Hoosier Park adds more machines, new reward system

Don Knight | The Herald BulletinCaesars Entertainment has updated the branding at Harrah's Hoosier Park since purchasing the property last summer.

ANDERSON — Caesars Entertainment Corp., which finalized its purchase of Hoosier Park Racing & Casino in Anderson a year ago, has been sold to Eldorado Resorts, according to a report by Bloomberg, Reuters and other media that cover the gaming industry.

Eldorado agreed to buy Caesars for about $8.7 billion, an inside source told Bloomberg. The source asked not to be identified.

Including Caesars debt, the value of the transaction would be about $18 billion, Bloomberg reported. The combined entity will be split almost equally among shareholders of the companies, the source said, adding that the deal would be announced Monday.

Eldorado has a market value of about $4 billion, and its shares have risen 17% in the past year. Meanwhile, Caesars stock has declined by 12%.

Eldorado, which began with a single casino in Nevada in 1973, currently owns and operates 26 casinos in 12 states, according to Bloomberg.

Officials from Eldorado and Caesars declined to comment on the reported sale, gaming industry media reported.

Caesars is still dealing with a 2008 buyout that led to bankruptcy. The company emerged from bankruptcy in October 2017.

Caesars purchased Centaur Holdings, which included Hoosier Park and Indiana Grand in Shelbyville, as well as two off-track betting sites in Indiana for about $1.7 billion. The acquisition crossed its final regulatory hurdle in June 2018.

Caesars also owns Horseshoe Hammond and Horseshoe Southern Indiana.

Together, Hoosier Park and Indiana Grand attract more than 6.5 million guests each year.

The same day Caesars' acquisition of the Indiana sites was approved, the Indiana Gaming Commission levied a $1 million fine against the casino company. The penalty sprang from allegations that Caesars had violated public trust and undermined confidence in the integrity of the state's casino industry.

Specifically, the fine stemmed from Caesars' attempt to circumvent a $50 million fee levied for the acquisition of Hoosier Park.