Caesars Entertainment Corporation ("Caesars" or "Caesars
Entertainment") (NASDAQ:CZR) and VICI Properties Inc. (“VICI” or
“VICI Properties”) (NYSE: VICI) today announced they have reached
an agreement to sell the Bally’s Atlantic City Hotel & Casino
to Twin River Worldwide Holdings Inc. (NYSE:TRWH) for approximately
$25 million in cash. VICI will receive approximately $19 million
from the sale, while Caesars will receive approximately $6 million.
The annual base rent payments under the Non-CPLV Master Lease
between Caesars and VICI remain unchanged.
“We look forward to the reopening of Bally’s Atlantic City as
soon as appropriate once the public health emergency related to
COVID-19 has passed,” said Caesars CEO Tony Rodio. “We appreciate
Twin River’s commitment to this property, which has a great future
ahead under its stewardship.”
“The sale of Bally’s Atlantic City demonstrates our ongoing
commitment to work collaboratively with our tenants to optimize our
individual businesses, even during these unprecedented times,” said
John Payne, President and COO of VICI Properties. “This transaction
allows us to maintain the existing financial terms of our master
lease with Caesars and helps balance our geographic diversification
as we work to complete the acquisition of Harrah’s Resort Atlantic
City.”
Following the sale, Caesars will continue to operate Caesars
Atlantic City, which will include the Wild Wild West casino area
and The Book sports wagering facility, and Harrah’s Resort Atlantic
City. VICI Properties will continue to own the land and real estate
associated with Caesars Atlantic City, including the Wild Wild West
casino area.
The Bally’s Atlantic City transaction is subject to regulatory
approvals and other closing conditions. Bally’s Atlantic City will
continue to be part of the Caesars Rewards network until
closing.
About Caesars Entertainment
Caesars Entertainment 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 1937,
Caesars Entertainment has grown through development of new resorts,
expansions and acquisitions. 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 its employees,
suppliers, communities and the environment through its PEOPLE
PLANET PLAY framework. For more information, please visit
www.caesars.com/corporate.
About VICI Properties
VICI Properties is an experiential real estate investment trust
that owns one of the largest portfolios of market-leading gaming,
hospitality and entertainment destinations, including the
world-renowned Caesars Palace. VICI Properties’ national,
geographically diverse portfolio consists of 28 gaming facilities
comprising over 40 million square feet and features approximately
15,600 hotel rooms and more than 180 restaurants, bars and
nightclubs. Its properties are leased to industry leading gaming
and hospitality operators, including Caesars, Century Casinos Inc.,
Hard Rock International, JACK Entertainment and Penn National
Gaming. VICI Properties also owns four championship golf courses
and 34 acres of undeveloped land adjacent to the Las Vegas Strip.
VICI Properties’ strategy is to create the nation’s highest quality
and most productive experiential real estate portfolio. For
additional information, please visit www.viciproperties.com.
About Twin River Worldwide Holdings Inc.
Twin River Worldwide Holdings, Inc. owns and manages seven
casinos, two in Rhode Island, one in Mississippi, one in Delaware,
and three casinos as well as a horse racetrack that has 13
authorized OTB licenses in Colorado. Properties include Twin River
Casino Hotel (Lincoln, RI), Tiverton Casino Hotel (Tiverton, RI),
Hard Rock Hotel & Casino (Biloxi, MS), Dover Downs Hotel &
Casino (Dover, DE), Golden Gates Casino (Black Hawk, CO), Golden
Gulch Casino (Black Hawk, CO), Mardi Gras Casino (Black Hawk, CO),
and Arapahoe Park racetrack (Aurora, CO). Its casinos range in size
from 695 slots and 17 table games combined for its Colorado
facilities to properties with over 4,100 slots, approximately 125
table games, and 48 stadium gaming positions, along with hotel and
resort amenities. Its shares are traded on the New York Stock
Exchange under the ticker symbol "TRWH."
Forward-Looking Statements
This press 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 and by the use of words
such as “expect,” “intend,” “may,” “anticipate,” “continue,”
“subject to,” and “will,” or the negative or other variations
thereof or comparable terminology. These forward-looking statements
are based on current expectations and projections about future
events.
You 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 and results of each of Caesars
and VICI may differ materially from those expressed or implied by
such forward-looking statements. Such risks and uncertainties
include, but are not limited to: the impact of changes in general
economic conditions, including low consumer confidence,
unemployment levels, and depressed real estate pricing resulting
from the severity and duration of any downturn in the U.S. or
global economy (including stemming from the public health emergency
caused by COVID-19 and changes in economic conditions as a result
of the public health emergency caused by COVID-19); the
Eldorado/Caesars combination may not be consummated on the
timeframe contemplated, or at all; the fact that the transactions
contemplated by the transaction agreements for the sale of Bally’s
Atlantic City may not be completed on the terms contemplated or at
all, including because they are conditioned upon the receipt of
regulatory approvals, and other closing conditions; potential
adverse reactions or changes to business, customer, management or
employee relationships, including those resulting from the
announcement or completion of the contemplated transactions; the
possibility that the anticipated operating results and other
benefits of the contemplated transactions are not realized when
expected or at all; local risks including proximate competition,
potential competition, customer retention, legislative risks, and
local relationships; and other factors described from time to time
in reports filed with the Securities and Exchange Commission by
each of Caesars, VICI, and Twin River.
Currently, one of the most significant factors that could cause
actual outcomes to differ materially from these forward-looking
statements is the impact of the public health emergency caused by
COVID-19. The extent to which the COVID-19 public health emergency
impacts pending transactions will largely depend on future
developments that are highly uncertain and cannot be predicted with
confidence, including the impact of the actions taken to contain
COVID-19 or mitigate its impact, and the direct and indirect
economic effects of the public health emergency caused by COVID-19
and containment measures, including various state governments
and/or regulatory authorities issuing directives, mandates, orders
or similar actions restricting freedom of movement and business
operations, such as travel restrictions, border closures, business
closures, limitations on public gatherings, quarantines and
“shelter-at-home” orders resulting in the closure of business
operations. In addition, changes and instability in global,
national and regional economic activity and financial markets as a
result of the COVID-19 public health emergency could negatively
impact consumer discretionary spending and travel.
You are cautioned to not place undue reliance on these
forward-looking statements, which speak only as of the date of this
filing. Neither Caesars nor VICI Properties undertake any
obligation to publicly update or release any revisions to these
forward-looking statements to reflect events or circumstances after
the date of this filing or to reflect new information, the
occurrence of unanticipated events or otherwise, except as required
by applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200424005237/en/
For Caesars Entertainment:
Investors: Joyce Arpin (702) 880-4707 Media: Richard Broome (201)
538-9212 For VICI: Investors:
Investors@viciproperties.com (646) 949-4631 David Kieske EVP, Chief
Financial Officer DKieske@viciproperties.com Danny Valoy Vice
President, Finance DValoy@viciproperties.com Media:
PR@viciproperties.com (646) 949-4631 ICR Phil Denning
Phil.Denning@icrinc.com (646) 277-1258 Jason Chudoba
Jason.Chudoba@icrinc.com (646) 277-1249 For
Twin River: Investors: Steve Capp EVP and Chief Financial
Officer 401-475-8564 InvestorRelations@twinriver.com Media: Liz
Cohen Kekst CNC 212-521-4845 Liz.Cohen@kekstcnc.com
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