Connect with us

Business

Caesars Sells Its Southern Indian Property For $250 Million

mm

Published

on

Recently, Caesars Entertainment finally reached an agreement for selling the casino in Indiana to the Eastern Band of Cherokee Indians that are based in Carolina. This agreement was sealed at $250 million as said by the company. 

The officials at Caesars Entertainment on Thursday announced the agreement of Caesars Southern Indiana sale. This comes at a time when the company is already nearing the deadline of December 31, 2020, for divesting from the operations of casinos. This procedure is to be done for the casino located in Elizabeth town’s Harrison County, coming across the Ohio River from the side of Louisville, Kentucky. 

The agreement of expansion comes at a time when the current partnership between the Eastern Band of Cherokee Indians (EBCI) and Caesars is already going well, as per the details reported by The News and Tribune. 

EBCI is all ready to sign a new lease having an annual payment of $32.5 million with VICI Properties Inc. 

The property of Caesars in Southern Indiana is 20 years old. This property that has been just sold to the Eastern Band of Cherokee Indians has recently retired its riverboat in 2019. This riverboat was three-floored tall. After retiring from it, the company moved its operations to a land-based building. The building is worth $85 million, and it offers 100,000-square feet of space for gambling. This space also includes table games, slot machines, dining room, entertainment room, and poker. 

Caesars had earlier acquired this property after a merger with Eldorado Resorts Inc in the public. After this, the Gaming Commission of Indiana ordered the company to sell three out of the five casinos that belonged to it in the state. 

To comply with this order, Caesars Entertainment chose to sell its Hammond and Evansville properties in the state.

 

mm

With a degree in Journalism, Rhonda Hutchinson has been working with Casino Cross ever since its inception. She has fluency in reporting business news pieces from Casino industry. Additionally, with her expertise in the language, she edits all the news pieces contributed to the platform.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending