LAS VEGAS, Aug. 25, 2017 /PRNewswire/ -- Caesars
Entertainment Corporation (NASDAQ: CZR) and Caesars Entertainment
Operating Company, Inc. ("CEOC") today announced that the Nevada
Gaming Commission has granted the necessary regulatory approvals
required for the merger of Caesars Acquisition Company ("CAC") into
Caesars Entertainment (the "Merger") and for the reorganization of
CEOC.
The approval granted by the Nevada Gaming Commission follows the
recommendation earlier in the month of the Nevada Casino Control
Board. In addition to Nevada, the
companies have received approvals from gaming authorities in
Illinois, Indiana, Iowa, Maryland, Mississippi, New
Jersey and Pennsylvania.
Caesars Entertainment and CEOC continue to engage with regulators
in Louisiana and Missouri where approvals are required for
certain aspects of CEOC's restructuring.
"Gaining approval in our home state of Nevada is especially gratifying as we near the
conclusion of CEOC's restructuring process," said Mark Frissora, President and Chief Executive
Officer of Caesars Entertainment. "I am optimistic about the future
of our company and its continued growth and contributions in
Nevada."
Stockholders of Caesars Entertainment and Caesars Acquisition
have also approved the previously announced Merger of both
companies, as well as a number of other matters related to the
restructuring of CEOC and its emergence from bankruptcy.
The Merger of Caesars Entertainment and Caesars Acquisition is
subject to customary closing conditions, including the completion
of CEOC's restructuring. CEOC's restructuring is subject to the
completion of the Merger, certain financing activities and lease
documentation and other customary closing conditions. Caesars
Entertainment currently anticipates completing the Merger and
CEOC's restructuring in the first week of October.
About Caesars Entertainment Corporation
Caesars Entertainment Corporation ("CEC") 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 CEC, 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
conditions to the closing of the Merger or CEOC's restructuring may
not be satisfied, one or more events, changes or other
circumstances that could occur that could give rise to the
termination of the Merger Agreement between CEC and CAC, Caesars
Entertainment's and CEOC's ability (or inability) to meet any
milestones or other conditions set forth in their restructuring
support agreements, Caesars Entertainment's and CEOC's ability (or
inability) to satisfy the conditions to the effectiveness of the
Third Amended Joint Plan of Reorganization of CEOC and its Chapter
11 debtor subsidiaries (including without limitation finalization
of certain documentation with respect thereto), Caesars
Entertainment's ability (or inability) to secure additional
liquidity to meet its ongoing obligations and its commitments to
support the CEOC restructuring as necessary, Caesars
Entertainment's financial obligations exceeding or becoming due
earlier than what is currently forecast and other risks associated
with the CEOC restructuring and related litigation.
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 Caesars Acquisition
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