Horseshoe Casino Sale Likely to be Deferred at least One More Year

Horseshoe Casino Sale Likely to be Deferred at least One More Year

 

The Indiana Gaming Commission is expected to revise its order requiring Caesars Entertainment Inc. to sell the Horseshoe Casino in Hammond by the end of the year.

Sara Tait, Executive Director of the Indiana Gaming Commission, said that the commission likely will defer Caesars’ mandatory divestment of the state’s most popular casino for at least one additional year.

In July, the Gaming Commission ordered Caesars to sell three of its five Indiana casinos to prevent an “undue economic concentration” of the state’s gaming industry following the $17.3 billion acquisition of the former Caesars Entertainment Corp by Eldorado Resorts Inc.

The merged company already sold the Tropicana Casino in Evansville for $480 million in October, and the company currently is in exclusive negotiations to sell the Caesars Southern Indiana casino in Elizabeth by December 31.

Sara Tait said selling the Hammond casino “presents unique challenges,” including uncertainty over gaming expansion in Chicago and south suburban Cook County, Illinois, along with the impact of the COVID-19 pandemic on the gaming industry in general. She said Gaming Commission staff believe “granting relief regarding divestiture timing is in the best interest of the state and local community, and will not negatively impact operations at the property.”

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