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12/7/2017 11:44:00 AM
Indiana Horse Racing Commission awaits paperwork on sale of state's two racinos

Christopher Stephens, Herald Bulletin

INDIANAPOLIS — The Indiana Horse Racing Commission is still awaiting an application for the proposed sale of the state’s two racetrack casinos to Caesars Entertainment.

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

“Still at this point we are waiting on the application of transfer,” said Mike Smith, IHRC executive director at the commission’s meeting Wednesday. “Once that is received, we will put the wheels in motion.”

The sale would require approval by the IHRC and the Indiana Gaming Commission.

The deal, reported to be worth more than $1 billion, was announced Nov. 16, and 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 brought in $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 brought in $450 million in gambling revenue last year, and Horseshoe Southern Indiana, which ranks third with $248 million.

State law prohibits one company from owning more than two casinos in the state; however, that does not apply to racetrack-based casinos, which were authorized under a different Indiana statute, Jennifer Reske, deputy director of Indiana Gaming Commission, said.

2017 Community Newspaper Holdings, Inc.

Editor, John C. DePrez Jr.; Executive Editor, Carol Rogers; Publishers: IBRC and IAR

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