Eldorado Resorts Secures Approval From Mississippi Gaming Commission in Connection With Its Pending Acquisition of Caesars En...
February 20 2020 - 11:00AM
Business Wire
Eldorado Resorts, Inc. (NASDAQ: ERI) (“Eldorado” or the
“Company”) announced that at a meeting today, the Company received
approval from the Mississippi Gaming Commission in connection with
its pending acquisition of Caesars Entertainment Corporation
(NASDAQ: CZR) (“Caesars”), subject to customary conditions. The
transaction is expected to be consummated in the first half of 2020
and remains subject to the receipt of all required regulatory
approvals, and other closing conditions.
About Eldorado Resorts, Inc.
Eldorado Resorts is a leading casino entertainment company that
owns and operates twenty-three properties in eleven states,
including Colorado, Florida, Illinois, Indiana, Iowa, Louisiana,
Mississippi, Missouri, Nevada, New Jersey, and Ohio. In aggregate,
Eldorado’s properties feature approximately 24,100 slot machines,
VLTs and e-tables and approximately 670 table games, and over
11,400 hotel rooms. For more information, please visit
www.eldoradoresorts.com.
About Caesars Entertainment Corporation
Caesars 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 has grown through development of new
resorts, expansions and acquisitions. Caesars’ resorts operate
primarily under the Caesars®, Harrah’s® and Horseshoe® brand names.
Caesars’ portfolio also includes the Caesars UK family of casinos.
Caesars 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 is committed to its employees, suppliers,
communities and the environment through its PEOPLE PLANET PLAY
framework. For more information, please visit
www.caesars.com/corporate.
Cautionary Statement Regarding Forward-Looking
Information
This communication contains forward-looking statements within
the meaning the federal securities laws, including Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are based on the current expectations of Eldorado and
Caesars and are subject to uncertainty and changes in
circumstances. These forward-looking statements include, among
others, statements regarding the expected timing of the completion
of the proposed transaction. These forward-looking statements may
be identified by the use of words such as “expect,” “anticipate,”
“believe,” “estimate,” “potential,” “should,” “will” or similar
words intended to identify information that is not historical in
nature. The inclusion of such statements should not be regarded as
a representation that such plans, estimates or expectations will be
achieved. There is no assurance that the proposed transaction will
be consummated, and there are a number of risks and uncertainties
that could cause actual results to differ materially from the
forward-looking statements made herein. These risks and
uncertainties include: (a) risks related to the combination of
Caesars and Eldorado and the integration of their respective
businesses and assets; (b) the possibility that the proposed
transaction with Caesars and the previously announced real estate
transactions with VICI do not close when expected or at all because
required regulatory or other approvals are not received or other
conditions to the closing are not satisfied on a timely basis or at
all; (c) the risk that the financing required to fund the proposed
transaction is not obtained on the terms anticipated or at all; (d)
potential adverse reactions or changes to business or employee
relationships, including those resulting from the announcement or
completion of the proposed transaction; (e) litigation challenging
the proposed transaction; (f) the possibility that the anticipated
benefits of the proposed transaction, including cost savings and
expected synergies, are not realized when expected or at all,
including as a result of the impact of, or issues arising from, the
integration of the two companies; (g) conditions imposed on the
companies in order to obtain required regulatory approvals; (h)
uncertainties in the global economy and credit markets and its
potential impact on Eldorado’s ability to finance the proposed
transaction; (i) the possibility that the proposed transaction may
be more expensive to complete than anticipated, including as a
result of unexpected factors or events; (j) diversion of
management’s attention from ongoing business operations and
opportunities; (k) the ability to retain certain key employees of
Eldorado or Caesars; (l) risks associated with increased leverage
from the proposed transaction; (m) competitive responses to the
proposed transaction; (n) legislative, regulatory and economic
developments; and (o) additional factors discussed in the sections
entitled “Risk Factors” and “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” in Eldorado’s and
Caesars’ respective most recent Annual Reports on Form 10-K and
Quarterly Reports on Form 10-Q as filed with the Securities and
Exchange Commission (the “SEC”). Other unknown or unpredictable
factors may also cause actual results to differ materially from
those projected by the forward-looking statements. The
forward-looking statements in this document speak only as of date
of this document. These factors are difficult to anticipate and are
generally beyond the control of Eldorado and Caesars. Neither
Eldorado nor Caesars undertakes any obligation to release publicly
any revisions to any forward-looking statements, to report events
or to report the occurrence of unanticipated events unless required
to do so by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200220005633/en/
Brian Agnew Eldorado Resorts 775/328-0112
investorrelations@eldoradoresorts.com
Joseph N. Jaffoni, Richard Land, James Leahy JCIR 212-835-8500
eri@jcir.com
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