LAS VEGAS, April 24, 2020 /PRNewswire/ -- 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 "anticipate," "continue," "could," "expect," "intend,"
"may," "possibility," "potential," "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, such as 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 changes stemming from the public health emergency caused
by COVID-19 and changes in economic conditions as a result of the
COVID-19 public health emergency); the possibility that the
Eldorado/Caesars combination may not be consummated on the
timeframe contemplated, or at all; the possibility 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 as
a result of being 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 potential impact of the public health emergency
caused by COVID-19. The extent to which this public health
emergency may impact the pending transactions will largely depend
on future developments that are highly uncertain and cannot be
predicted with confidence, such as the impact of the actions taken
to contain the public health emergency or mitigate its impact, and
the direct and indirect economic effects of the public health
emergency and measures to contain it (including various state
governments' and/or regulatory authorities' issuance of 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, any of which may result
in the closure of business operations). In addition, changes and
instability in global, national and regional economic activity and
financial market activity 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.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/caesars-entertainment-and-vici-properties-inc-announce-sale-of-ballys-atlantic-city-to-twin-river-worldwide-holdings-inc-301046693.html
SOURCE Caesars Entertainment Corporation