offer the excellent customer service that guests of Indiana Grand and Hoosier Park have come to expect and we look forward to welcoming them to the Caesars family."

Our partners at The Herald Bulletin report the Indiana Gaming Commission also levied a $1 million fine against Caesars for attempting to circumvent a $50 million fee required as part of the acquisition. The commission alleged Caesars General Counsel Tim Donovan and outside lobbyist Libby Cierzniak threatened to cancel the $90 million effort to move the Horseshoe Southern Indiana casino onto land unless the IGC agreed the $50 million fee did not apply, according to the publication. 

Meanwhile, the $2.8 billion acquisition of Pinnacle Entertainment by Penn National Gaming Inc. (Nasdaq: PENN) still requires other regulatory approvals. Pinnacle owns Ameristar Casino and Hotel in East Chicago and Belterra Casino Resort in Florence.

“We appreciate the diligent work of the Indiana Gaming Commission in their review and approval of our proposed transaction," said Timothy Wilmott, CEO of Penn National Gaming. "We look forward to securing additional regulatory approvals in the near term and remain on schedule to complete the transaction in the second half of this year.”

The deal received shareholder approval in March.

  • Perspectives

    • Expand Your Workforce to Include The Deaf Community

      While there are arguably many minority groups that are grossly underutilized in the workforce, I’d wager that most people do not consider the Deaf community when thinking about diversity and inclusion strategies. The Deaf community shares a unique culture that is closely networked, but few employers know how to tap into this community, which comprises 10 percent of the population. In fact, many people probably see barriers for the Deaf community when it comes to employment...

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • The Union Club Hotel was built in 1929. (photo courtesy of Purdue University)

      $30M Gift to Fund Purdue Hotel Renovation

      Purdue University says it plans to use a $30 million gift to transform an existing building into a world-class hotel. The gift from Bruce White, a Purdue alumnus and former trustee, his wife Beth, and the Dean and Barbara White Foundation, will fund the renovation of the Union Club Hotel, which will also serve as a laboratory learning environment for students. The university says the renovations will feature upgrades in furnishings, fixtures, and amenities for the hotel, as well as a...
    • (Image of downtown Shelbyville courtesy of Mainstreet Shelbyville Inc.)

      'Backyard Shelby' Involves, Seeks Young Talent

      The city of Shelbyville is looking to make itself more attractive to young and diverse professionals by going straight to the source and asking what they want. The city has launched Backyard Shelby, a group of young professionals helping to develop and implement a talent attraction and retention strategy. Mayor Tom DeBaun says the group will focus promoting the city's livability, amenities and "sense of authentic community" to new talent. DeBaun says Shelby County's...

    • PGA TOUR Superstore to Open in Indy

      A popular golf retailer will Saturday open its first location in Indiana. The PGA TOUR Superstore location in Indianapolis replaces the recently-closed Babies"R"Us location at the Clearwater Crossing Shopping Center.

    • (Image courtesy of Harrison College.)

      Milhaus Details Purchase of Harrison College Indy Campus

      Indianapolis-based Milhaus says it plans to build a 183-unit apartment complex on the same lot as the Indianapolis campus of recently-closed Harrison College. The development, construction and management company purchased the property last month for $6.3 million and Marketing Director Raven Reckley says the college's decision to close was "news to us." She adds Milhaus is "disappointed for the students and staff who are affected most" and will be evaluating...

    • Ribbon Cut on Downtown Fishers Housing

      The city of Fishers and Indianapolis-based Gradison Design-build have cut the ribbon on the first homes of a $30 million downtown residential development. The developers say the first section will have 20 homes, with a total of 50 coming over the next five years. Partner Joe Gradison says South Village of Nickel Plate gives residents high-demand housing options in a walkable, urban environment. In interviews with Inside INdiana Business Reporter Mary-Rachel Redman, Gradison and...