US gaming organisation Caesars Entertainment has completed its previously announced $1.7bn purchase of Centaur Holdings LLC, on the same day that the company broke ground on its $375m conference centre in its headquartered city of Las Vegas.
Via the transaction two Indiana based properties have been added to the Caesars portfolio, namely the Hoosier Park Racing and Casino in Anderson, and Indiana Grand Racing and Casino in Shelbyville.
Caesars, who have vowed to invest a further $50m in heightening customer experience via property improvements and IT upgrades, anticipates the introduction of table games to both properties, subject to necessary approvals being granted.
Completing the deal with $1.625bn due at closing, and $75 million a deferred consideration, Mark Frissora, president and CEO of Caesars Entertainment, stated: “The Centaur acquisition expands our footprint to the attractive central Indiana region with exciting new destinations that are profitable, well-capitalised and highly complementary to our existing portfolio.
“This project is an important part of our growth strategy, which expands our brands, increases revenue and facilitates broad distribution of the Total Rewards program.”
Progress has also been delivered on a proposed $375m conference centre development in Las Vegas, adding to the company’s 2.1 million square-feet of meeting and event space.
Amongst the plans is Caesars Forum, a 550,000 square-foot conference centre featuring the two largest pillarless ballrooms in the world, and Forum Plaza, the first 100,000 square foot outdoor meeting and event space in Las Vegas.
Frissora added: “Caesars Entertainment has eight properties located in the center of the Las Vegas strip – more than any other competitor.
“With our geographic advantage, and the demand for meetings space exceeding available inventory, this project builds on our strategy to provide a value-add to meeting planners, guests and investors.”
Last week Caesars announced definitive purchase and sale agreements with VICI Properties Inc, relating to the Octavius Tower at Caesars Palace Las Vegas (CPLV) and real estate assets associated with Harrah’s Philadelphia.