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SOURCE Caesars Acquisition Company
LAS VEGAS, May 6, 2014 /PRNewswire/ -- Caesars Acquisition Company (NASDAQ: CACQ) ("CAC", "we" or "our") today announced that Caesars Growth Partners, LLC ("Growth Partners" or "CGP LLC") has closed on the previously announced purchase of Bally's Las Vegas, The Cromwell and The Quad Resort & Casino from Caesars Entertainment Operating Company, Inc. ("CEOC") after receiving regulatory approval from the Nevada Gaming Commission and securing financing. Growth Partners anticipates closing on the purchase of Harrah's New Orleans, following approval by the Louisiana Gaming Control Board, during the second quarter of 2014.
A subsidiary of Growth Partners has secured a $700 million loan to complete the purchase of the three Las Vegas properties. Upon the closing of the purchase of Harrah's New Orleans by Growth Partners, subject to required regulatory approvals, Growth Partners intends to refinance this loan with a $2 billion financing, which also includes the refinancing of $485 million of debt outstanding for Planet Hollywood.
The acquired properties remain part of the Total Rewards network. There will be no change in day-to-day operations as a result of the transaction.
About Caesars Growth Partners, LLC
Growth Partners is a casino asset and entertainment company focused on acquiring and developing a portfolio of high-growth operating assets and equity and debt investments in the gaming and interactive entertainment industries. Through its two businesses-Interactive Entertainment and Casino Properties and Developments- Growth Partners will focus on acquiring or developing assets with strong value creation potential and leveraging interactive technology with its well-known online and mobile game portfolio and leading brands. Its assets include Caesars Interactive Entertainment ("CIE") (with its social and mobile games, the World Series of Poker and regulated online real money gaming businesses), Planet Hollywood, and Horseshoe Baltimore (currently being developed by a joint venture). Through its relationship with Caesars Entertainment Corporation (NASDAQ: CZR) ("Caesars Entertainment"), Growth Partners has the ability to access Caesars Entertainment's proven management expertise, brand equity, Total Rewards loyalty program and structural synergies. For more information, please visit www.caesarsacquisitioncompany.com
About Caesars Acquisition Company
Caesars Acquisition Company was formed to make an equity investment in Growth Partners, a joint venture between CAC and Caesars Entertainment, the world's most diversified casino entertainment provider and the most geographically diverse U.S. casino-entertainment company. CAC is Growth Partners' managing member and sole holder of all of its outstanding voting units. For more information, please visit www.caesarsacquisitioncompany.com.
Forward Looking Information
This release contains or may contain "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," or "pursue," or the negative of these words or other words or expressions of similar meaning may identify forward-looking statements and are found at various places throughout this release. These forward-looking statements, including, without limitation, those relating to future actions, new projects, strategies, future performance, the outcome of contingencies such as legal proceedings, and future financial results, wherever they occur in this release, are based on our current expectations about future events and are necessarily estimates reflecting the best judgment of CAC's management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements.
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 CAC 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 CAC's 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):
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