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Caesars closes on purchase of Indiana casinos

Published 07/16/2018, 03:36 PM
© Reuters.  Caesars closes on purchase of Indiana casinos
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  • Caesars Entertainment (CZR +1.1%) announces that it completed the acquisition of Centaur Holdings for $1.7B to add the Hoosier Park Racing and Casino in Anderson, Indiana and Indiana Grand Racing and Casino in Shelbyville, Indiana to its casino portfolio.
  • "The Centaur acquisition expands our footprint to the attractive central Indiana region with exciting new destinations that are profitable, well-capitalized and highly complementary to our existing portfolio," says Caesars CEO Mark Frissora.
  • Caesars Entertainment plans to invest $50M in various property improvements and IT upgrades and anticipates introducing table games to the locations.
  • Caesars says the effective purchase price multiple of the acquisitions will end up being less than 7X after the tables games and synergies are factored in.
  • Source: Press Release
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