Zona de Azar USA – Caesars Southern Indiana Casino Officially Under New Ownership

USA.- September 6th 2021 www.zonadeazar.com Caesars Southern Indiana casino is officially under new ownership. EBCI Holdings, a company run by the Eastern Band of Cherokee Indians tribe, finalized its $250 million purchase Friday of the casino across the Ohio River in the Hoosier State.

The deal closed following approval from the Indiana Gaming Commission earlier this month.

R. Scott Barber, CEO of ECBI Holdings, said in a statement Friday he wants to “congratulate the entire tribe on a successful acquisition,”

“We knew that Caesars Southern Indiana has a special legacy of excellence which initially drew us to the casino,” Barber said. “As we’ve discovered, Caesars Southern Indiana also employs an excellent workforce and has made meaningful investments in the community over the last two decades. We look forward to building on that success.”

Per the purchase agreement from December 2020, EBCI Holdings will continue to participate in Caesars’ branding and Caesars Rewards, the brand’s loyalty program.

EBCI said it will retain the roughly 900 staff and management in their current positions.

As a result of a $17.3 billion sale to Reno-based Eldorado Resorts, Caesars Entertainment had to reach an agreement to sell the Southern Indiana casino by Dec. 31 of last year.

Previously known as Horseshoe Southern Indiana, a boat on the Ohio River that opened in 1998, Caesars Southern Indiana became a $90 million, 100,000-square-foot land-based casino in late 2019.

“We have built an outstanding team here and we are proud of the investment Caesars has made not only in its employees but also in our community,” Caesars Southern Indiana General Manager Brad Seigel said in a statement Friday. “I am eager to enter this new chapter with the same dedicated and friendly staff alongside me.”

The Eastern Band of Cherokee Indians operates two casinos in western North Carolina, both of which are managed by Caesars Entertainment. Caesars Southern Indiana is the tribe’s first out-of-state acquisition.

EBCI Holdings will also enter into a triple-net lease with a subsidiary of VICI Properties Inc. with respect to the real property associated with Caesars Southern Indiana simultaneously with the deal closing.

EBCI Holdings was established earlier this year to diversify the Eastern Band of Cherokee Indians’ holdings in the commercial gaming and hospitality business. The tribe operates two casinos in western North Carolina, both of which are managed by Caesars Entertainment. Caesars Southern Indiana is the tribe’s first out-of-state acquisition.

EBCI Holdings also entered into a triple-net lease with a subsidiary of VICI Properties Inc. with respect to the real property associated with Caesars Southern Indiana simultaneously with the deal closing.

The initial total annual rent under the lease with VICI will be $32.5 million, and the lease will have an initial term of 15 years with four five-year tenant renewal options, according to the news release.

The tenant’s obligations under the lease will be guaranteed by the Eastern Band of Cherokee Indians.

“Today marks a significant milestone not only for the tribe but also for our longstanding relationship with Caesars Entertainment,” said Eastern Band of Cherokee Indians Principal Chief Richard Sneed. “Caesars Entertainment has been a great partner for us in North Carolina and we’re excited to continue that success in Indiana.”

Edited by: @MaiaDigital www.zonadeazar.com