Caesars Entertainment Operating Company, Inc. Announces Preliminary Results of PropCo Equity Election Procedure

LAS VEGAS, Sept. 28, 2017 /PRNewswire/ -- Caesars Entertainment Operating Company, Inc. and its Chapter 11 debtor subsidiaries (collectively, "CEOC") announced the preliminary results of the PropCo Equity Election as described in CEOC's Third Amended Joint Plan of Reorganization Pursuant to Chapter 11 of the Bankruptcy Code. The PropCo Equity Election was oversubscribed, with over $2 billion of debt committing to convert into equity, subject to the maximum of $1.25 billion. The preliminary results of the elections are summarized below.

CEOC's restructuring is subject to the completion of the merger of Caesars Acquisition Company ("CAC") into Caesars Entertainment Corporation (NASDAQ: CZR), certain financing activities and lease documentation and other customary closing conditions.

About Caesars Entertainment Operating Company, Inc.

Caesars Entertainment Operating Company, Inc. ("CEOC"), a majority owned subsidiary of Caesars Entertainment Corporation, provides casino entertainment services and owns, operates or manages 37 gaming and resort properties in 14 states of the United States and internationally primarily under the Caesars, Harrah's and Horseshoe brand names. CEOC is focused on building customer loyalty through providing its guests with a combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership as well as all the advantages of the Total Rewards program. CEOC also is committed to environmental sustainability and energy conservation, and recognizes the importance of being a responsible steward of the environment.

Forward Looking Statements

The results of the PropCo Equity Election are based upon the review of election results to date and such results are preliminary and subject to further review prior to emergence.  Such results may change prior to emergence based upon rounding or other factors, including the further review of CEOC and its advisors. 

Certain statements in this press release, including statements such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "target," "can," "could," "may," "should," "will," "would" or similar expressions, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the Company's current plans, expectations and projections about future events and are not guarantees of future performance.  You are cautioned not to place undue reliance on any forward-looking statements included in this press release. Except as otherwise required by the federal securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking statements after the date of this press release, whether as a result of new information, future events, changed circumstances or any other reason.

Contact:

Michael Freitag / Aaron Palash
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

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SOURCE Caesars Entertainment Operating Company, Inc.