Pinnacle: A Haven For Casino Gaming In India

Pinnacle: A Haven For Casino Gaming In India

Pinnacle: A Haven For Casino Gaming In India – State regulators on Thursday imposed a near-record penalty on CaesarsEntertainment in response to the casino giant’s failed attempt to avoid paying a $50 million license transfer fee to the state.

In a settlement between Las Vegas-based Caesars and the Indiana Gaming Commission, the company agreed to pay $1 million to settle allegations that it violated public trust in the integrity of Indiana’s casino industry.

Pinnacle: A Haven For Casino Gaming In India

Pinnacle: A Haven For Casino Gaming In India

The payout comes on the same day the Caesars Gaming Commission plans to approve a $1.7 billion acquisition of Centaur Gaming, which owns two casinos at the Indiana racetrack.

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The $1 million fine, the largest in state history, stemmed from Caesar’s attempt to avoid paying a $50 million fee for the purchase of Centaur’s Hoosier Park Racing and Casino in Anderson.

Specifically, Caesars general counsel Tim Donovan and the company’s outside lobbyist, Libby Sierzniak, threatened in March to cancel a $90 million project to relocate its Horseshoe Southern Riverboat casino to Indiana if the gaming commission approved Hoosier’s $50,000 relocation fee, unless if you do not agree to pay. millions of dollars. did not log in.

Caesar also lobbied state lawmakers in the final days of the 2018 regular legislative session, prompting panicked calls from concerned lawmakers to gaming officials.

Gaming commission officials saw Caesars’ actions as an inappropriate attempt to pressure regulators to waive fees required by state law.

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Gaming commissioners said in the settlement agreement, which was formally approved at a meeting Thursday, that the overall effect of Caesar’s actions “could undermine public confidence in the integrity of Indiana’s gaming industry.”

The agreement was signed in late March by Caesars Entertainment President and CEO Mark Fissora and Indiana Gaming Commission Executive Director Sarah Gonso Tait, but was not made public until Thursday’s meeting.

Caesars Vice President Sue Carletta told gaming commissioners Thursday that the company “takes full responsibility for the issues that led to the settlement agreement.”

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In addition to paying $1 million to the state, Caesars agreed to improve compliance training and better protocols for monitoring and auditing communications between its employees and agents.

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Gaming commissioners are expected to vote after today’s meeting on whether to approve the purchase of Caesar Centaur.

Despite initial objections, earlier this week Centaur’s lawyer said he would pay for the transfer. The transfer proposal, which trustees plan to approve, says the fee will be paid before or at closing.

State law requires the original racino licensee to pay a $50 million fee when it sells a controlling interest.

Because Centaur took over the property after the original owners filed for bankruptcy, the fee does not apply to the transfer of other Indiana Grand Racing & Casino properties in Shelbyville.

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But Centaur, led by CEO Rod Ratcliffe, has owned Hoosier Park since it was founded as a racetrack in 2008, but changed ownership after it filed for bankruptcy in 2010.

Centaur and Caesars have argued for months that the transfer fee should not apply in connection with the bankruptcy restructuring. But the Indiana Gaming Commission says the fee is acceptable.

The disagreement led Centaur to threaten a lawsuit in a letter to the commission in March and Ceasarsthreat to cancel its expansion project in southern Indiana.

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The Gaming Commission also enters into two other purchase agreements under which Boyd Gaming Corp. and Penn National Gaming Inc. will acquire Belterra Casino Resort in Florence and Ameristar Casino in East Chicago from Pinnacle Entertainment.

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Each of these contracts that do not include the horse track will require the state to pay a fee of $2 million.

Combined, the three sales contracts and the settlement with Caesars will give the state $55 million in undeveloped revenue.

Buying Centaur would make Caesars the largest casino owner in Indiana, giving the company control of four of the state’s 13 casinos. In addition to Horseshoe Casino in Elizabeth, Southern Indiana, Caesars also owns Horseshoe Casino Hammond.

As part of the deal, Caesars will also purchase Centaur casinos in Indianapolis, New Haven and Clarksville.

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The $50 million license transfer fee will go into the state’s general fund and can be used for any purpose.

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