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Cherokee-based group buys Caesars

Transaction basically an ‘ownership change’
Cherokee-based group buys Caesars Cherokee-based group buys Caesars
Kaitlyn Clay, Staff Writer, [email protected]

Caesars Entertainment has reached an agreement to sell the Caesars Southern Indiana Casino in Elizabeth to a North Carolina-based Eastern Band of Cherokee Indians for $250 million, subject to customary purchase price adjustments.

The EBCI will also enter into a new lease with year one annual rent payments of $32.5 million with VICI Properties Inc., which maintains ownership of the real estate of the property.

Jeremy Yackle, executive director of the Harrison County Convention & Visitors Bureau, addressed the Harrison County Council Monday night to announce the news.

After being on a recent call with Brad Siegel, general manager of Caesars Southern Indiana, along with other community leaders, Yackle learned of the news of the agreement. He noted that while the ownership has changed, the casino will continue to operate as a commercial business under the same name.

He also stressed the importance for the public to understand that state and local taxes will remain the exact same.

“We won’t see any changes locally,” Yackle said. “The management team will remain the same; customer loyalty rewards will stay the same. This is just an ownership change. It is a transparent transaction.”

In a press release, Richard Sneed, principal chief of the Eastern Band of Cherokee Indians, said, “The purchase of Caesars Southern Indiana operating company marks the beginning of an exciting new future for the Eastern Band of Cherokee Indians.

“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,” he said.

According to Yackle, the sale will be closed and finalized in about six months, or the third quarter of 2021, subject to regulatory approval.