LAS VEGAS, Oct. 2, 2017 /PRNewswire/ -- Caesars
Entertainment Corporation ("Caesars Entertainment" or the
"Company") (NASDAQ: CZR) today provided additional information
regarding the completion of the previously announced merger
("Merger") with Caesars Acquisition Company ("CAC") and conclusion
of the restructuring of its subsidiary, Caesars Entertainment
Operating Company, Inc. ("CEOC").
Caesars Entertainment has now received approvals from all
necessary gaming authorities related to the restructuring of CEOC
and its emergence from bankruptcy, as well as approval of the
stockholders of both the Company and CAC for the Merger. Caesars
Entertainment and CEOC continue to work toward finalizing certain
financing activities and other transactions related to CEOC's
restructuring, and they anticipate being in position to complete
the Merger and restructuring of CEOC by Friday, October 6, 2017.
The merger of Caesars Entertainment and CAC is subject to
customary closing conditions, including the completion of CEOC's
restructuring. CEOC's restructuring is also subject to the
completion of the merger, certain financing and real estate
transactions, various internal and third party transfers and other
customary closing conditions.
About Caesars Entertainment Corporation
Caesars Entertainment is the world's most diversified
casino-entertainment provider and the most geographically diverse
U.S. casino-entertainment company. Caesars Entertainment is mainly
comprised of the following three entities: the majority owned
operating subsidiary CEOC, wholly owned CERP and Caesars Growth
Properties, LLC, ("CGP LLC"), in which we hold a variable economic
interest. Since its beginning in Reno,
Nevada, 79 years ago, CEC has grown through development of
new resorts, expansions and acquisitions and its portfolio of
subsidiaries now operate 47 casinos in 13 U.S. states and five
countries. Caesars Entertainment's resorts operate primarily under
the Caesars®, Harrah's® and Horseshoe® brand names. Caesars
Entertainment's portfolio also includes the London Clubs
International family of casinos. Caesars Entertainment is focused
on building loyalty and value with its guests through a unique
combination of great service, excellent products, unsurpassed
distribution, operational excellence and technology leadership.
Caesars Entertainment is committed to environmental sustainability
and energy conservation and recognizes the importance of being a
responsible steward of the environment. For more information,
please visit www.caesars.com.
About Caesars Acquisition Company
Caesars Acquisition Company ("CAC") was formed to make an equity
investment in CGP LLC, a joint venture between CAC and Caesars
Entertainment, the world's most diversified casino entertainment
provider and the most geographically diverse U.S.
casino-entertainment company. CAC is CGP LLC's managing member and
sole holder of all of its outstanding voting units. For more
information, please visit www.caesarsacquisitioncompany.com.
Forward-Looking Statements
This communication includes "forward-looking statements"
intended to qualify for the safe harbor from liability established
by the Private Securities Litigation Reform Act of 1995 regarding
the completion of the Merger and CEOC's restructuring and the
currently expected timing thereof.
You are cautioned that the forward-looking statements in this
communication are not guarantees that the Merger or CEOC's
restructuring will be consummated at all or on the timing
anticipated. Among the factors that could impact the consummation
of the Merger, CEOC's restructuring and the timing thereof are: the
completion of certain financing activities and other transactions
necessary for the consummation of the Merger and CEOC's
restructuring (which are expected to be completed by Friday, October 6 but are dependent in part on
rating agency review and other third party activities beyond
Caesars Entertainment's control that could extend beyond that
date), other conditions to the closing of the Merger or CEOC's
restructuring may not be satisfied, and one or more events, changes
or other circumstances that could occur that could give rise to the
termination of the Merger Agreement between Caesars Entertainment
and CAC.
You are cautioned to not place undue reliance on these
forward-looking statements, which speak only as of the date of this
communication. Caesars Entertainment and CAC undertake no
obligation to publicly update or release any revisions to these
forward-looking statements to reflect events or circumstances after
the date of this communication or to reflect the occurrence of
unanticipated events, except as required by law.
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SOURCE Caesars Entertainment Corporation