Caesars Entertainment to buy casino and horse racing company Centaur Gaming
Casino industry news : Las Vegas-based gaming company Caesars Entertainment has agreed to acquire casino and horse racing company Centaur Gaming for $1.7 billion in an all-cash deal, aimed at expanding its business in Indiana.
Based on the under-penetration and favorable economic fundamentals combination, Caesars Entertainment believes that central Indiana is a lucrative region for investment.
The transaction will see Caesars add the Anderson racing and casino business Hoosier Park Racing and Casino and the Shelbyville racing and casino business Indiana Grand Racing and Casino to its Total Rewards network.
Hoosier Park and Indiana Grand, which cover the Indianapolis area, will join the Caesars network, which features Horseshoe Hammond and Horseshoe Southern Indiana. While Horseshoe Hammond covers the Chicagoland region, Horseshoe Southern Indiana covers the southern Indiana and Louisville area.
Mark Frissora, the President and CEO of Caesars Entertainment, says that the acquisition of Centaur Gaming is the first illustration of the company’s post-emergence, inorganic growth strategy.
Commenting further on Caesars acquisition of Centaur Gaming, Mark Frissora said: “The acquisition of Centaur represents an excellent opportunity to enter into a growing region.
“We anticipate that the deployment of Total Rewards will bring substantial benefits to current Centaur customers and the implementation of our centralized supply chain and efficient operating model will drive synergies.”
Centaur Gaming is claimed to bring in over 6.5 million guests annually at its properties and through its loyalty program, serves over 1.1 million members.
Both Hoosier Park and Indiana Grand offer gaming, racing, dining, and entertainment for their guests. They have more than 2,000 of the latest slots and electronic table games, multiple dining outlets along with live and simulcast horse racing.
Caesars acquisition of Centaur Gaming is anticipated to be completed in the first half of 2018 provided it gets regulatory approvals and satisfies other customary closing conditions.
For more casino industry news and gambling industry news, keep following Business-News-Today.com.