Caesars Entertainment, Caesars Entertainment Operating Co. receive creditor support

The Plan was accepted by more than 90% of voting creditors. Each of the creditor classes for the Debtors' first lien noteholders, first lien bank lenders, second lien noteholders, subsidiary-guaranteed noteholders, and unsecured noteholders voted to accept the Plan in numbers well in excess of what is necessary to confirm the Plan. The overwhelming support for the Plan is an important milestone toward CEOC confirming its Plan and emerging from bankruptcy protection in 2017.

"The significant support demonstrated by CEOC's creditor constituencies brings the resolution of CEOC's bankruptcy one step closer," said Mark Frissora, President and Chief Executive Officer of Caesars Entertainment. "Upon conclusion in 2017, Caesars will be well-positioned to continue growing and prospering as an independent company, delivering on our strategic priorities to drive value for all of our stakeholders."

The final voting results on the Plan for all 173 Debtors were certified and filed with the U.S. Bankruptcy Court for the Northern District of Illinois earlier today. Although there are certain unsecured creditor classes voting to reject the Plan at certain Debtor entities, there are a significant number of classes voting in favor of the Plan at each Debtor entity and the Plan can be confirmed under the Bankruptcy Code notwithstanding the rejecting classes.

The Plan remains subject to bankruptcy court approval, required gaming regulatory approvals, the completion of a merger between Caesars Entertainment and Caesars Acquisition Company, and various other closing conditions.