LAS VEGAS, Jan. 8, 2018 /PRNewswire/ -- Caesars
Entertainment Corporation (NASDAQ: CZR) ("Caesars Entertainment")
today announced that the U.S. Federal Trade Commission (FTC) has
granted early termination of the waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) with
respect to the previously announced acquisition of Centaur
Holdings, LLC. The proposed acquisition was announced on
November 16, 2017.
"This important milestone brings us one step closer to
completing this acquisition, which is part of our post-emergence,
inorganic growth strategy," said Mark
Frissora, President and Chief Executive Officer of Caesars
Entertainment. "In addition to expanding our gaming footprint,
Caesars Entertainment has a strong track record of operating gaming
facilities with horse tracks as successful integrated operations,
which benefit horsemen, local communities and the state at large.
We are especially impressed by the racing operations at the Centaur
properties and intend to import best practices from these
properties to other Caesars Entertainment properties with racing
operations."
Under the terms of the proposed transaction, Caesars
Entertainment will acquire Hoosier Park Racing & Casino
("Hoosier Park") in Anderson,
Indiana and Indiana Grand Racing and Casino ("Indiana
Grand") in Shelbyville, Indiana,
in addition to three off-track betting facilities in Indiana. Both Hoosier Park and Indiana Grand
offer gaming, racing, dining, and entertainment, and feature about
2,000 of the latest slots and electronic table games, multiple
dining outlets, and both live and simulcast horse racing.
The acquisition of Centaur remains subject to Indiana gaming and horse racing commission
approvals and satisfaction of 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. Since its beginning in
Reno, Nevada, in 1937, Caesars
Entertainment 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 Caesars Entertainment UK 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.
Forward-Looking Statements
This release includes "forward-looking statements" intended to
qualify for the safe harbor from liability established by the
Private Securities Litigation Reform Act of 1995. In particular,
they include statements relating to, among other
things, Caesars Entertainment's plans, strategies, and
opportunities for growth. You can identify these statements by the
fact that they do not relate strictly to historical or current
facts. Further, these statements contain words such as "exploring",
"strategy", "will", and "expected", " or the negative or other
variations thereof or comparable terminology. These forward-looking
statements are based on current expectations and projections about
future events.
Investors 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 of Caesars
Entertainment may differ materially from those expressed or
implied by such forward-looking statements. Such risks and
uncertainties include, but are not limited to, the following
factors, and other factors described from time to time
in Caesars Entertainment's reports filed with
the Securities and Exchange Commission (including the
sections entitled "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations"
contained therein):
- Completion of the transaction described herein is subject to
receipt of gaming and racing commission approvals and other closing
conditions, which may not be satisfied;
- the impact of our new operating structure post-emergence;
- the effects of local and national economic, credit, and capital
market conditions on the economy, in general, and on the gaming
industry, in particular;
- the ability to realize improvements in our business and results
of operations through our property renovation investments,
technology deployments, business process improvement initiatives
and other continuous improvement initiatives;
- the ability to take advantage of opportunities to grow our
revenue;
- the financial results of our consolidated businesses;
- the impact of our substantial indebtedness and lease
obligations and the restrictions in our debt and lease
agreements;
- access to available and reasonable financing on a timely basis,
including the ability of Caesars Entertainment to
refinance its indebtedness on acceptable terms;
- the ability of our customer tracking, customer loyalty, and
yield management programs to continue to increase customer loyalty
and same-store or hotel sales;
- changes in the extensive governmental regulations to which we
are subject, and changes in laws, including increased tax rates,
smoking bans, regulations or accounting standards, third-party
relations and approvals, and decisions, disciplines and fines of
courts, regulators and governmental bodies;
- our ability to recoup costs of capital investments through
higher revenues;
- abnormal gaming holds ("gaming hold" is the amount of money
that is retained by the casino from wagers by customers);
- the effects of competition, including locations of competitors,
growth of online gaming, competition for new licenses, and
operating and market competition;
- the ability to timely and cost-effectively integrate companies
that we acquire into our operations;
- the potential difficulties in employee retention and
recruitment;
- construction factors, including delays, increased costs of
labor and materials, availability of labor and materials, zoning
issues, environmental restrictions, soil and water conditions,
weather and other hazards, site access matters, and building permit
issues;
- litigation outcomes and judicial and governmental body actions,
including gaming legislative action, referenda, regulatory
disciplinary actions, and fines and taxation;
- acts of war or terrorist incidents, (including the impact of
the recent mass shooting in Las Vegas on tourism), severe
weather conditions, uprisings or natural disasters, including
losses therefrom, losses in revenues and damage to property, and
the impact of severe weather conditions on our ability to attract
customers to certain of our facilities;
- the effects of environmental and structural building conditions
relating to our properties;
- a disruption, failure or breach of our network, information
systems or other technology, or those of our vendors, on which we
are dependent;
- risks and costs associated with protecting the integrity and
security of internal, employee and customer data;
- access to insurance on reasonable terms for our assets;
and
- the impact, if any, of unfunded pension benefits under
multiemployer pension plans.
Any forward-looking statements are made pursuant to the Private
Securities Litigation Reform Act of 1995 and, as such, speak only
as of the date made. Caesars
Entertainment disclaims any obligation to update the
forward-looking statements. You are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date stated or, if no date is stated, as of the date
of this release.
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SOURCE Caesars Entertainment Corporation