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Gambling Business: Caesars To Pay $1.7 Billion For Two Indiana Racinos

Casino Giant Adds Two Properties To Massive Portfolio

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Caesars Entertainment Corporation, owner of the famed WSOP, announced last week that it has agreed to buy Indianapolis-based Centaur Holdings for $1.7 billion in cash.

As a result of the transaction, Las Vegas-based Caesars will add Hoosier Park Racing and Casino in Anderson, Indiana, and the Indiana Grand Racing and Casino in Shelbyville, Indiana to its portfolio of properties.

Caesars operators nearly 50 casinos spread across 13 U.S. states and five countries.

The deal comes just weeks after the Chapter 11 bankruptcy exit for Caesars’ main operating unit was approved by regulators in 10 states. “The addition of Centaur is the first example of our post-emergence, inorganic growth strategy,” said Caesars CEO Mark Frissora.

Caesars, which already owns two casinos in Indiana, said that it considers central Indiana an “attractive region for investment based on the combination of under penetration and favorable economic fundamentals.”

The company will soon own four of the state’s 13 gambling facilities. Indiana’s casinos win about $2.2 billion a year off of gamblers. Revenue was virtually flat year-over-year through September.