The owner of the Hoosier Park racino in Anderson says it has officially purchased the bankrupt Indiana Grand and Downs in Shelbyville for $500 million.
Centaur Holdings LLC CEO Rod Ratcliff told The Herald-Bulletin on Wednesday that the deal by the Indianapolis-based company was complete. A Delaware bankruptcy judge in November approved the deal, allowing Centaur to seek state and federal regulatory approval to complete the deal.
The Indiana Gaming and Horse Racing commissions also issued their final approvals.
Centaur has announced it plans major improvements at both casinos and racetracks, including a 1,500-person music venue in Anderson. Centaur also has proposed building 300 more stalls at the track in Shelbyville and is considering an entertainment complex and additional slot machines there.
The two parks will continue to operate under their respective names, Centaur's president and chief operating officer Jim Brown said.
Centaur also said it plans to run thoroughbred and quarter horses at Indiana Downs and standardbreds for Hoosier Park.
Wagering on Indiana races has fallen steadily since 2005, and horsemen hope Centaur will help attract more bettors and improve the tracks and the overall quality of racing.
Centaur also owns Hoosier Park's Winner's Circle Pub, Grille and OTB in Indianapolis and off-track betting facilities in Clarksville, Fort Wayne and Merrillville.