LOUISVILLE, Ky. (WDRB) -- Caesars Entertainment, Inc. has agreed to sell Caesars Southern Indiana to the Eastern band of Cherokee Indians for $250 million, the company announced Thursday.

The 20-year-old casino on the Ohio River in Elizabeth, Indiana, retired its three-floor riverboat and moved into a new, $85 million land-based building in late 2019.

"Expanding our relationship with the Eastern Band of Cherokee Indians is an exciting event for Caesars Entertainment," Tom Reeg, CEO of Caesars Entertainment, Inc., said in a news release. "Since our partnership began back in 1996, we have admired their growth and the success of their properties. We look forward to increasing our relationship by extending the Caesars brand and Caesars Rewards loyalty program to them at Caesars Southern Indiana."

The Eastern Band owns two casinos in North Carolina that are managed by Caesars under its Harrah’s brand.

"The purchase of Caesars Southern Indiana operating company marks the beginning of an exciting new future for the Eastern Band of Cherokee Indians," Richard Sneed, principal chief of the Eastern Band of Cherokee Indians, said in the release. "We are pleased to build upon our long-standing partnership with Caesars as we look to advance our interests in commercial gaming in the coming years."

The tribe, a sovereign nation, is descended from those Native Americans who “remained and rebuilt” within North Carolina’s Qualla Boundary after the U.S. government’s forced removal of the Cherokees during the Trail of Tears in the 1800s, according to its website.

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