On 12th November, the Tribal Council confirmed a resolution for the due diligence funding endeavours regarding the possible purchase of the Southern Indiana’s Caesars. It has been announced that the Caesars Entertainment and the Eastern Band of the Cherokee Indians have become united and sign in a letter, in which it is mentioned that the Tribal groups are thinking about purchasing the hotel-casino in Caesars Southern Indiana.
The Cherokee Indians group has stated that it is interested in purchasing the casino of Caesars Southern Indiana because the Council, on Thursday, confirmed the diligence funding. On 12th November, the Principal Chief of the Cherokee tribe named Richard Sneed submitted a resolution, which had been accepted by the Council, and it stated that the Cherokee Indian and the casino operator gave their signature in a letter mentioning the desire of the Tribal people to purchase the casino, which would be sold by the Caesars. The signature was made after both parties agreed to sign on the terms.
From 12th November, the Caesars Entertainment worked alone with the tribal clan for the next 45 consecutive days regarding the possible buyout, and within this entire period, the seller agreed not to consider any other offers from another party. In 1998, the hotel-casino of the Caesars Southern Indiana was opened first in Elizabeth, Indiana. At that time, it had around 503 rooms for guests and for the gaming amenities, the area was approximately 110,000 feet square. The gaming amenities included table games, sportsbook, and nearly 1,650 slot machines.
Around $10.6 million is required to cover the due diligence as well as other additional costs. The Cherokee clan will hire more professionals to examine and evaluate the legal points and finances of the casino, along with its informative technological system, as well as environmental, structural, and engineering aspects.
During the meeting held on Thursday, the ChiefChief said that the clan was purchasing a business with a specific and know cash flow and a particular return to the tribal group. Every aspect of the advantage will be examined after analyzing the accounts and records of the casino.