Caesars to take full control in Indiana casino

Wednesday, Jan. 12, 2005 | 9:24 a.m.

Caesars Entertainment Inc., the Las Vegas-based casino company being acquired by Harrah's Entertainment Inc., agreed to buy the remaining 18 percent stake in its Caesars Indiana casino for about $70 million to take full control of the resort.

The property includes a riverboat casino on the Ohio River near Elizabeth, Ind., as well as a hotel and golf course. Caesars purchased the stake from its partner, Riverboat Development Inc. The acquisition will close in the first quarter, Las Vegas-based Caesars said in a statement Tuesday.

Caesars will own the property through its Indiana affiliate, to be renamed Caesars Riverboat Casino LLC once the transaction is approved by the Indiana Gaming Commission. Harrah's is buying Caesars for $5.18 billion to gain Las Vegas Strip resorts including Caesars Palace. The Las Vegas-based companies agreed in September to sell a casino in East Chicago, Indiana, as part of a $1.24 billion sale of four casinos to real estate investor Colony Capital LLC.