Business
Caesars Entertainment, Inc. Announces Agreement to Sell Tropicana Evansville to Gaming and Leisure Properties and Twin River Worldwide Holdings
RENO, Nev. and LAS VEGAS, Oct. 27, 2020 /PRNewswire/ -- Caesars Entertainment, Inc., (NASDAQ: CZR) ("Caesars" or "CZR") today announced a definitive agreement
About this update from Caesars Entertainment, Inc.
[{"type":"text","content":"RENO, Nev. and LAS VEGAS, Oct. 27, 2020 /PRNewswire/ -- Caesars Entertainment, Inc., (NASDAQ: CZR) (\"Caesars\" or \"CZR\") today announced a definitive agreement to sell Tropicana Evansville to Gaming and Leisure Properties and Twin River Worldwide Holdings for $480 million in cash, subject to a customary working capital adjustment. \n\n \n \n \n \n \n \n\n \nPursuant to the terms of an exchange agreement with Gaming and Leisure Properties, Caesars has agreed to add the real estate associated with Isle Casino Hotel Waterloo and Isle Casino Hotel Bettendorf to the GLPI Master Lease, giving us full ownership of Tropicana Evansville and the ability to sell it in whole. \n\"I want to thank all of our Evansville Team Members for their hard work and dedication, especially during the COVID-19 pandemic, and we wish them the best under Twin River's ownership,\" said Tom Reeg, CEO of Caesars Entertainment, Inc. \nThe transaction is expected to close in mid-2021 and is subject to regulatory approvals and other customary closing conditions.\nMilbank LLP represented Caesars Entertainment on the transaction. \nAbout Caesars Entertainment, Inc. Caesars Entertainment, Inc. (NASDAQ: CZR) is the largest casino-entertainment company in the U.S. and one of the world's most diversified casino-entertainment providers. 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®, Horseshoe® and Eldorado® brand names. Caesars Entertainment offers diversified amenities and one-of-a-kind destinations, with a focus on building loyalty and value with its guests through a unique combination of impeccable service, operational excellence and technology leadership. Caesars Entertainment 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. \nForward-Looking StatementsThis press release includes \"forward-looking statements\" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the strategies, objectives and plans for future developme...