Ceasars Southern Indiana has agreed to sell its operations to a Native American tribe for $250 million, the company announced.
The Eastern Band of Cherokee Indians are the buyers of the Elizabeth, Indiana, casino, according to a news release.
“The purchase of Caesars Southern Indiana operating company marks the beginning of an exciting new future for the Eastern Band of Cherokee Indians,” Richard Sneed, Principal Chief Eastern Band of Cherokee Indians, said in the release. “We are pleased to build upon our long-standing partnership with Caesars as we look to advance our interests in commercial gaming in the coming years.”
The transaction is expected to close in the third business quarter of 2021. The tribe will retain the use of the Caesars branding and Caesars Rewards loyalty program.
The Eastern Band of Cherokee Indians owns two casinos in North Carolina. The tribe is a “sovereign nation, meaning it has its own laws, elections, government, institutions, and the like,” according to its official government website.
“Expanding our relationship with the Eastern Band of Cherokee Indians is an exciting event for Caesars Entertainment,” said Tom Reeg, CEO of Caesars Entertainment, Inc., the largest casino company in the United States. “Since our partnership began back in 1996, we have admired their growth and the success of their properties.
The value of the purchase will decrease by $32.5 million once it closes, as the tribe will have to pay that amount annually for renting the casino’s facilities.
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