CZR Caesars Entertainment Inc

In connection with its previously-announced proposed acquisition of William Hill plc (the “Acquisition”), on October 6, 2020, a subsidiary of Caesars Entertainment, Inc. (“Caesars” or the “Company”) entered into a £1,546.5 million interim facilities agreement (the “Interim Facilities Agreement”) with Deutsche Bank AG, London Branch and JP Morgan Chase Bank, N.A. (the “Arrangers”). Pursuant to the Interim Facilities Agreement, the Arrangers have made available to the Company: (a) a 540-day £1,043.9 million asset sale bridge facility and (b) a 60-day £502.6 million cash confirmation bridge facility (collectively, the “Facility”). The Facility may be used to finance or refinance the Acquisition, refinance or otherwise discharge the indebtedness of William Hill and its subsidiaries, pay transaction fees and expenses related to the foregoing and for working capital and general corporate purposes, among other things. The availability of the borrowings under the Facility is subject to the satisfaction of certain customary conditions. As of the date hereof, the Facility remains undrawn. If drawn upon, outstanding borrowings under the Facility will bear interest at a rate equal to the London interbank offered rate plus 3.50% per annum. The Company entered into the Interim Facilities Agreement in connection with its requirement under applicable United Kingdom law to demonstrate that it has “funds certain” to pay the entirety of the cash purchase price for the Acquisition.

A copy of the Interim Facilities Agreement is attached hereto as Exhibit 10.1 and is incorporated herein by reference. The foregoing description of the Interim Facilities Agreement is qualified in its entirety by reference to the full text of the Interim Facilities Agreement.

Cautionary Note Regarding Forward-Looking Statements

This Current Report on Form 8-K 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 the use of the Facility related to the Acquisition.

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.