RENO, Nev. and LAS VEGAS, Sept. 18,
2020 /PRNewswire/ -- Caesars Entertainment, Inc.,
(NASDAQ: CZR) ("Caesars," or "Caesars Entertainment") announced
today its subsidiary's entry into a $400
million mortgage with a subsidiary of VICI Properties Inc.
(NYSE: VICI) ("VICI Properties" or "VICI") that is secured by the
CAESARS FORUM Conference Center in Las
Vegas, in accordance with the previously announced letter of
intent (the "LOI") entered into on June 15,
2020. The five-year mortgage will initially bear interest at
a rate of 7.7% and will be pre-payable beginning in year three,
subject to certain conditions (and may be prepaid earlier in the
case that VICI acquires the CAESARS FORUM Conference Center,
subject to VICI's consent).
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In accordance with the LOI and concurrently with the entry into
the mortgage, Caesars and VICI amended and restated the Amended and
Restated Put-Call Right Agreement previously in place between
Caesars Entertainment Corporation and affiliates of VICI, with
certain modifications, including VICI's call option accelerating to
2025.
Additionally, Caesars and VICI have waived the conditionality of
the consummation of the mortgage transaction on the consummation of
the previously disclosed, potential sale by Caesars to VICI of
approximately 23 acres of land in the vicinity of, or adjacent to,
The LINQ Hotel + Experience, Bally's Las
Vegas, Paris Las Vegas and Planet Hollywood Resort &
Casino gaming facilities (the "Eastside Land") as initially
contemplated by the LOI. The parties continue to evaluate the
potential transaction involving the Eastside Land.
About Caesars Entertainment, Inc.
Caesars Entertainment 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.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. You can identify these
statements by Caesars' use of the words "continue," "may," "will,"
and similar expressions that do not relate to historical matters.
All statements other than statements of historical fact are
forward-looking statements. You should exercise caution in
interpreting and relying on forward-looking statements because they
involve known and unknown risks, uncertainties, and other factors
which are, in some cases, beyond Caesars' control and could
materially affect actual results, performance, or achievements.
These forward-looking statements include, without limitation the
effects of any recently completed and pending transactions on us,
including the post-transaction impact on Caesars' financial
condition, financial and operating results, cash flows, strategy
and plans, and the possibility that the potential sale of the
Eastside Land may not be completed on the contemplated terms or at
all, or that completion of the Eastside Land sale may be unduly
delayed.
Although Caesars believes that in making such forward-looking
statements its expectations are based upon reasonable assumptions,
such statements may be influenced by factors that could cause
actual outcomes and results to be materially different from those
projected. Caesars cannot assure you that the assumptions upon
which these statements are based will prove to have been correct.
Important risk factors that may affect Caesars' business, results
of operations and financial position are detailed from time to time
in Caesars' filings with the Securities and Exchange Commission.
Caesars does not undertake any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events, or otherwise, except as may be required by
applicable law.
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SOURCE Caesars Entertainment