Recently, Caesars Entertainment Corporation made an announcement that they will complete the deal for the acquisition of Centaur Holdings, which is a local casino operator in Indiana. This previously-signed deal also included the acquisition of Indiana Grand Racing and Hoosier Park Racing as the properties that were also owned by Centaur Holdings.
Caesars published an official press release on Monday where they stated that this purchase cost the Las Vegas giant approximately $1.625 billion in cash. Furthermore, there is also a $75 million which were in deferred compensation which included also the off-track betting facilities in New Haven, Indianapolis, and Clarksville.
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The Caesars Entertainment Corporation along with its subsidiaries is responsible currently for the operation 47 casinos that are located in 13 states and 5 different countries. They already have casinos in Indiana which are called Horseshoe Hammond and Horseshoe Southern Indiana. They added that they will pay an additional $50 million in order to make the necessary preparations and repair of the Centaur Holdings. The operator announced that some of the planned upgrades include the enhancement of the information technology in the venue and the introduction of the popular loyalty program that is called Total Rewards and which the customers will be able to enjoy.
However, the casino itself already has a lot of games that will be instantly available once Caesars take over. They already have around 2,000 slots and several electronic tables for games. One of the new things that Caesars’ officials plan to introduce is the live dealer game and they are currently seeking approval for this innovation. When it comes to the horse racing events and outlets for dining and entertainment, the corporation is also positive about keeping these as well as the part of the rebranded casino that they will open really soon.
The President and the Chief Executive Officer for Caesars Entertainment Corporation, Mark Frissora, stated that this purchase was a very important step in their growth strategy which aims the expansion of the brand, the increase in revenues. Furthermore, their strategy incorporates the system to facilitate the Total Rewards program distribution.
Furthermore, Frissora added that the acquisition expanded their footprint to central Indiana which was an attractive region and had exciting new destinations that were profitable, well-capitalized and highly complement the existing portfolio of the Caesars Entertainment Corporation.
The deal was closed after Caesars tried something that was illegal in the state of Indiana and had to pay a fine of $1 million to the Indiana Gaming Commission. Namely, earlier this month they tried to swerve a license transfer fee of $50 million which was mainly connected to the Hoosier Park Racing and casino acquisition.
Caesars Entertainment is rapidly growing and they do not show signs of stopping. Their newest addition to the Caesars family will definitely be a great step forward and the visitors of the old Centaur Holdings casino will be able to enjoy much more.
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