Caesars Southern Indiana Now Owned by EBCI Holdings as $250 Million Sale Closes
Caesars Southern Robert Indiana officially changed custody on Friday, as EBCI Holdings took ownership of the casino, situated crosswise from Louisville. With the $250 one thousand thousand sell closed, the Eastern Band of Cherokee Indians (EBCI) at present are in the commercial message gaming business.
Caesars Entertainment proclaimed the sales event on Dec. 24 after weeks of discussions past EBCI leaders around whether to go forward after beingness granted an scoop negotiating period. Caesars had a concern human relationship with the supreme tribe, based inward western Frederick North Carolina. Caesars and EBCI make been gaming partners for near a quarter-century, as Caesars operates II Harrah’s casinos on tribal land.
Today marks a important milestone, not only for the tribe, but also for our longstanding human relationship with Caesars Entertainment,” EBCI Principal Chief Richard Sneed said in a statement. “Caesars Entertainment has been a great partner for us inwards North Carolina, and we’re excited to persist in that success inwards Indiana.”
Because of that history, Caesars entered into a licensing partnership with EBCI Holdings that allows the young owners to bear on using the company’s branding, including the sportsbook and trueness rewards program.
The Caesars connective also extends into the unexampled holding company.
EBCI Holdings CEO Robert Scott Samuel Barber worked for more than 20 years as an executive with Caesars. Sir Thomas More than half of his land tenure was as the regional chairperson for the gaming company’s Mid-South and Mid-Atlantic operations.
Why the Sale Happened
When the Robert Indiana Gaming Commission signed turned on the Eldorado Resorts $17.3 billion acquisition of Caesars inwards July 2020, country regulators ruled that the freshly merged accompany needful to hold agreements inwards place to sell ternary of its fin casinos inwards the tell past the last of finally year. The IGC at long last reduced the figure of divestitures to two.
State gaming officials were concerned that the unexampled Caesars entity would hold too much market place part within the Robert Indiana market. At that July 2020 IGC meeting, then-Eldorado CEO Uncle Tom Reeg, now CEO of the young Caesars Entertainment, identified Tropicana Evansville and Caesars Southern Hoosier State as the II properties to move on the market.
Caesars sold the Tropicana to Bally’s Corp. last year. The IGC approved that sell earliest this year, and the Caesars Southern Robert Indiana sell in conclusion month.
In seeking a purchaser for the Elizabeth, Ind. casino, Caesars sought-after(a) bids and proposals from other gaming entities. It selected EBCI, which had its possess reasons for getting into the commercial-grade gaming business.
Tribal leaders were worried most the possible revenue red due to the comer of a new tribal cassino nigh Charlotte. Sneed estimated that the Catawba Nation’s Two Kings cassino could cost the Cherokees $100 billion inwards revenue. EBCI uses those funds to underwrite education, wellness care, and lodging costs. That’s what led to tribal leaders entering the commercial gaming market.
Because of the differences betwixt revenue disbursements by commercial-grade casinos and their tribal counterparts, Sneed has said EBCI Holdings will demand to own or partner inward multiple commercial message casinos. That’s to make water upward for the red of verbatim revenue received from the band’s Harrah’s casinos. On the pitch side, the commercial jeopardize testament live able-bodied to eventually monetary fund its possess elaboration and acquisition costs.
EBCI Plans to Retain All Caesars Southern Hoosier State Workers
In a statement, Barber said Caesars Southern Hoosier State offers “a special legacy of excellence” that made it an attractive acquisition target. That goes beyond the investments Caesars has made to the property since it opened 23 years ago. In Dec 2019, Caesars moved the gambling casino from a riverboat and brought it inland at a cost of $90 million.
“As we’ve discovered, Caesars Southern Indiana also employs an first-class workforce and has made meaningful investments in the biotic community o'er the cobbler's last deuce decades. We look forward to building on that success,” he said.
Caesars Southern Indiana consistently ranks among the upside revenue generators inwards the market. The $218.1 zillion in come win and $61.3 trillion inward add taxes ranked quaternary among the state’s 12 casinos. Those figures also ranked the highest among the half-dozen southern Hoosier State casinos.
Since IN gaming officials awarded Caesars a certify 25 years agone – it opened inwards 1998 – the casino has contributed nearly $250 meg to foundations inward Sir Rex Harrison County (where the gambling casino is based) and neighboring Floyd County.
Besides keeping the branding, EBCI Holdings also plans to hold on the roughly 900 staffers and management on board. That includes General Manager Brad Siegel.
“We hold built an undischarged team here and we are proud of the investiture Caesars has made, non only inward its employees, but also inwards our community,” Siegel said inward a statement. “I am eager to enter this unexampled chapter with the same dedicated and friendly faculty alongside me.”
EBCI Holdings testament schedule a ribbon-cutting to celebrate the purchase later this fall.
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