Caesars Entertainment to retain control of Horseshoe Hammond
Caesars Entertainment will no longer have to sell Horseshoe Hammond after the Indiana Gaming Commission ruled it was in the best interest of the state for the property to stay under its current ownership.
The IGC voted 4-1 to rescind its prior orders for Caesars to sell the Chicagoland casino.
“We are confident that our continued operating of Horseshoe Hammond is in the best interest of our Team Members, guests, the Hammond community, and the State of Indiana,” said Tom Reeg, CEO of Caesars Entertainment. “We believe that maintaining our strong customer and employee relationships at Horseshoe Hammond makes the property best positioned for a strong and exciting future.”
The commission had originally requested the company offload Horseshoe Hammond pursuant to Eldorado Resorts’ acquisition of Caesars. Eldorado already operated one casino in Indiana, Tropicana Evansville, which Caesars sold to Bally’s in May of 2021.
The company also intends to sell Caesars Southern Indiana in the third quarter of 2021.
In allowing Caesars to maintain ownership of Horseshoe Hammond, the IGC cited “unique challenges” afflicting Indiana’s gaming industry including uncertainty regarding the Chicago market, the impacts of Covid-19, and concerns from the Hammond community of having a less experienced gaming operator manage Indiana’s highest revenue generating casino.
Horseshoe Hammond reported $38m in May adjusted gross revenue, more than $10m of any other Hoosier State casino.
“In weighing many factors, extending relief regarding the divestiture of a third casino property is in the best interest of the state, the local community, and Horseshoe Hammond employees and will not negatively impact the health or competition of the casino industry in Indiana,” the commission wrote.
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