Caesars Entertainment completes merger with Caesars Acquisition Company

"The conclusion of CEOC's restructuring leaves Caesars Entertainment with an expected enterprise value of approximately $20 billion. With reduced leverage, increased free cash flow and the new REIT structure, we are positioned with a solid foundation to pursue a diversified growth strategy," said Mark Frissora, President and Chief Executive Officer of Caesars Entertainment.

"Throughout the restructuring process, Caesars has invested significantly to upgrade and renovate its facilities. Total capex from 2015-2017 is expected to exceed $1.5 billion, which will benefit the company going forward. We are also executing hundreds of initiatives to generate incremental revenue, as well as to enhance operational efficiency, guest experiences and employee engagement through technology-driven innovation and process improvement."

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Since the beginning of 2015, Caesars Entertainment has significantly improved its operations with over $700 million of Adjusted EBITDA improvement and more than 770 basis points of Adjusted EBITDA margin expansion achieved

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As a result of the restructuring, debt has been reduced by more than $16 billion, excluding the capitalization of the $640 million per year lease obligation.

Caesars Entertainment has further enhanced its strong free cash flow profile through opportunistic refinancings that have resulted in combined interest savings of approximately $270 million. These savings include the anticipated benefits of refinancing all Caesars Entertainment Resort Properties, LLC ("CERP") and Caesars Growth Properties Holdings, LLC ("CGPH") debt. These refinancings are expected to close later this year.

Caesars Entertainment is well placed to support continued investment in growth and value creation opportunities, as well as initiatives targeting further enhancements in customer satisfaction and employee engagement.