LAS VEGAS, May 18, 2017 /PRNewswire/ -- Caesars
Entertainment Corporation (NASDAQ: CZR) ("Caesars Entertainment" or
the "Company") and Caesars Entertainment Operating Company, Inc.
("CEOC") today announced that Baluma Holdings S.A., a non-debtor
foreign subsidiary of CEOC ("Baluma Holdings") has sold Baluma
Holdings' 55% share in Punta del Este
Conrad in Uruguay to Enjoy
S.A., giving Enjoy S.A. 100% ownership in the Punta del
Este Conrad.
Baluma Holdings received net proceeds from the transaction of
approximately $180 million after
distributions to certain minority investors. Baluma Holdings
received a $14.7 million deposit in
February and the balance of the proceeds on May 16.
The Punta del Este property generated $21
million in EBITDA in 2016. The property's results have been
excluded from Caesars Entertainment's financial statements since
the deconsolidation of CEOC in January
2015.
Under the terms of Enjoy S.A.'s 2013 acquisition of a 45% stake
in Conrad Punta del Este, Enjoy S.A.
had the right to acquire the remaining shares in the property
between years three and five of the relationship. This sale
is the result of Enjoy S.A. exercising that right.
About Caesars Entertainment Corporation
Caesars Entertainment Corporation ("CEC") is the world's most
diversified casino-entertainment provider and the most
geographically diverse U.S. casino-entertainment company. CEC is
mainly comprised of the following three entities: the majority
owned operating subsidiary Caesars Entertainment Operating Company,
Inc. ("CEOC"), wholly owned CERP and Caesars Growth Properties,
LLC, in which we hold a variable economic interest. Since its
beginning in Reno, Nevada, 79
years ago, CEC has grown through development of new resorts,
expansions and acquisitions and its portfolio of subsidiaries now
operate 47 casinos in 13 U.S. states and five countries. CEC's
resorts operate primarily under the Caesars®, Harrah's® and
Horseshoe® brand names. CEC's portfolio also includes the London
Clubs International family of casinos. CEC is focused on building
loyalty and value with its guests through a unique combination of
great service, excellent products, unsurpassed distribution,
operational excellence and technology leadership. CEC is committed
to environmental sustainability and energy conservation and
recognizes the importance of being a responsible steward of the
environment. For more information, please visit
www.caesars.com.
About Caesars Entertainment Operating Company Inc.
Caesars Entertainment Operating Company, Inc. ("CEOC"), a
majority owned subsidiary of CEC, provides casino entertainment
services and owns, operates or manages 38 gaming and resort
properties in 13 states of the United
States and in five countries primarily under the Caesars,
Harrah's and Horseshoe brand names. CEOC is focused on building
customer loyalty through providing its guests with a combination of
great service, excellent products, unsurpassed distribution,
operational excellence and technology leadership as well as all the
advantages of the Total Rewards program. CEOC also is committed to
environmental sustainability and energy conservation, and
recognizes the importance of being a responsible steward of the
environment.
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SOURCE Caesars Entertainment Corporation