LAS VEGAS, May 18, 2017 /PRNewswire/ -- Caesars
Entertainment Corporation (NASDAQ: CZR) ("Caesars
Entertainment") Chief Executive Officer Mark Frissora and other senior executives will
today discuss the Company's strong historical performance and its
prospects and strategy for growth. At its 2017 Analyst Day in
Las Vegas, Frissora and his
management team plan to provide an update on the Company's
financial and operational improvements as well as current and
planned initiatives to enhance shareholder value.
Since 2014, Caesars Entertainment has invested more than
$2 billion in property and room
renovations, developments, technology upgrades and new amenities.
Combined with the implementation of business process improvement
initiatives, Caesars Entertainment has improved adjusted EBITDA by
$756 million and adjusted EBITDA
margins by more than 800 basis points.
"We have made meaningful financial and operational progress, and
set aggressive, achievable goals for the future," Frissora said.
"Ultimately, we believe our success will be the result of expert
management, engaged employees and a relentless focus on customer
satisfaction."
The analyst day comes as Caesars Entertainment prepares for the
conclusion of Caesars Entertainment Operating Company's ("CEOC")
restructuring process, expected in the second half of the third
quarter. Frissora and the management team intend to address
critical areas the Company believes will generate new growth and
value creation opportunities. These areas include:
- Strongest Loyalty Program in the Gaming Industry – With
more than 50 million Total Rewards members, the program
demonstrates a significant impact on property performance that
Caesars Entertainment expects to improve as the Company applies
machine learning to customer behavioral data.
- Strong Revenue Position in Las
Vegas – While diversified across the U.S. Caesars
Entertainment garners more than 50 percent of gaming revenue in
Las Vegas, a city with a positive,
long-term outlook. In addition, renovations and remodeling of
the Company's Las Vegas properties
are expected to create substantial runway for pricing growth.
- Network Expansion Opportunities – Caesars Entertainment
anticipates the emergence of CEOC is expected to reduce debt by
approximately ~$16 billion and to
unlock new opportunities for organic and inorganic growth across
global markets.
- Proven Management Execution – Improving enterprise-wide
performance is expected to continue as a result of disciplined
capital allocation and a more efficient operating model.
The successful execution of these revenue initiatives and
continued focus on operating efficiency has driven an improvement
in cash flow. Cash flow is expected to continue to improve as a
result of potential debt refinancing and the elimination, in 2018,
of costs associated with CEOC's restructuring.
The Company's continued commitment to investment in its assets
is evidenced by its announcement today that it plans to begin the
$89 million renovation of more than
1,250 rooms at the Flamingo Las Vegas. These upgrades are part of a
plan to renovate more than 7,000 rooms across the enterprise by
year end 2017.
Later this year, the Company expects CEOC's restructuring to be
completed as well as the merger of Caesars Entertainment and
Caesars Acquisition Company. Upon completion, management believes
it will have more opportunities to invest in and grow the
business.
Presentation Details
The presentations to analysts will begin at 9:00 am PT, followed by a question-and-answer
session. A live video webcast and replay will be available at
http://investor.caesars.com
About Caesars Entertainment Corporation
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 Caesars
Entertainment Operating Company, Inc. ("CEOC"), wholly owned
Caesars Entertainment Resort Properties, LLC and Caesars Growth
Properties, LLC, in which we hold a variable economic interest.
Since its beginning in Reno,
Nevada, 79 years ago, Caesars Entertainment has grown
through its 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.
Important Additional Information
Pursuant to the Amended and Restated Agreement and Plan of
Merger, dated as of July 9, 2016,
between Caesars Entertainment and Caesars Acquisition Company
("CAC"), as subsequently amended on February
20, 2017 (as amended, the "Merger Agreement"), among other
things, CAC will merge with and into Caesars Entertainment, with
Caesars Entertainment as the surviving company (the "Merger"). In
connection with the Merger, on March 13,
2017, Caesars Entertainment and CAC filed with the
Securities and Exchange Commission (the "SEC") a registration
statement on Form S-4 that includes a preliminary joint proxy
statement/prospectus, as well as other relevant documents
concerning the proposed transaction. The registration statement has
not yet become effective. After the registration statement is
declared effective by the SEC, a definitive joint proxy
statement/prospectus will be mailed to stockholders of Caesars
Entertainment and CAC. Stockholders are urged to read the
registration statement and joint proxy statement/prospectus
regarding the Merger and any other relevant documents filed with
the SEC, as well as any amendments or supplements to those
documents, because they will contain important information. You
will be able to obtain a free copy of such joint proxy
statement/prospectus, as well as other filings containing
information about Caesars Entertainment and CAC, at the SEC's
website (www.sec.gov), from Caesars Entertainment Investor
Relations (investor.caesars.com) or from CAC Investor Relations
(investor.caesarsacquisitioncompany.com).
The information in this communication is for informational
purposes only and is neither an offer to purchase, nor a
solicitation of an offer to sell, subscribe for or buy any
securities or the solicitation of any vote or approval in any
jurisdiction pursuant to or in connection with the proposed
transactions or otherwise, nor shall there be any sale, issuance or
transfer of securities in any jurisdiction in contravention of
applicable law. No offer of securities shall be made except by
means of a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended, and otherwise in accordance
with applicable law.
Caesars Entertainment, CAC and their respective directors,
executive officers and certain other members of management and
employees may be soliciting proxies from Caesars Entertainment and
CAC stockholders in favor of the business combination transaction.
Information regarding the persons who may, under the rules of the
SEC, be considered participants in the solicitation of the Caesars
Entertainment and CAC stockholders in connection with the proposed
business combination transaction is set forth in the definitive
proxy statement filed with the SEC on April
12, 2017 and Amendment No. 1 to the Annual Report on Form
10-K for CAC's fiscal year ended December
31, 2016, filed on March 31,
2017, respectively. You can obtain free copies of these
documents from Caesars Entertainment and CAC in the manner set
forth above.
Forward-Looking Statements
This document includes forward-looking information within the
meaning of the Private Securities Litigation Reform Act of
1995. You can identify these statements by the fact that they
do not relate strictly to historical or current facts and by the
use of words such as "plan," "intend," "will," "may," "expect,"
"opportunities," "projected" or the negative or other variations
thereof or comparable terminology. In particular, they include
statements relating to, among other things, the emergence from
bankruptcy of CEOC, the Merger with CAC, future actions that may be
taken by Caesars Entertainment and others with respect thereto and
projected results of operations.
You are cautioned that forward-looking statements are not
guarantees of future performance or results and involve risks and
uncertainties that cannot be predicted or quantified and,
consequently, the actual performance and results of Caesars
Entertainment may differ materially from those expressed or implied
by the forward-looking statements. Such risks and uncertainties
include, but are not limited to, the following factors, as well as
other factors described from time to time in our reports filed with
the SEC: 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, other risks associated
with the CEOC restructuring and related litigation, industry and
economic conditions and competitive, legal, governmental and
technological factors. There is no assurance that the Caesars
Entertainment's expectations will be realized.
You are cautioned to not place undue reliance on these
forward-looking statements, which speak only as of the date of this
document. Caesars Entertainment undertakes no obligation to
publicly update or release any revisions to these forward-looking
statements to reflect events or circumstances after the date of
this document or to reflect the occurrence of unanticipated events,
except as required by law.
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SOURCE Caesars Entertainment Corporation