RENO, Nev. and LAS VEGAS, Sept. 3,
2020 /PRNewswire/ -- Caesars Entertainment, Inc.,
(NASDAQ: CZR) ("Caesars" or "CZR") and VICI Properties Inc. (NYSE:
VICI) ("VICI Properties" or "VICI") today announced definitive
agreements to sell Harrah's Louisiana Downs Casino, Racing &
Entertainment ("Harrah's Louisiana Downs") to Rubico Acquisition
Corp. for $22.0 million. The proceeds
of the transactions shall be split $5.5
million to VICI Properties and $16.5
million to Caesars subject to customary adjustments for cash
and net working capital. The annual base rent payments under the
Regional Master Lease between Caesars and VICI will remain
unchanged.
The transactions are expected to close at the end of 2020 or
early 2021, and are subject to regulatory approvals and other
closing conditions.
About Caesars Entertainment, Inc.
Caesars
Entertainment, Inc. 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.
About VICI Properties Inc.
VICI Properties is an
experiential real estate investment trust that owns one of the
largest portfolios of market-leading gaming, hospitality and
entertainment destinations, including the world-renowned Caesars
Palace. VICI Properties' national, geographically diverse portfolio
consists of 31 gaming facilities comprising over 50 million square
feet and features approximately 20,200 hotel rooms and more than
200 restaurants, bars and nightclubs. Its properties are leased to
industry leading gaming and hospitality operators, including
Caesars, Century Casinos Inc., Hard Rock International, JACK
Entertainment and Penn National Gaming. VICI Properties also owns
four championship golf courses and 34 acres of undeveloped land
adjacent to the Las Vegas Strip. VICI Properties' strategy is to
create the nation's highest quality and most productive
experiential real estate portfolio. For additional information,
please visit www.viciproperties.com.
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 each of Caesars and VICI, 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 Harrah's Louisiana Downs; (c)
the fact that the transactions contemplated by the transaction
agreements for the sale of Harrah's Louisiana Downs may not be
completed on the terms contemplated or at all, including because
they are 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 transactions; the possibility that
the anticipated operating results and other benefits of the
contemplated transactions are not realized when expected or at all;
and (d) 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 and VICI'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 and/or VICI or otherwise,
and neither Caesars nor VICI 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.
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SOURCE Caesars Entertainment, Inc.