LAS VEGAS, October 20, 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 the applicable
parties have further extended the deadline to finalize certain
additional documentation in connection with the Debtors' Third
Amended Joint Plan Reorganization. The extension will allow the
participants additional time to resolve the remaining open items in
pursuit of an agreement. Caesars Entertainment and the Debtors will
provide additional disclosures when an agreement is reached or
discussions are terminated.
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", "would", "expected", "proposed", and "working on" or
the negative or other variations thereof or comparable terminology.
In particular, they include statements relating to, among other
things, the consensus reached with representatives of CEOC's major
creditor constituencies, future actions that may be taken by
Caesars and others with respect thereto, consummation of a
consensual restructuring of the Debtors and the estimated future
relative shareholding of New CEC. 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 reach formal agreement with CEOC's
major creditor constituencies regarding new or amended
restructuring support agreements and a Revised Plan of
Reorganization, CEC's and CEOC's ability (or inability) to
meet any milestones or other conditions set forth in any such new
or amended restructuring support agreements, CEC's and CEOC's
ability (or inability) to satisfy the conditions to consummation of
any consensual restructuring of the Debtors (including without
limitation receipt of requisite approvals of creditor groups, the
Bankruptcy Court and regulators), 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 other risks associated with the CEOC
restructuring and related litigation.
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SOURCE Caesars Entertainment Corporation