Corporate News Blog – Caesars Entertainment to Acquire Centaur Holdings’ Properties in Indiana

Research Desk Line-up: Full House Resorts Post Earnings Coverage

LONDON, UK / ACCESSWIRE / November 21, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Caesars Entertainment Corp. (NASDAQ: CZR) (“Caesars”), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=CZR. The Company announced on November 16, 2017, that it has struck an agreement to acquire Centaur Holdings, LLC for $1.7 billion in cash. Following the acquisition, Caesars will add Hoosier Park Racing and Casino in Anderson, Indiana, and the Indiana Grand Racing and Casino in Shelbyville, Indiana to its Total Rewards network. The properties offer slots and electronic table games, along with live and simulcast horse racing.For immediate access to our complimentary reports, including today’s coverage, register for free now at:

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Details of the Agreement

The acquisition price of $1.7 billion includes $1.625 billion to be paid at closing and $75 million in deferred consideration. The purchase price represents an 8.3x implied multiple in year two following the closing of the transaction, inclusive of expected synergies.

The transaction, expected to close in H1 2018, is subject to regulatory approvals and other customary closing conditions. Transaction financing remains under consideration subject to the determination of final arrangements and is anticipated to be free cash flow positive.

Deployment of Total Rewards will Bring Substantial Benefits to Current Centaur Customers

Mark Frissora, President and CEO of Caesars, stated that the addition of Centaur is the first example of Caesars’ post-emergence, inorganic growth strategy. The acquisition of Centaur represents an excellent opportunity to enter into a growing region. The deployment of Total Rewards will bring substantial benefits to current Centaur customers and the implementation of its centralized supply chain and efficient operating model will drive synergies.

Mark added that Caesars is impressed with Centaur’s operations and culture, and the strong presence it has built in its host communities. Together, both companies will build on their respective value creation and execution achievements for the benefit of customers, employees, and local partners.

Central Indiana an Attractive Region for Investment

Centaur serves more than 6.5 million guests each year across its properties and serves more than 1.1 million members as part of its loyalty program. Caesars considers central Indiana an attractive region for investment based on the combination of under-penetration and favorable economic fundamentals.

Caesars Operating Unit Emerged from Bankruptcy

In October 2017, the operating unit of Caesars emerged from an $18 billion bankruptcy filed in 2015.The Company’s restructuring plan settled claims by creditors of the operating unit. The bankruptcy exit plan brought various assets back under the control of Caesars Entertainment Corp. by merging the parent with Caesars Acquisition Corp and other affiliates and transferring stakes to creditors.

About Caesars Entertainment Corp.

Established in 1937, Caesars is the world’s most diversified casino-entertainment provider, and it is mainly comprised of three entities: the majority-owned operating subsidiary Caesars Entertainment Operating Company; wholly owned Caesars Entertainment Resort Properties; and Caesars Growth Properties, in which we hold a variable economic interest. Based in Las Vegas, Nevada, the Company operates 47 casinos in 13 US states and five countries.

Last Close Stock Review

At the closing bell, on Monday, November 20, 2017, Caesars Entertainment’s stock climbed 5.07%, ending the trading session at $12.95. A total volume of 11.26 million shares have exchanged hands, which was higher than the 3-month average volume of 7.58 million shares. The Company’s stock price skyrocketed 12.61% in the last three months, 16.67% in the past six months, and 82.39% in the previous twelve months. Moreover, the stock soared 52.35% since the start of the year. The stock currently has a market cap of $9.43 billion.

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