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Caesars Entertainment International is ready to acquire some new properties, and the company has its eye on Indiana. The company is currently wrapping up a deal to buy two state casinos and three off-track betting parlors for $1.7 billion. Indiana casino.

Indiana is not new territory for the Nevada-based casino giant. Caesars already owns two of the state's 13 casinos – Horseshoe Southern Indiana and Horseshoe Hammond. The deal would see Caesars take ownership of properties belonging to Centaur Gaming.

Caesars announced the deal on Thursday. It is pending approval from Indiana's gaming and Horse racing commissions. According to Centaur, if the sale meets all approvals it should be complete by within the first half of 2018. It would mark a significant change for the state, as Caesars would become the largest shareholder in the state's gambling industry.

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State law bars a single entity from owning more than two riverboat casinos. This law dates back to a time before state racetracks were allowed to operate as casinos. Caesars circumvents the rule because the properties are not riverboats but racinos. The state gaming commission could decide to uphold the original intent of the law, limiting Caesars to the two casino properties they currently own.

The deal would also mark a significant step forward for Caesars, becoming the company's first significant transaction since emerging from bankruptcy earlier this year. Caesars underwent a restructuring to settle debts that were larger than the entire annual budget of several countries. The company came out of bankruptcy with most operations intact, including 47 casinos in 13 states and five countries.

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