This week the Eastern Band of Cherokee Indians voiced interest in purchasing Caesars Southern Indiana from Caesars Entertainment Inc. for an undisclosed amount.
Without a doubt, the property will come with a hefty price tag, as Caesars renovated the property in 2018 for $90 million. The location has 1,650 slots, table games, and a fairly recently launched sportsbook across its 110,000 square feet of gaming space. The casino previously operated as a riverboat casino, but laws changed in 2015 to allow for adjacent betting locations.
The two groups are entering a period of due diligence after the letter of intent, which will see the two working exclusively for 45 days to come to a purchase agreement.
For the tribe, the purchase would lend a cash flow business to the group's assets, which would then be returned to the tribe in the form of profits.
While a deal will likely not be announced before the end of the year, we'll make sure to update readers as we learn more about the inner-workings of this process.