Hoosier Park Racing and Casino, Indiana Grand Racing and
Casino and Three Off-Track Betting Facilities Expand Caesars'
Portfolio of Properties
Caesars Entertainment Investing $50M in Initial Property Upgrades
LAS VEGAS, July 16, 2018 /PRNewswire/ -- Caesars
Entertainment Corporation (NASDAQ: CZR) ("Caesars Entertainment")
today announced it has completed the acquisition of Centaur
Holdings, LLC ("Centaur") for $1.7
billion in cash, $1.625
billion of which was due at closing and $75 million of which is deferred consideration.
The transaction adds Hoosier Park Racing and Casino ("Hoosier
Park") in Anderson, Indiana, and
Indiana Grand Racing and Casino ("Indiana Grand") in Shelbyville, Indiana to the Caesars
Entertainment portfolio.
With the completion of the transaction, Centaur guests will now
be able to join Caesars Entertainment's Total Rewards loyalty
program and transfer their points between Centaur's loyalty program
and Total Rewards. With more than 55 million members, Total
Rewards is one of the world's largest loyalty programs and
acts as a tourism driver for the cities and destinations where
Caesars operates.
"The Centaur acquisition expands our footprint to the attractive
central Indiana region with
exciting new destinations that are profitable, well-capitalized and
highly complementary to our existing portfolio," said Mark Frissora, President and CEO of Caesars
Entertainment. "This project is an important part of our growth
strategy, which expands our brands, increases revenue and
facilitates broad distribution of the Total Rewards program."
Caesars Entertainment is investing $50
million in various property improvements and IT upgrades to
further enhance the guest experience. The introduction of Total
Rewards and our centralized cost structure is expected to reduce
the purchase price multiple to 8.3x in less than two years. The
Company anticipates introducing table games to these properties,
subject to any necessary approvals. Assuming the introduction of
table games and certain synergies, the effective purchase price
multiple would be less than 7x at that time.
Both Hoosier Park and Indiana Grand offer live and simulcast
horse racing, multiple dining outlets, entertainment and feature
approximately 2,000 of the latest slots and electronic table games.
The properties welcome more than 6.5 million guests combined each
year and serve more than 1.1 million members as part of its loyalty
program.
Hoosier Park and Indiana Grand, which serve
the Indianapolis and central Indiana areas, will add to the Caesars network
in Indiana, which already
includes Horseshoe Hammond and Horseshoe Southern
Indiana. Horseshoe Hammond serves northern Indiana and the Chicagoland area while
Horseshoe Southern Indiana serves
southern Indiana and the
Louisville area.
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 regarding the
Caesars Entertainment's strategy and expectations with respect to
the properties acquired in Central
Indiana. 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 and involve risks and
uncertainties that cannot be predicted or quantified and,
consequently, the actual results may differ materially from that
expressed or implied by such forward-looking statements. Such risks
and uncertainties include, but are not limited to, prevailing
economic conditions from time to time, receipt of necessary
approvals to introduce table games and the company's ability or
inability to realize expected benefits from the acquisition, and
may include other factors described from time to time in Caesars'
reports filed with the SEC.
You are cautioned to not place undue reliance on these
forward-looking statements, which speak only as of the date of this
document. Caesars and VICI 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 document
or to reflect the occurrence of unanticipated events, except as
required by law.
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SOURCE Caesars Entertainment Corporation