Business

Eldorado must sell 3 Indiana casinos as part of Caesars deal

Posted July 11, 2020 7:00 am

The Associated Press

INDIANAPOLIS (AP) - Eldorado Resorts will have to sell three Indiana casinos by the end of this year as it takes over Caesars Entertainment.

The Indiana Gaming Commission imposed that requirement Friday as it gave state approval for Reno, Nevada-based Eldorado's $17.3 billion takeover of Caesars that will create a gambling giant operating in 16 states.

Commission officials raised concerns that Eldorado would have an 'œundo economic concentration'ť by owning five of Indiana's 13 state-licensed casinos, which generate between 50% and 60% of state casino tax revenue.

Eldorado now owns the Evansville casino, while Caesars owns those in Hammond, Anderson, Shelbyville and the Louisville, Kentucky-area town of Elizabeth.

Eldorado chief executive Thomas Reeg told the commission that the Evansville and Elizabeth casinos would likely be sold, with a sale of the Hammond casino possible.

Nevada and federal regulators have approved the sale, with Eldorado also agreeing to sell casinos in Missouri, California and Louisiana.

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