Caesars Entertainment Responds to Lawsuit by Trustee for CEOC First-Lien Noteholders

LAS VEGAS, June 16, 2015 /PRNewswire/ -- Caesars Entertainment Corporation (NASDAQ: CZR) ("CEC") today responded to a suit filed by UMB Bank, the trustee for holders of first lien notes issued by Caesars Entertainment Operating Company ("CEOC"). CEC believes that UMB's claim that CEC is obligated to guarantee the first lien notes is without merit. CEC has, however, confirmed at the request of certain of the first lien creditors who are party to the Restructuring Support Agreement ("RSA") that the filing of the UMB Bank lawsuit does not violate the RSA, which remains in force.

CEOC is seeking an injunction in the bankruptcy court restraining prosecution of litigation commenced by other CEOC creditors who contend that CEC is required to guarantee CEOC debt. UMB Bank has agreed that it will be bound by the bankruptcy court's decision to the same extent as if CEOC had requested injunctive relief with respect to the UMB lawsuit.

About Caesars Entertainment

Caesars Entertainment is the world's most diversified casino-entertainment provider and the most geographically diverse U.S. casino-entertainment company. CEC is mainly comprised of the following three entities: the majority owned operating subsidiary Caesars Entertainment Operating Company ("CEOC") (which was deconsolidated effective January 15, 2015 due to its bankruptcy filing), wholly owned Caesars Entertainment Resort Properties ("CERP"), and Caesars Growth Partners, LLC ("CGP LLC"), in which we hold a variable economic interest. Since its beginning in Reno, Nevada, 77 years ago, CEC has grown through development of new resorts, expansions, and acquisitions, and its portfolio of subsidiaries now operate 49 casinos in 14 U.S. states and five countries. CERP and CGP LLC operate a total of 12 casinos. CEC's resorts operate primarily under the Caesars®, Harrah's®, and Horseshoe® brand names. CEC's portfolio also includes the Caesars Entertainment UK (formerly London Clubs International) family of casinos.

CEC 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. CEC is committed to environmental sustainability and energy conservation and recognizes the importance of being a responsible steward of the environment. For more information, please visit www.caesars.com.

Logo - http://photos.prnewswire.com/prnh/20120607/LA21221LOGO

SOURCE Caesars Entertainment Corporation

Related Links

http://www.caesars.com