Caesars Entertainment Sells Indiana Casino To North Carolina Tribe For $250 MillionDeal Expands On An Existing Partnership And Will Allow Casino To Keep Caesars Brand And Rewards Program |
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Caesars Entertainment agreed to sell its Southern Indiana casino to the Eastern Band of Cherokee Indians for $250 million, according to an Associated Press report.
The North Carolina-based tribe, which already owns and operates a Caesars casino in its home state, is now the owner of Caesars Southern Indiana. The casino is located in Elizabeth, located on the southern border of the state and just outside Louisville, KY. The deal deepens an existing partnership between the tribe and the company.
“Expanding our relationship with the Eastern Band of Cherokee Indians is an exciting event for Caesars Entertainment,” said Caesars CEO Tom Reeg in a statement. “Since our partnership began back in 1996, we have admired their growth and the success of their properties. We look forward to increasing our relationship by extending the Caesars brand and Caesars Rewards loyalty program to them at Caesars Southern Indiana.”
The deal, which is expected to close in late 2021, allows the Tribe to use Caesars’ brand and the existing rewards program at the casino. A nearly identical arrangement to what is already being done at Harrah’s Cherokee in North Carolina. From a guest’s perspective, almost nothing will change.
The sale was expected after the Indiana Gaming Commission forced Caesars and Eldorado Resorts to sell three of its five Indiana properties last summer. The two companies finalized their merger earlier this year and the new Caesars has until the end of the year to comply with Indiana’s orders.
Along with Caesars Southern Indiana, the company said it would also sell its Evansville and Hammond properties.
Both Horseshoe Hammond and Caesars Southern Indiana were regular stops on the World Series of Poker Circuit, a Caesars-owned brand. The Cherokee Tribe already runs a popular stop on the tour at its North Carolina property, so it seems likely that the WSOP Circuit will remain in Southern Indiana, whenever it resumes.
In late 2019, Caesars Southern Indiana moved from its three-floor riverboat to an $85 million land-based building.
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