Indiana Regulator Fines Caesars $1 Million, Approves Centaur Casinos Acquisition

The Indiana Gaming Commission unanimously approved Thursday the estimated acquisition of two nation racinos from Caesars Entertainment Corp., but fined the vegas gaming giant $1 million over its dangers to nix a separate project in Indiana because of a dispute with local regulators.

Caesars announced last fall that it could buy the Hoosier Park racino in Anderson and the Indiana Grand racino near Shelbyville from Centaur Gaming for that the total sum of $1.7 billion. Gaming regulators voted 5-0 in favor of this deal during their Thursday meeting. Once complete, the trade will make Caesars the largest commercial gaming operator in the state with four possessions. The business already owns the Horseshoe Hammond and Horseshoe Southern Indiana riverboat casinos in the nation.

Throughout the Thursday meeting, the Gaming Commission also announced that Caesars will be asked to pay a $1-million fine for threatening to cancel the $90-million relocation of Horseshoe Southern Indiana onto nearby dry land.

Local media outlets reported earlier this year, citing emails between Caesars and the Indiana Gaming Commission, that the operator contested a $50-million fee necessary to be paid by Centaur for its change of ownership of the above-mentioned gaming possessions. Under state gaming laws, the transfer fee is applicable to any transaction, unless it involves entities which are under Chapter 11 bankruptcy protection.

The Indiana Gaming Commission has maintained that the commission applied to the Caesars/Centaur bargain, while the two gaming companies have claimed that it didn’t apply as it didn’t involve first owners of the two casino and racetrack possessions.

Recent Announcements

It became known earlier that Caesars and the Gaming Commission had agreed to pay the commission. According to local news outlets, gaming commissioners had asked that the sum of $50 million be paid by Centaur earlier or at trade ’s conclusion .

Back in April, state gaming regulators also declared Caesars’ $90-million plan for the relocation of Horseshoe Southern Indiana onto nearby dry land and also the addition of different amenities surrounding the gaming floor. The business broke floor on the project before this month.

The groundbreaking ceremony came as the first indication that Caesars and Indiana regulators have made peace over the contested transfer fee. The vegas gaming giant and its Indiana-based counterpart didn’t dispute the fee during the Thursday hearing prior to the Gaming Commission.

Commenting on ’s announcement, representatives for the gaming regulator said that Caesars’ good compliance report in the nation was taken into account, but commissioners needed to impose the $1 million fine to show the people that compliance with regulations was not something they’d compromise with, and that the nation would always maintain its high benchmark for owners of local casinos and might protect the integrity of its gaming industry.