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Caesars Entertainment said it has a deal to acquire Centaur Holdings for $1.7 billion in cash.
As part of the deal Caesars would be able to add Indiana properties to its rewards network. CEO Mark Frissora said that the proposed acquisition is "an excellent opportunity to enter into a growing region."
Caesars said the deal would add Indiana properties Hoosier Park and Indiana Grand to its rewards portfolio.
The company said in a statement that Indiana is under saturated and "favorable economic fundamentals."
Caesars said that Centaur welcomes more than 6.5 million guests annually and has more than 1.1 million loyalty program members.
Shares of Caesars Entertainment edged slightly higher in extended trade. The stock has gained more than 50 percent so far this year.
This story is developing. Please check back for updates.