LAS VEGAS, May 15, 2019 /PRNewswire/ -- Caesars
Entertainment Corporation (NASDAQ: CZR) ("Caesars Entertainment" or
"Caesars" or the "Company") today announced that it has agreed to
sell its South African property Emerald Resort & Casino to
Peermont Hotels, Casinos and Resorts, a Johannesburg based hospitality and
entertainment company for total proceeds of $49.0 million, which implies a 7.9x multiple on
2018 EBITDA of $6.2mm. Caesars owns
70% of this property while the remaining 30% is owned by local
minority partners. Total cash proceeds to Caesars for its 70%
ownership and other adjustments total $39
million.
"While Emerald Resort &
Casino is a unique property, it receives limited benefit from the
Caesars' Rewards network effect given its remoteness to other
properties in our network," said Tony
Rodio, CEO of Caesars Entertainment. "We're pleased to
monetize this non-core asset in our portfolio, which will enable
Caesars to sharpen its focus on other strategic markets."
Caesars Entertainment will continue to operate the property
until the transaction closes, which is expected to be in the third
quarter of 2019, subject to regulatory approvals and other
customary closing conditions.
About Caesars Entertainment Corporation
Caesars Entertainment is one of the world's most diversified
casino-entertainment providers 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/corporate.
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,"
"continue," "expect" 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, satisfaction of
closing conditions including receipt of necessary approvals,
prevailing economic conditions from time to time and may include
other factors described 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