for the real property associated with Caesars Southern Indiana. Simultaneously with the deal closing, EBCI Holdings will enter into a triple-net lease with a subsidiary of VICI Properties Inc. Additionally, subject to satisfying customary background check and hiring processes, current Caesars employees - nearly 900 people - will be able to keep their jobs at the Indiana casino.
Pursuant to the terms of the transaction documents, EBCI Holdings will continue to use Caesars’ branding for the casino and participate in the popular Caesars loyalty program, Caesars Rewards - the program is also used at EBCI casinos in Cherokee and Murphy. Details will be announced later this fall. To celebrate the new ownership, Caesars plans to host an opening event after the deal closes. Overall, the operation is expected to yield a return on investment of 19% to 23%. Meanwhile, proponents point out that the LLC will retain the remaining 75% of the profits, which can then be used to purchase additional commercial gaming enterprises and further diversify the tribe’s business interests. Opponents of the deal say that’s not enough to justify the large up-front purchase price. Nestled within the Smokies is one of the country’s oldest tribal museums.
