Carl Icahn may want to get rid of Caesars properties as quickly as possible but, in the meantime, the show must go on. Caesars Entertainment Corp. is planning on rebranding a property in Southern Indiana in conjunction with a multimillion-dollar expansion, and will also add sports gambling operations to the venue.
Horseshoe Southern Indian is currently undergoing a renovation and expansion project worth $85 million. The project was launched last June and is expected to wrap up sometime next year, with Caesars unveiling the casino section of the new project later this year.
In order to break away from the old public image of the venue, the casino will be called Caesars Southern Indiana, a simple swap of Horseshoe for Caesars. The name change is expected to take place after the expansion is carried out.
As part of the project, an existing riverboat casino is going to move onto dry land, in accordance with recently passed legislation. In addition, Caesars is installing a new 100,000-square-foot gaming facility close to the Horseshoe Southern Indiana hotel. The casino will add more slot machines and table games, as well as poker and lounge areas. The venue’s lounge, bars and restaurants are still on schedule to open next year.
Indiana recently approved sports gambling in the state and operators can begin submitting applications at the beginning of July. Caesars was ready to launch forward as soon as the ink dried on the bill and is installing a sportsbook at the expanded property. The casino company’s sports gambling operations will benefit greatly from a recent deal it signed for sports betting content and data distribution with ESPN.
Caesars is also offloading one of its international properties. It has sold all of its 70% stake in Emerald Resort & Casino in South Africa to Peermont Hotels, Casinos and Resorts for $49 million. The deal will see Peermont pay $39 million in cash for the entire stake. The sale still has to be approved by regulators, but is expected to be finalized in the third quarter of this year. Caesars CEO Tony Rodio says that he is “pleased to monetize” its stake in the casino, which is not one of the company’s core assets.