Las Vegas-based Caesars Entertainment Corp. (Nasdaq: CZR) has completed its $1.7 billion acquisition of Centaur Holdings LLC in Indianapolis. The deal adds Hoosier Park Racing and Casino in Anderson and Indiana Grand Racing and Casino in Shelbyville to Caesars’ portfolio. The company says it will invest $50 million into various property improvements and IT upgrades at both facilities.
Caesars says it plans to add table games to both properties, pending necessary approvals.
"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, chief executive officer of Caesars Entertainment. "This project is an important part of our growth strategy, which expands our brands, increases revenue and facilitates broad distribution of the Total Rewards program."
The acquisition was first announced in November. Caesars already owns two other Indiana casinos: Horseshoe Hammond and Horseshoe Southern Indiana.
The Indiana Gaming Commission approved the acquisition late last month, as well as the $2.8 billion acquisition of Las Vegas-based Pinnacle Entertainment Inc. (Nasdaq: PNK), which owns Ameristar Casino and Hotel in East Chicago and Belterra Casino Resort in Florence, by Penn National Gaming Inc. (Nasdaq: PENN). That deal still awaits further regulatory approvals.