LAS VEGAS and RENO, Nev., Sept. 3,
2021 /PRNewswire/ -- Caesars Entertainment, Inc.
(NASDAQ: CZR) ("Caesars") today announced the closing of the sale
of the operations of Caesars Southern Indiana to the Eastern Band
of Cherokee Indians ("EBCI") for approximately $250 million. In connection with this
transaction, Caesars' annual base rent payments to VICI Properties
under the Regional Master Lease will be reduced by $32.5 million. Additionally, effective today,
Caesars and the Eastern Band of Cherokee Indians will extend their
existing relationship by entering into a long-term agreement for
the continued use of the Caesars brand and Caesars Rewards loyalty
program at Caesars Southern Indiana.
"I want to thank the Team Members of Southern Indiana for all of their hard work
and wish them continued success under their new leadership," said
Tom Reeg, CEO of Caesars
Entertainment, Inc.
J.P. Morgan and Latham & Watkins LLP represented Caesars
Entertainment on the transaction. Innovation Capital LLC and
Brownstein Hyatt Farber Schreck
represented the Eastern Band of Cherokee Indians.
About Caesars Entertainment, Inc.
Caesars
Entertainment, Inc. (NASDAQ: CZR) is the largest
casino-entertainment company in the US and one of the world's most
diversified casino-entertainment providers. Since its beginning in
Reno, NV, in 1937, Caesars
Entertainment, Inc. has grown through development of new resorts,
expansions and acquisitions. Caesars Entertainment, Inc.'s resorts
operate primarily under the Caesars®, Harrah's®, Horseshoe®, and
Eldorado® brand names. Caesars Entertainment, Inc. offers
diversified gaming, entertainment and hospitality amenities,
one-of-a-kind destinations, and a full suite of mobile and online
gaming and sports betting experiences. All tied to its
industry-leading Caesars Rewards loyalty program, the company
focuses on building value with its guests through a unique
combination of impeccable service, operational excellence and
technology leadership. Caesars is committed to its employees,
suppliers, communities and the environment through its PEOPLE
PLANET PLAY framework. Know When To Stop Before You Start.®
Gambling Problem? Call 1-800-522-4700. For more information, please
visit. www.caesars.com/corporate.
Forward-Looking Statements
This press release includes
forward-looking statements within the meaning of the federal
securities laws. You can identify these statements by our use of
the words "anticipates," "assumes," "believes," "estimates,"
"expects," "guidance," "intends," "plans," "projects," 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.
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 their respective
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, Inc.