LAS VEGAS, Sept. 26, 2016 /PRNewswire/ -- Caesars
Entertainment Corporation (NASDAQ: CZR) ("Caesars
Entertainment") and Caesars Entertainment Operating Company,
Inc. ("CEOC") and its Chapter 11 debtor subsidiaries
(collectively, the "Debtors") today announced that there are
ongoing discussions among Caesars Entertainment, the Debtors and
all of CEOC's major creditor constituencies to reach an agreement
on a consensual debt restructuring.
Caesars Entertainment and CEOC made significant progress towards
reaching an agreement with all parties on the material economics of
the restructuring in advance of the Friday,
September 23 deadline. Caesars Entertainment and CEOC are
working vigorously and collaboratively with the parties on the
details and documentation. Although there can be no
assurance, Caesars Entertainment and CEOC remain optimistic that an
agreement will be reached to permit Caesars Entertainment to
continue to support CEOC's plan in conjunction with consensus among
CEOC's major creditor constituencies.
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. CEC is mainly comprised of the
following three entities: the majority owned operating subsidiary
Caesars Entertainment Operating Company, wholly owned Caesars
Entertainment Resort Properties and Caesars Growth Properties, in
which we hold a variable economic interest. Since its beginning in
Reno, Nevada, 75 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. The Company's resorts
operate primarily under the Caesars®, Harrah's® and Horseshoe®
brand names. CEC's portfolio also includes the London Clubs
International family of casinos. CEC 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. The Company 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 Statement
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. You can identify
these statements by the fact that they do not relate strictly to
historical or current facts. These statements contain words such
as, "will", "estimate", "likely", and "forecast" or the negative or
other variations thereof or comparable terminology. In particular,
they include statements relating to, among other things, future
actions that may be taken by CEC and the sufficiency of CEC's cash
balances for the remainder of 2016. These forward-looking
statements are based on current expectations and projections about
future events.
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 of CEC 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, as well as other factors described from time to
time in our reports filed with the Securities and Exchange: CEC's
ability (or inability) to secure additional liquidity to meet its
ongoing obligations and its commitments to support the CEOC
restructuring as necessary, CEC's financial obligations exceeding
or becoming due earlier than what is currently forecast and risk
associated with the CEOC restructuring and related litigation.
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SOURCE Caesars Entertainment Corporation