Caesars casino in Southern Indiana is on the brink of a multi-million sale. EBCI Holdings will be the company purchasing the casino, as the Indiana Gaming Commission (IGC) gave the green light to the proposed arrangement. EBCI is run by the Eastern Band of Cherokee Indians. EBCI Holdings said yes to the $250-million casino sale back in December 2020, and since the Commission approved this deal, it is expected that the deal will be finalized and closed in September.
EBCI Moves Beyond North Carolina
Caesars Entertainment was on the clock to reach an agreement to sell its casino in Southern Indiana on December 31, 2020, because of the $17.3-billion sale to Eldorado Resorts. The CEO of EBCI Holdings, R. Scott Barber, stated that the company is delighted to move forward with the purchase of the Caesars property in Southern Indiana and expand its portfolio that is already successful.
Barber also shared a few praise words for the facility in Southern Indiana, claiming that, apart from being recently renovated, Caesars is a well-known brand for the community living in that region. That is why it presents an honor for EBCI Holdings to carry on with that legacy and elevate the guest experience at Caesars Southern Indiana.
A press release stated that when it changes hands, the branding of Caesars for the casino will continue and the employees there, which are around 900, will have the chance to retain the positions on which they worked there previously.
Currently, the Eastern Band of Cherokee Indians operates two land-based casinos that are located in North Carolina. Its official government website states that the Eastern Band of Cherokee Indians has its own laws, government, elections, institutions and, therefore, is a sovereign state. The Caesars Southern Indiana purchase marks the first venture that EBCI has that is not in North Carolina.
A Subsidiary of VICI Properties Inc. is Also In the Mix
Before becoming a 100,000-square-foot casino in 2019, Caesars’ casino in Southern Indiana had another name – Horseshoe Southern Indiana. At the time, it was a casino boat on the Ohio River. In the new deal, and with the casino now far removed from its origins, EBCI Holdings will have a triple-lease with a VICI Properties Inc. subsidiary. This comes out of respect to the property that is originally associated with Caesars Southern Indiana and it is simultaneous with the finalization of the deal.
Under VICI’s lease, the initial annual rent will be $32.5 million. Additionally, an initial term of 15 years, together with four 5-year tenant renewal possibilities, will be included in the lease. The Eastern Band of Cherokee Indians will guarantee the obligations that the tenant has under the lease.