The Indiana Gaming Commission on Thursday afternoon approved Centaur Holdings LLC's plan to buy Indiana Grand Casino and Indiana Downs in Shelbyville.
Indianapolis-based Centaur owns Hoosier Park Racing & Casino in Anderson and hopes to take control of its former rival by March 1. Centaur has more hurdles to clear before closing on the $500 million purchase, but executives saw the gaming commission's OK as important to completing the process within the next six weeks.
The commission held a special meeting to consider Centaur's application and voted unanimously in favor of transferring Indiana Grand's license from Indianapolis Downs LLC to Centaur, as well as Centaur's financing plan.
The Indiana Horse Racing Commission approved the sale in December, but Centaur still has to clear the Federal Trade Commission.
Centaur CEO Rod Ratcliff took the commission's approval as a sign of confidence in his company.
“Centaur is ready to expand our Indiana roots, investment, and positive community relationships through the successful completion of this acquisition,” he said in a prepared statement.
Centaur also owns the Winner’s Circle Pub Grille & OTB in Indianapolis and off-track betting facilities in Fort Wayne and Merrillville.