Las Vegas-based Caesar’s Entertainment Corp. (Nasdaq: CZR) has announced it is acquiring the owner of Hoosier Park Racing and Casino in Anderson and the Indiana Grand Racing and Casino in Shelbyville. The deal for Centaur Holdings is valued at $1.7 billion.

Caesars calls Indiana "an attractive region for investment," based on what it calls under-penetration and favorable economic fundamentals. The company’s network already includes Horseshoe Hammond, serving the Chicagoland area and Horseshoe Southern Indiana, serving southern Indiana and the Louisville area. Caesars says the deal fits with its growth strategy after emerging from a multi-year bankruptcy process.

Centaur says its casinos welcome more than 6.5 million guests each year, and feature more than 2,000 slots and electronic table games as well as dining outlets and live and simulcast horse racing.

The deal is subject to regulatory and other customary closing conditions. The companies expect the deal to close in the first half of 2018.

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