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US – Centaur completes Indiana double

By - 14 March 2013

Clairvest Group’s investment partner, Centaur Gaming has completed the purchase of Indiana Grand Casino and Indiana Downs Racetrack. Clairvest invested US$8.4m in support of the Indiana Grand acquisition. The investment was made in the form of unsecured term loans with stapled warrants.

As part of this transaction, Centaur Gaming completed a financing which resulted in full repayment of its first and second lien loans. Upon completion of the financing Clairvest received US$30.8m such that on a net basis Clairvest received net proceeds of US$22.4m.

Clairvest’s investment in Centaur Gaming now runs at US$14m, compared to the US$36m invested as at December 31, 2012.

In addition to Indiana Grand, Centaur Gaming is the owner and operator of Hoosier Park Racing and Casino located 35 miles northeast of Indianapolis in Anderson. The Indiana Grand property is located southeast of the city in Shelbyville, Indiana.

Michael Wagman, Managing Director of Clairvest, said:”We expect the combination of the two properties to result in material cost efficiencies and an enhanced gaming service offering to customers. We are now working closely with management at both properties to ensure the successful execution of the combined operational integration plan. The acquisition of Indiana Grand enhances Centaur’s strategic value within the U.S gaming landscape.”

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