Caesars nearing purchase of Indiana Grand, Hoosier Park

Bloomberg News reported Tuesday that Caesars Entertainment Corp. is near the end of negotiations to buy Indiana Grand casino and Hoosier Park — both of which include horse tracks — in a deal likely to top $1 billion.

Hoosier Park is located in Anderson, Ind., and features harness racing, with Indiana Grand’s Thoroughbred and Quarter Horse track in Shelbyville, Ind., not far from Indianapolis. A 120-day meet at Indiana Grand recently concluded after offering more than $4 million in purses, headlined by the Grade 3, $500,000 Indiana Derby run won on July 15 by the late Irap.

For now, Indiana Grand and Hoosier Park are operated by Centaur Gaming. Their combined casino operations alone were responsible in $480 million worth of revenue in the last year alone -- and that's without table games, which are expected to be added soon.

Caesars is still recovering from bankruptcy filed three years ago and operates a pair of riverboat casinos in Indiana as well.

While state law prohibits a company from owning more than two casinos in Indiana, that rule doesn’t apply to those based at a racetrack. Still, any deal would need approval from the Indiana Gaming Commission.