Caesars Still Looking For Horseshoe Hammond Buyer
Caesars Entertainment is still looking for someone to buy the Horseshoe Hammond Casino, but now the company has been given more time to do so.
The new deadline has now been set to Dec. 31, 2021, but there could still be some issues when trying to find a suitable buyer.
The sale is part of the requirements set forth by the Indiana Gaming Commission. The IGC required Caesars to sell three properties in the state before it approves the Eldorado acquisition of Caesars in the state.
Eldorado Resorts purchased Caesars for $17.3 billion, but that acquisition is being hung up as Caesars has not been able to find any buyers. Two of the properties have already been purchased, but the biggest casino in the state has not been able to attract any interest.
Last month, Bally’s agreed to purchase Tropicana Evansville, and that company is looking to become a huge force in the growing sports betting industry. The Eastern Band of Cherokee Indians is negotiating the purchase of Caesars Southern Indiana.
The casino properties in the state all have the ability to apply for sports betting licenses, and that industry is now more valuable than casino gaming. Indiana sports betting was launched prior to the start of the 2019 NFL season, and mobile betting is also available.
Sports betting in the state of Indiana rose to $230.9 million in October, which was a new record for the state. Revenue also set a new record at $21.1 million, and most of that betting has been done using a mobile device.
Illinois Providing Competition
Selling the Horseshoe Hammond Casino is difficult for several reasons, and the location is one of the biggest challenges. This property is located just one mile away from the Illinois state line, which could be a huge problem moving forward.
Illinois has also passed an expanded gambling law of late, and that state has already launched sports betting. Eventually, a new casino will be built in the city of Chicago, and that could keep Illinois bettors from wanting to cross state lines and bet in Indiana.
Indiana has been able to dominate the Midwest region of the US in the sports betting industry, but that is no longer the case. Illinois posted a sports betting handle of more than $300 million in September, and the October numbers have not yet been released.
While both states feature a number of the same operators, the size of Illinois is much larger than that of Indiana. Sportsbook operators are focusing more on Illinois in an effort to take advantage of the large market.
The new buyer of the Horseshoe Hammond Casino will be looking to create one of the biggest retail sportsbooks in the state, but that will be much harder now that Illinois has the industry as well. The current leasing agreement on the property is another roadblock holding the sale back, but Illinois has changed the Indiana industry.
For more sports news and legal sports betting in Indiana, check out more stories on our blog.
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