Caesars Entertainment announced it has entered into a definitive agreement to acquire Centaur Holdings for $1.7 billion in cash. As a result of the transaction, Caesars will add Hoosier Park Racing and Casino in Anderson, Ind., and the Indiana Grand Racing and Casino in Shelbyville, Ind. to its network.

Both properties offer meeting and event space for corporate groups and other clientele.

"The addition of Centaur is the first example of our post-emergence, inorganic growth strategy," said Mark Frissora, president and CEO of Caesars Entertainment. "The acquisition of Centaur represents an excellent opportunity to enter into a growing region [while expanding on our Total Rewards program].”

Centaur welcomes more than 6.5 million guests each year across its properties and serves more than 1.1 million members as part of its loyalty program. Caesars considered central Indiana an attractive region for investment based on the combination of under-penetration and favorable economic fundamentals.

Hoosier Park and Indiana Grand, which serve the Indianapolis area, will add to the Caesars network, which includes Horseshoe Hammond and Horseshoe Southern Indiana. Horseshoe Hammond serves the Chicagoland area and Horseshoe Southern Indiana serves the southern Indiana and Louisville area.

The transaction is subject to receipt of regulatory approvals and other customary closing conditions. Caesars anticipates the deal will close in the first half of 2018, assuming all goes according to plan.