Caesars Entertainment Inc. December 24 announced that it would divest its operations of Caesars Southern Indiana to the Eastern Band of Cherokee Indians for $250 million.
As part of the deal the tribe will rent the land on which the casino sits for $32.5 million annually from VICI Properties Inc. In addition, the tribe and Caesars will extend their relationship so that the tribe will continue to use the Caesars brand and Caesars Rewards loyalty program.
The 20-year-old casino is located in Elizabeth, Harrison County, across the Ohio River from Louisville, Kentucky. Originally a three-story riverboat, the casino moved into an $85 million building last year.
Caesars CEO Tom Reeg commented, “Expanding our relationship with the Eastern Band of Cherokee Indians is an exciting event for Caesars Entertainment. 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.”
Eastern Band of Cherokee Indians Principal Chief Richard Sneed added, “The purchase of Caesars Southern Indiana operating company marks the beginning of an exciting new future for the Eastern Band of Cherokee Indians. We are pleased to build upon our long-standing partnership with Caesars as we look to advance our interests in commercial gaming in the coming years.”
