Indiana Horse Racing Commission approves sale of Indiana Grand, Hoosier to Caesars

The Indiana Horse Racing Commission on Wednesday unanimously approved Caesars Entertainment Corp.’s purchase of Indiana Grand Racing and Casino, Hoosier Park Racing and Casino, and several off-track betting parlors from Centaur Gaming LLC.

Centaur, which is based in Indianapolis, has owned Hoosier since purchasing it from Churchill Downs Inc. in 2007, the year casinos located at racetracks - widely known as racinos - became legal in Indiana. Hoosier once hosted Thoroughbred racing but now is strictly a harness track.

Centaur in 2013 acquired Indiana Grand, which now hosts all of Indiana’s Thoroughbred and Quarter Horse racing. Indiana Grand, which opened in 2002, sits in Shelbyville, about 30 miles southeast of downtown Indianapolis and was known Indiana Downs until Centaur rebranded it.

Caesars clearly is not spending $1.7 billion, the purchase price reported in Indiana newspapers, for the racing operations at the facilities, but for the casino segments of the properties. Hoosier’s website says it has 2,000 electronic gambling machines; Indiana Grand has 2,200 electronic machines and a poker room.

The Indiana Gaming Commission was to meet Thursday to consider approving the transaction from the casino perspective.

The Indiana Horse Racing Commission reportedly placed a handful of stipulations on its approval Wednesday, all aimed at keeping Caesars properly attendant to the racing portion of the operations. Caesars, the Anderson (Indiana) Herald reported Wednesday, must submit for approval by the IHRC an annual organizational plan for Hoosier and Indiana Grand and hire racetrack employees with demonstrated racing knowledge.

“We will certainly keep track of them and ensure that they live up to all of their commitments,” IHRC chairman Phillip Borst said in a press release.