LAS VEGAS and RENO, Nev., Sept. 9,
2021 /PRNewswire/ -- Caesars Entertainment, Inc.
(NASDAQ: CZR) ("Caesars") today announced an agreement to sell the
non-US assets of William Hill to 888 Holdings Plc for approximately
£2.2 billion. After the repayment of debt and other working capital
adjustments, Caesars expects to receive net proceeds from the
transaction of approximately £835mm or $1.2
billion. The transaction is subject to receipt of the
approval of shareholders of 888 Holdings Plc and regulatory
approvals. Caesars' expectation is that the transaction should
close during the first quarter of 2022.
"I'd like to personally thank Ulrik and all of the team at
William Hill for their professionalism and dedication while they
have been part of Caesars and particularly during the sale
process. I am delighted that, as we said we would when we
announced the offer for William Hill PLC, we have found an owner
for the William Hill business outside the US which shares the same
objectives, approaches and longer-term ambitions of that business,"
said Tom Reeg, CEO of Caesars
Entertainment, Inc.
Deutsche Bank and Linklaters LLP represented Caesars on the
transaction.
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.
Forward-looking statements include all statements other than
statements of historical fact, including statements regarding
required regulatory approvals and expected timing of consummation
of the proposed transaction. 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,
there is no assurance that the proposed transaction will be
consummated, and such forward-looking 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. Risks and uncertainties
regarding the forward-looking statements contained herein include,
but are not limited to, the possibility that the proposed sale of
the non-US assets of William Hill to 888 Holdings Plc does not
close when expected or at all because required regulatory or other
approvals are not received or other conditions are not satisfied on
a timely basis or at all and other risk factors that 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.
Source: Caesars Entertainment, Inc.
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SOURCE Caesars Entertainment, Inc.