LAS VEGAS, Nov. 17, 2017 /PRNewswire/ -- Caesars Entertainment Corporation (NASDAQ: CZR) ("Caesars Entertainment") announced today that its wholly-owned subsidiaries, Caesars Growth Properties Holdings, LLC ("CGPH") and Caesars Growth Properties Finance, Inc. (collectively, the "CGPH Purchasers") and Caesars Entertainment Resort Properties, LLC and Caesars Entertainment Resort Properties Finance, Inc. (collectively, the "CERP Purchasers" and, together with the CGPH Purchasers, the "Purchasers"), are each extending the Early Payment Deadline, the Withdrawal Time and the Expiration Date for their cash tender offers (each an "Offer" and collectively, the "Offers") to purchase (i) with respect to the CERP Purchasers, any and all of the outstanding $1,000,000,000 aggregate principal amount of their 8% First-Priority Senior Secured Notes due 2020 (the "2020 Notes") and $1,150,000,000 aggregate principal amount of their 11% Second-Priority Senior Secured Notes due 2021 (the "2021 Notes" and, together with the 2020 Notes, the "CERP Notes") and (ii) with respect to the CGPH Purchasers, any and all of the outstanding $675,000,000 aggregate principal amount of their 9.375% Second-Priority Notes due 2020 (the "CGPH Notes"). The CGPH Notes and the CERP Notes are together referred to in this release as the "Notes."

The early payment deadline for each of the Notes is extended to 5:00 p.m. New York City time on December 21, 2017 (the "Extended Early Payment Deadline") unless extended by the relevant Purchasers in their sole discretion. The withdrawal time for each of the Notes is extended to 5:00 p.m. New York City time on December 21, 2017 (the "Extended Withdrawal Time"), unless extended or earlier terminated by the relevant Purchasers in their sole discretion or as required by applicable law. The expiration date for each of the Notes is extended to 5:00 p.m. New York City time on December 21, 2017 (the "Extended Expiration Date").

All references to the "Early Payment Deadline" in the respective Offer Documents (as defined below) for each of the Notes shall now be deemed to be references to the Extended Early Payment Deadline. All references to the "Withdrawal Time" in the respective Offer Documents for each of the Notes shall now be deemed to be references to the Extended Withdrawal Time. All references to the "Expiration Date" in the respective Offer Documents for each of the Notes shall now be deemed to be references to the Extended Expiration Date. The other terms and conditions of the Offers remain unchanged except as provided in this announcement.

The Notes and other material information related to the Offers are set forth in the table below.



         CUSIP Nos.  Title of Security            Outstanding                      Tender Offer                Early                  Total
                                              Principal Amount(1)                Consideration(2)            Payment(2)        Consideration(2)(3)
    ---                                       ------------------                 ---------------             ---------         ------------------

        12768X AA2 / 8% First-Priority                        $1,000,000,000.000                  $1,020.000            $4.444                     $1,024.444
                       Senior Secured
        699742 AA0 /   Notes due 2020
         U7012P AA0


        12768X AB0 /    11% Second-                           $1,150,000,000.000                  $1,055.000            $6.111                     $1,061.111
                      Priority Senior
        U7012P AB8 /   Secured Notes
                          due 2021
         699742 AC6


         12768W AB2                    9.375%                   $675,000,000.000                  $1,070.310            $5.208                     $1,075.518

                          Second-
                       Priority Notes
                          Due 2022


    _____________

    (1)           As of the date hereof.

    (2)            Per $1,000 principal amount of the
                   Notes and excluding accrued and
                   unpaid interest, which will be paid
                   in addition to the Total
                   Consideration or Tender Offer
                   Consideration, as applicable.

    (3)           Includes the Early Payment.

The Offers are subject to certain conditions, including the approval condition described below ("Approval Condition"). If any of the conditions are not satisfied, the applicable Purchasers may terminate the Offers and return tendered Notes. The Purchasers have the right to waive, to the extent permitted by law, any of the above-mentioned conditions with respect to the Offers for the Notes and to consummate the Offers. In addition, the Purchasers have the right, in their sole discretion, to terminate any of the Offers at any time, subject to applicable law.

On October 16, 2017, CRC Escrow Issuer, LLC ("CRC Escrow Issuer") and CRC Finco, Inc. ("CRC Finance") issued $1.7 billion of 5.250% Senior Notes due 2025 (the "CRC Notes"), with the gross proceeds of such CRC Notes deposited into escrow accounts, the release of which is subject to the satisfaction of certain conditions, including, among others, (1) the merger of the CRC Escrow Issuer with and into CGPH with CGPH as the surviving entity and the assumption of the obligations under the indenture for the Notes by CGPH, (2) the merger of CERP into and with CGPH, with CGPH as the surviving entity, which will be renamed Caesars Resort Collection, LLC ("CRC") (the "CRC Merger") and (3) the receipt of regulatory approvals in relation thereto. Substantially concurrently with the release of the escrowed proceeds, CRC intends to enter into new $5.7 billion senior secured credit facilities (the "Senior Secured Credit Facilities"), which will include a five-year $1.0 billion senior secured revolving credit facility (the "Revolving Credit Facility") and a seven-year $4.7 billion senior secured term loan credit facility (the "Term Loan Facility"). CRC intends to use the proceeds of the CRC Notes and the Term Loan Facility (the "New Debt Financing"), together with cash on hand, to pay for tendered Notes pursuant to the Offers. The transactions described in this paragraph are referred to as the "CRC Restructuring Transactions." Subject to the receipt of the net proceeds from the New Debt Financing, each of the Purchasers intends to redeem, in accordance with the applicable indenture, any Notes outstanding following the consummation of the Offers that are not purchased pursuant to the Offers.

