Caesars annual base rent payments to VICI Properties under the Regional Master Lease will be reduced by $32.5m. Caesars also announced that they and the EBCI will extend their existing relationship by entering into a long-term agreement for the continued use of the Caesars brand and Caesars Rewards loyalty program at the Elizabeth, Indiana property.
J.P. Morgan and Latham & Watkins LLP represented Caesars on the transaction, and Innovation Capital LLC and Brownstein Hyatt Farber Schreck represented the EBCI.
"I want to thank the Team Members of Southern Indiana for all of their hard work and wish them continued success under their new leadership," said Tom Reeg, CEO of Caesars.
Caesars announced it would sell the $90 million, land-based facility in Dec. 2020.
The acquisition of Caesars Southern Indiana marks the EBCI’s first entry into commercial gaming. Last fall the tribe launched a limited liability company to pursue opportunities in commercial gaming.
EBCI Holdings LLC hired former Caesars regional president R. Scott Barber as CEO and EBCI member Adele Jacobs-Madden as CFO.
EBCI plans to retain all 700 employees at Caesars Southern Indiana.
The tribe owns two casinos in western North Carolina, both operated by Caesars. The EBCI faces new competition in its home state of North Carolina, where the Catawba Indian Nation is constructing a casino.
