Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Nasdaq  >  Caesars Entertainment Corp    CZR

Delayed Quote. Delayed  - 10/21 10:00:00 pm
7.2 USD   -1.37%
10/20 CAESARS ENTERTA : Caesars Entertainment Operating Co. Further Extend..
10/18 CAESARS ENTERTA : CZR) Files An 8-K
10/17 CAESARS ENTERTA : Caesars Entertainment Operating Co. Extend Deadlin..
News SummaryMost relevantAll newsSector news 

Caesars Entertainment Corp : Caesars Entertainment to Sell Harrah's St. Louis for $610 Million

share with twitter share with LinkedIn share with facebook
share via e-mail
05/07/2012 | 11:50pm CEST

LAS VEGAS, May 7, 2012 /PRNewswire/ -- Caesars Entertainment Corporation (NASDAQ: CZR) today announced it has signed a definitive agreement to sell Harrah's St. Louis to Penn National Gaming, Inc. for $610 million in cash. The transaction is expected to close in the second half of 2012, subject to regulatory approvals.

"Harrah's St. Louis is a quality property with a talented team. We are grateful to our colleagues in St. Louis for their commitment to providing excellent service to our customers. The sale of this property exemplifies our strategy to maximize returns from our mix of assets through investments in new markets as well as occasional divestitures," said Gary Loveman, chairman, president and chief executive officer of Caesars Entertainment. "We are committed to expanding our distribution network into growth markets that have the potential for high returns."

The property will continue to operate as Harrah's St. Louis until the transaction is closed.

Deutsche Bank Securities Inc. served as financial advisor to Caesars Entertainment on this transaction.

About Caesars

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. These statements contain words such as "may," "will," "project," "might," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," "continue," "pursue," or the negative or other variations thereof or comparable terminology. In particular, they include statements relating to, among other things, future actions, new projects, strategies, future performance, the outcomes of contingencies, and future financial results of Caesars and the closing of the sale of Harrah's St. Louis. These forward-looking statements are based on current expectations and projections about future events.

Investors 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 performance of Caesars may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors, as well as other factors described from time to time in our reports filed with the Securities and Exchange Commission (including the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained therein):

    --  the impact of the Company's significant indebtedness;
    --  regulatory approvals, including gaming and antitrust, required to
        complete the sale of Harrah's St. Louis;
    --  the effects of local and national economic, credit, and capital market
        conditions on the economy, in general, and on the gaming industry, in
    --  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;
    --  the effects of environmental and structural building conditions relating
        to the Company's properties;
    --  the ability to timely and cost-effectively transition to the buyer
        companies or casinos that the Company sells;
    --  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; including related to the sale of Harrah's St.
    --  the ability to recoup costs of capital investments through higher
    --  acts of war or terrorist incidents, severe weather conditions,
        uprisings, or natural disasters;
    --  access to insurance on reasonable terms for the Company's assets;
    --  abnormal gaming holds ("gaming hold" is the amount of money that is
        retained by the casino from wagers by customers);
    --  the potential difficulties in employee retention and recruitment as a
        result of the Company's substantial indebtedness, the pending sale of
        Harrah's St. Louis or any other factor; and
    --  the effects of competition, including locations of competitors and
        operating and market competition.

Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. Caesars disclaims any obligation to update the forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated or, if no date is stated, as of the date of this press release.

SOURCE Caesars Entertainment Corporation

share with twitter share with LinkedIn share with facebook
share via e-mail
10/21 CAESARS ENTERTAINMENT CORP : Regulation FD Disclosure (form 8-K)
10/20 CAESARS ENTERTAINMENT : GameCo, Inc. Receives Gaming Regulatory Approval For Fir..
10/20 CAESARS ENTERTAINMENT : Caesars Entertainment Operating Co. Further Extend Deadl..
10/17 CAESARS ENTERTAINMENT CORP : Regulation FD Disclosure, Financial Statements and ..
10/17 CAESARS ENTERTAINMENT : Caesars Entertainment Operating Co. Extend Deadline to R..
10/14 CAESARS ENTERTAINMENT : Caesars Entertainment Operating Co. Extend Deadline to R..
10/13 CAESARS ENTERTAINMENT : Forget blackjack, soon you'll be able to gamble with vid..
10/13 HARRAH'S PHILADELPHIA : Announces Major Property Enhancements
More news
Sector news : Casinos & Gaming - NEC
10/20DJCROWN RESORTS : Says No Charges Yet for Employees Detained in China
10/19DJCROWN RESORTS : to Spin off Hotels into Listed Property Trust
10/19DJCROWN RESORTS : Luck Runs Out as China Widens Casino Crackdown
10/18 William Hill, Amaya drop short-lived gambling merger talks
10/17DJCROWN RESORTS : Australian Casino Operator Crown Resorts Shares Fall Nearly 15% ..
More sector news : Casinos & Gaming - NEC
News from SeekingAlpha
10/20 Caesars Entertainment extends deadline on reorganization agreement
10/20 Caesars Entertainment on watch after U.S. Trustee objects to deal
10/17 If NFL Owners OK Raiders Move To Las Vegas, Here's The Opening Line On Stocks..
10/15 Las Vegas NFL stadium plan lands public funding
10/12 BOYD GAMING : What Now? Could A Transaction Be Next On The Agenda?