The Indiana Gaming Commission recently amended its order requiring Caesars Entertainment to sell a third casino property in the state. As a result, Caesars will continue to own and operate Horseshoe Hammond, Indiana Grand, Harrah’s Hoosier Park and its three off-track betting locations.
The $17.3 billion Caesars-Eldorado merger created the nation’s largest casino company and initially gave the transformed Caesars control of 55 casino properties, including five of the 13 gaming facilities in Indiana. The IGC unanimously agreed that allowing one operator to run five Indiana casinos was an “undue economic concentration” of the gaming industry and ordered Caesars to divest all but two of its Indiana properties by the end of last year. Caesars agreed to sell Horseshoe Hammond, along with Caesars Southern Indiana in Elizabeth and Tropicana Casino in Evansville. The company held on to Harrah’s Hoosier Park in Anderson and Indiana Grand in Shelbyville.
However, due to Covid-19, the IGC gave Caesars an additional year to find a new owner for Horseshoe Hammond. But before then, Caesars agreed to sell Caesars Southern Indiana to the Eastern Band of Cherokee Indians for $250 million and Tropicana Evansville to Bally’s Corp. for $480 million.
Caesars Entertainment Chief Executive Officer Tom Reeg commented, “We are confident that our continued operating of Horseshoe Hammond is in the best interest of our team members, guests, the Hammond community and the State of Indiana. We believe that maintaining our strong customer and employee relationships at Horseshoe Hammond makes the property best positioned for a strong and exciting future.”
