LAS VEGAS, Sept. 13, 2018 /PRNewswire/ -- Today,
Caesars Entertainment Corporation (NASDAQ:CZR) and Foodbuy,
LLC, a subsidiary of Compass Group USA, Inc., announced that they are joining
forces to create Parlay Solutions, the premier group purchasing
organization for the North American Gaming Hospitality and
Entertainment Industry. Parlay will begin serving members in
September 2018.
This joint venture will combine Caesars' expertise in the gaming
industry, supplier relationships and sourcing capabilities with
Foodbuy's supplier relationships, analytics and procurement
expertise.
"Parlay will help its members save on their supply chain
expenses through purchasing efficiencies as well as help them
optimize their spend with local and diverse suppliers," said
Mark Frissora, President and CEO of
Caesars Entertainment. "Caesars Entertainment has successfully
invested in its supply chain to generate substantial value for our
business and this partnership with Foodbuy will deliver the same
benefit to its members."
"Our combined capabilities create opportunities for gaming
operator members and industry suppliers to revolutionize the way
they do business," said Dennis
Hogan, Chief Executive Officer of Foodbuy, LLC.
Parlay's founders bring expertise managing more than
$20 billion in purchasing volume and
nearly 30 years of experience. Parlay will help its members
to generate savings, increase revenues, optimize spend from local
and diverse suppliers, and delight guests with superior products
and services.
More than 200 Caesars suppliers have signed on to join
Parlay. Coupled with access to more than 2,000 suppliers from
Foodbuy, Parlay provides unique benefits across the broad range of
products and services gaming operators need to realize savings on
the millions of dollars they spend annually on their supply
chain. Supplier partners will benefit from faster and more
economical ways to create and grow relationships with gaming
operators across North
America.
Group purchasing organizations have proven successful in other
industries such as healthcare, education, manufacturing and
hospitality to connect buyers and suppliers for mutual
benefit. Caesars and Foodbuy are pleased to announce Parlay
as the first GPO created by gaming and procurement experts with
unique capabilities for the gaming industry.
About Caesars Entertainment Corporation
Caesars
Entertainment is the world's most diversified casino-entertainment
provider and the most geographically diverse U.S.
casino-entertainment company. 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® and Horseshoe® brand names. Caesars
Entertainment's portfolio also includes the Caesars Entertainment
UK family of casinos. Caesars Entertainment 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. Caesars
Entertainment 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 Compass/Foodbuy LLC
Foodbuy, LLC is the
largest procurement and supply chain solutions organization in
North America and the sole
sourcing partner for their parent company, Compass Group North
America. Foodbuy manages more than $20
billion in purchase volume, giving them an industry leading
competitive advantage when negotiating contracts for Compass Group
and Foodbuy Members. Foodbuy's focus is on procurement; they
provide a unique blend of purchasing savvy, product expertise,
proven strategic processes and data analytics that integrates
sourcing, category development, and distribution. Foodbuy's
business model, sustainable initiatives, and commitment to supplier
diversity gives them a substantial competitive advantage. The value
that they deliver to their customers has led to their significant
growth, making Foodbuy the largest, yet most collaborative
procurement organization in the United
States. For more information, please visit
www.foodbuy.com.
Forward-Looking Statements
This release includes
"forward-looking statements" intended to qualify for the safe
harbor from liability established by the Private Securities
Litigation Reform Act of 1995. You can identify these statements by
the fact that they do not relate strictly to historical or current
facts and by the use of words such as "will" or other variations
thereof or comparable terminology. These forward-looking statements
are based on current expectations and projections about future
events.
You are cautioned that forward-looking statements are not
guarantees of future performance or results and involve risks and
uncertainties that cannot be predicted or quantified and,
consequently, the actual results may differ materially from those
expressed or implied by such forward-looking statements. Such risks
and uncertainties include, but are not limited to, Parlay's ability
to attract customers in addition to Caesars properties, prevailing
economic conditions from time to time, receipt of any necessary
approvals, and may include other factors described from time to
time in Caesars' reports filed with the Securities and Exchange
Commission.
You are cautioned to not place undue reliance on these
forward-looking statements, which speak only as of the date of this
document. Caesars undertakes no obligation to publicly update or
release any revisions to these forward-looking statements to
reflect events or circumstances after the date of this document or
to reflect the occurrence of unanticipated events, except as
required by law.
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SOURCE Caesars Entertainment Corporation