Gaming Commission approves purchase of Caesars Southern Indiana

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ELIZABETH — The Indiana Gaming Fee accredited the sale of Caesars Southern Indiana’s operations at its public enterprise assembly Thursday.

The purchaser, EBCI Holdings, agreed to buy the on line casino in December 2020 for a base buy value of $250 million. Approval from the Indiana Gaming Fee was a required situation to shut the sale, and the closing is anticipated to happen in September 2021.

“We’re delighted to maneuver ahead with Caesars and broaden our already profitable portfolio,” stated R. Scott Barber, CEO of EBCI Holdings. “Not solely is it a lovely, just lately renovated property, however Caesars can be a storied model within the southern Indiana group. We’re honored stick with it that legacy as we proceed to raise Caesars’ world-class visitor expertise.”

To have fun the brand new possession, Caesars plans to host a gap occasion after the deal closes. Particulars will probably be introduced later this fall.

Pursuant to the phrases of the transaction paperwork, EBCI Holdings will proceed to make use of Caesars’ branding for the on line casino and take part within the well-liked Caesars loyalty program, Caesars Rewards. Moreover, EBCI Holdings is happy to announce that, topic to satisfying customary background verify and hiring processes, present Caesars workers – almost 900 folks – can have the chance to retain their positions with the on line casino.

Concurrently with the deal closing, EBCI Holdings may even enter right into a triple-net lease with a subsidiary of VICI Properties Inc. (“VICI”) with respect to the true property related to Caesars Southern Indiana. Preliminary whole annual hire underneath the lease with VICI will probably be $32.5 million and the lease can have an preliminary time period of 15 years, with 4 5-year tenant renewal choices. The tenant’s obligations underneath the lease will probably be assured by the Jap Band of Cherokee Indians.

EBCI Holdings was established earlier this 12 months to diversify the Jap Band of Cherokee Indians’ holdings within the industrial gaming and hospitality enterprise. The Jap Band of Cherokee Indians entered the on line casino gaming business in 1997 and operates two tribal casinos in western North Carolina, which have an extended observe document of success. The tribe has a longstanding relationship with Caesars Leisure, which has managed each North Carolina casinos since they opened. Caesars Southern Indiana is EBCI Holdings’ first acquisition outdoors of North Carolina.

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