Indiana Grand

Caesars Purchase of Centaur Moves Step Closer

Deal would see Caesars purchase Indiana Grand, Hoosier Park.

Caesars Entertainment Corporation’s plans to purchase Centaur Holdings moved a step closer Jan. 8 when a federal regulatory hurdle was cleared.

Caesars announced Jan. 8 that the Federal Trade Commission had granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with respect to the previously announced acquisition of Centaur Holdings.

The proposed acquisition, announced Nov. 16, 2017, would see Caesars purchase Centaur for $1.7 billion in cash, including $1.625 billion at closing and $75 million in deferred consideration. As a result of the transaction, Caesars will add Hoosier Park Racing and Casino in Anderson, Ind., and the Indiana Grand Racing and Casino in Shelbyville. Hoosier Park offers Standardbred racing while Indiana Grand offers Thoroughbred racing.

Angst: Caesars Agrees to Acquire Indiana Grand, Hoosier Park

Caesars president and chief executive officer Mark Frissora said the purchase will help in the company’s efforts coming out of bankruptcy and that the corporation is looking forward to operating the two Indiana racinos.

"This important milestone brings us one step closer to completing this acquisition, which is part of our post-emergence, inorganic growth strategy," Frissora said. "In addition to expanding our gaming footprint, Caesars Entertainment has a strong track record of operating gaming facilities with horse tracks as successful integrated operations, which benefit horsemen, local communities and the state at large.

“We are especially impressed by the racing operations at the Centaur properties and intend to import best practices from these properties to other Caesars Entertainment properties with racing operations."

The acquisition of Centaur remains subject to Indiana gaming and horse racing commission approvals and satisfaction of customary closing conditions. In November Caesars projected the deal to be completed in the first half of 2018.