The Approval Condition for the Offers requires (1) the release of the escrowed proceeds of the New Debt Financing to CRC and, (2) in connection therewith, the receipt of regulatory approvals in relation to the CRC Restructuring Transactions. The Purchasers will not be required to accept for purchase any Notes validly tendered and not validly withdrawn or pay the Total Consideration or the Tender Offer Consideration, as applicable, if it does not satisfy the Approval Condition.

This announcement shall not constitute an offer to purchase or a solicitation of an offer to sell any securities. The complete terms and conditions of the Offers are set forth, with respect to the CGPH Notes, in an Offer to Purchase dated November 3, 2017 (the "CGPH Offer to Purchase") and with respect to the CERP Notes, in an Offer to Purchase dated November 3, 2017 (the "CERP Offer to Purchase" and, together with the CGPH Offer to Purchase, the "Offers to Purchase"), and the related Letters of Transmittal (collectively, the "Offer Documents") that are being sent to the registered holders of the Notes (the "Holders"), in each case as supplemented by this announcement or future announcements. The Offers are being made only through, and subject to the terms and conditions set forth in, the Offer Documents, this announcement and related materials.

The Offers are separate offers and a tender of any one series of Notes will not constitute a tender of the other series of Notes. No Offer is conditioned on the closing of either or all of the other Offers. The Purchasers may determine, in their sole discretion, to terminate, postpone or amend one Offer without terminating, postponing or amending either or all of the other Offers. The Offers are being made only through, and subject to the terms and conditions set forth in, the Offers to Purchase.

The Purchasers have retained J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC as the dealer managers for the Offers. Questions regarding the terms of the Offers may be directed to J.P. Morgan Securities LLC at (866) 834-4666 and Credit Suisse Securities (USA) LLC at (800) 820-1653.

Global Bondholder Services Corporation will act as the Information Agent and Depositary for the Offers. Requests for the Offers to Purchase and the related Letters of Transmittal may be directed to Global Bondholder Services Corporation at (212) 430-3774 (for brokers and banks) or (866) 470-4500 (toll-free).

Neither Caesars Entertainment, the Purchasers nor any other person makes any recommendation as to whether Holders should tender their Notes, and no one has been authorized to make such a recommendation. Holders must make their own decisions as to whether to tender their Notes, and if they decide to do so, the principal amount of the Notes to tender. Holders should read carefully the Offer Documents and related materials before any decision is made with respect to the Offers.

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. Caesars Entertainment is mainly comprised of the following three entities: the wholly owned operating subsidiaries CEOC, LLC, Caesars Entertainment Resort Properties, LLC and Caesars Growth Partners, LLC. Since its beginning in Reno, Nevada, in 1937, Caesars Entertainment 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. 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.

This release contains or may contain "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Caesars Entertainment has based these forward-looking statements on its current expectations about future events. Further, statements that include words such as "may," "will," "project," "might," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," "continue," or "pursue," or the negative of these words or other words or expressions of similar meaning may identify forward-looking statements. These forward-looking statements are found at various places throughout this release. These forward-looking statements, including, without limitation, those relating to future actions, new projects, strategies, future performance, the outcome of contingencies such as legal proceedings, and future financial results, wherever they occur in this release, are necessarily estimates reflecting the best judgment of Caesars Entertainment's management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. These forward-looking statements should, therefore, be considered in light of various important factors set forth above and from time to time in Caesars Entertainment's filings with the Securities and Exchange Commission.

In addition to the risk factors set forth above, important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include without limitation:


    --  the impact of Caesars Entertainment's substantial indebtedness;
    --  the effects of local and national economic, credit, and capital market
        conditions on the economy, in general, and on the gaming industry, in
        particular;
    --  the ability to realize the expense reductions from cost savings
        programs;
    --  access to available and reasonable financing on a timely basis;
    --  the ability of Caesars Entertainment's customer-tracking, customer
        loyalty, and yield-management programs to continue to increase customer
        loyalty and same-store or hotel sales;
    --  changes in laws, including increased tax rates, smoking bans,
        regulations or accounting standards, third-party relations and
        approvals, and decisions, disciplines, and fines of courts, regulators,
        and governmental bodies;
    --  the ability to recoup costs of capital investments through higher
        revenues;
    --  abnormal gaming holds ("gaming hold" is the amount of money that is
        retained by the casino from wagers by customers);
    --  the ability to timely and cost-effectively integrate companies that
        Caesars Entertainment acquires into its operations;
    --  the effects of competition, including locations of competitors,
        competition for new licenses and operating and market competition;
    --  the potential difficulties in employee retention and recruitment as a
        result of Caesars Entertainment's substantial indebtedness or any other
        factor;
    --  construction factors, including delays, increased costs of labor and
        materials, availability of labor and materials, zoning issues,
        environmental restrictions, soil and water conditions, weather and other
        hazards, site access matters, and building permit issues;
    --  litigation outcomes and judicial and governmental body actions,
        including gaming legislative action, referenda, regulatory disciplinary
        actions, and fines and taxation;
    --  the effects of environmental and structural building conditions relating
        to Caesars Entertainment's properties;
    --  access to insurance on reasonable terms for Caesars Entertainment's
        assets;
    --  acts of war or terrorist incidents, severe weather conditions,
        uprisings, or natural disasters;
    --  losses sustained as a result of natural disasters, including losses in
        revenues and damage to property, and the impact of severe weather
        conditions on Caesars Entertainment's ability to attract customers to
        certain of its facilities; and
    --  the impact, if any, of unfunded pension benefits under multi-employer
        pension plans.

You are cautioned to not place undue reliance on these forward-looking statements, which speak only as of the date of this release. Caesars Entertainment 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 release or to reflect the occurrence of unanticipated events, except as required by law.

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SOURCE Caesars Entertainment Corporation