LAS VEGAS, Jan. 17, 2017 /PRNewswire/ -- Caesars
Entertainment Corporation (NASDAQ: CZR) ("Caesars
Entertainment" or the "Company") and Caesars Entertainment
Operating Company, Inc. ("CEOC") and its Chapter 11 debtor
subsidiaries (collectively, the "Debtors") today announced that the
U.S. Bankruptcy Court for the Northern District of Illinois has confirmed the Debtors' Plan of
Reorganization (the "Plan"), paving the way to conclude CEOC's
court-supervised restructuring process in 2017.
"The confirmation of the Plan of reorganization marks a major
milestone in CEOC's restructuring process and facilitates a path
forward to emergence in 2017," said Mark
Frissora, President and Chief Executive Officer of Caesars
Entertainment. "We appreciate those that helped make this day
possible for Caesars and are grateful for the ongoing support and
commitment of our customers and vendors and for the continued hard
work and dedication of our employees."
Under the previously disclosed terms of the Plan, CEOC will
emerge from bankruptcy, separating virtually all of its U.S. based
real property assets from its gaming operations. Caesars
Entertainment will continue to own and manage the gaming
operations. The real property assets will be held in a newly
created real estate investment trust ("REIT") owned by certain of
CEOC's creditors. Caesars Entertainment will not own any equity
interest in the REIT. In addition, in connection with CEOC's
emergence, Caesars Entertainment and Caesars Acquisition Company
must complete their previously announced merger (the "Merger").
The Plan remains subject to obtaining gaming regulatory
approvals, the completion of the Merger, certain financing
transactions, and various other closing conditions.
"The new Caesars will be a stronger company with a healthy
balance sheet, a plan for growth and investment, operating
discipline and a relentless focus on employee and customer
satisfaction," Frissora said. "Upon CEOC's emergence, we will be
positioned to strengthen our financial and operational performance
by pursuing new opportunities to invest in and expand our brands
and business. While there is still much work ahead to complete this
process, we are excited about the future of the Caesars
enterprise."
About Caesars Entertainment Corporation
Caesars Entertainment ("CEC" or the "Company") 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 CEOC, 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", "expect", and "propose" or the negative or
other variations thereof or comparable terminology. In particular,
they include statements relating to, among other things, CEOC's
emergence and expected timing thereof, future actions that may be
taken by CEC and others with respect thereto, the completion of the
Merger and the financial position and actions of CEC
post-emergence. 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
Commission: CEC's and CEOC's ability (or inability) to meet
any milestones or other conditions set forth in their restructuring
support agreements, CEC's and CEOC's ability (or inability) to
satisfy the conditions to the effectiveness of the Plan, 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.
You are cautioned to not place undue reliance on these
forward-looking statements, which speak only as of the date of this
release. CEC 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 release or to reflect the
occurrence of unanticipated events, except as required by law.
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SOURCE Caesars Entertainment Corporation