RENO, Nev. and LAS VEGAS, Dec. 1,
2020 /PRNewswire/ -- Caesars Entertainment, Inc.,
(NASDAQ: CZR) ("Caesars" or "CZR") today announced a definitive
agreement to sell Belle of Baton Rouge to CQ Holding Company, Inc.
(Casino Queen).
Pursuant to the terms of the amended lease agreement with Gaming
and Leisure Properties, Baton Rouge will be removed from the GLPI
Master Lease, and the rent payments to GLPI will remain
unchanged. GLPI will retain ownership of the real estate of
Belle of Baton Rouge.
"I want to thank all of our Baton Rouge Team Members for their
hard work and dedication, especially during the COVID-19 pandemic,"
said Tom Reeg, CEO of Caesars
Entertainment, Inc. "We wish them the best under Casino Queen's
ownership."
The transaction is expected to close in mid-2021 and is subject
to regulatory approvals and other customary closing conditions.
Macquarie Capital and Milbank LLP represented Caesars
Entertainment on the
transaction.
About Caesars Entertainment, Inc.
Caesars
Entertainment, Inc. (NASDAQ: CZR) is the largest
casino-entertainment company in the U.S. and one of the world's
most diversified casino-entertainment providers. Since its
beginning in Reno, Nevada, in
1937, Caesars Entertainment has grown through development of new
resorts, expansions and acquisitions. Caesars Entertainment's
resorts operate primarily under the Caesars®, Harrah's®, Horseshoe®
and Eldorado® brand names. Caesars Entertainment offers diversified
amenities and one-of-a-kind destinations, with a focus on building
loyalty and value with its guests through a unique combination of
impeccable service, operational excellence and technology
leadership. Caesars Entertainment is committed to its employees,
suppliers, communities and the environment through its PEOPLE
PLANET PLAY framework. For more information, please visit
www.caesars.com/corporate.
Forward-Looking Statements
This press release includes
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements include statements regarding the strategies, objectives
and plans for future development or acquisitions of properties or
operations of Caesars, as well as expectations, future operating
results and other information that is not historical information.
When used in this press release, the terms or phrases such as
"anticipates," "believes," "projects," "plans," "intends,"
"expects," "might," "may," "estimates," "could," "should," "would,"
"will likely continue," and variations of such words or similar
expressions are intended to identify forward-looking statements.
Although the expectations, beliefs and projections are expressed in
good faith and with what is believed to be a reasonable basis,
there can be no assurance that these expectations, beliefs and
projections will be realized. There are a number of risks and
uncertainties that could cause actual results to differ materially
from those expressed in the forward-looking statements which are
included elsewhere in this press release. These risks and
uncertainties include, without limitation: (a) the effects of the
COVID-19 public health emergency, including (i) the impact of the
actions taken to contain the public health emergency or mitigate
its impact, (ii) the direct and indirect economic effects of the
public health emergency and measures to contain it (including
various state governments', tribal authorities' and/or regulatory
authorities' issuance of directives, mandates, orders or similar
actions restricting freedom of movement and business operations,
such as travel restrictions, border closures, business closures,
limitations on public gatherings, quarantines and "shelter-at-home"
orders, any of which may result in the closure of business
operations) and (iii) changes and instability in global, national
and regional economic activity and financial market activity as a
result of the COVID-19 public health emergency and the impact on
consumer discretionary spending and travel, all of which are highly
uncertain and cannot be predicted with confidence; (b) legislative,
regulatory and economic developments, including regulatory approval
of the sale of Belle of Baton Rouge; (c) the fact that the
transactions contemplated by the transaction agreements for the
sale of Belle of Baton Rouge may not be completed on the terms
contemplated or at all, including because the sale is conditioned
upon the receipt of regulatory approvals, and other closing
conditions, and the potential adverse reactions or changes to
business, customer, management or employee relationships, including
those resulting from the announcement or completion of the
contemplated sale; and (c) additional factors discussed in the
sections entitled "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in
CZR's respective most recent Annual Reports on Form 10-K and
Quarterly Reports on Form 10-Q as filed with the Securities and
Exchange Commission. Other unknown or unpredictable factors may
also cause actual results to differ materially from those projected
by the forward-looking statements.
In light of these and other risks, uncertainties and
assumptions, the forward-looking events discussed in this press
release might not occur. These forward-looking statements speak
only as of the date of this press release, even if subsequently
made available on the websites of Caesars or otherwise, and Caesars
does not intend to update publicly any forward-looking statement to
reflect events or circumstances that occur after the date on which
the statement is made, except as may be required by law.
Source: Caesars Entertainment, Inc.
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SOURCE Caesars Entertainment, Inc.