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Ind. Commission waiting on sale paperwork

December 07, 2017

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The Indiana Horse Racing Commission held its annual monthly meeting on Wednesday and announced that it is still awaiting an application for the proposed sale of the state's two racetrack casinos, Hoosier Park and Indiana Downs, to Caesars Entertainment.

The commission shared that it has received the financial agreement between Centaur Gaming, which owns Hoosier Park Racing & Casino in Anderson and Indiana Grand in Shelbyville, and Caesars Entertainment.

"Still at this point we are waiting on the application of transfer," said Mike Smith, IHRC executive director at the commission meeting.

The sale requires approval by both the Indiana Horse Racing Commission and the Indiana Gaming Commission. Caesars said it planned to close the sale in early 2018.

If approved, the purchase would make Caesars Entertainment owner of four of the state's five largest casinos in terms of revenue. Centaur Gaming showed $480 million in casino revenue last fiscal year from the Anderson and Shelbyville casinos.

Caesars Entertainment already owns the state's largest casino, Horseshoe Hammond, which had $450 million in gambling revenue last year, and Horseshoe Southern Indiana, which ranks third with $248 million.

According to one report, Caesars is paying $1.7 billion for the two Hoosier gaming facilities and will sell real estate associated with its Harrah's Las Vegas property. Caesars will then lease back that property and operate gaming.

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