Cherokee, N.C., October 9, 2013 – The Eastern Band of Cherokee Indians (EBCI) is pleased to announce that it has reached an agreement with Caesars Entertainment Corporation (NASDAQ: CZR) to manage its new casino in Cherokee County. The casino will be built on tribal land just outside of the Murphy town limits on Highway 19/74.
“This agreement represents the continuation of an already successful partnership between the Eastern Band of Cherokee Indians and Caesars Entertainment Corporation,” said Principal Chief Michell Hicks. “Caesars is known for its world-class facilities and top-notch management style. We are proud to be associated with such a highly regarded partner in the world of gaming.”
The EBCI already has a 15-year history with Caesars through its operation of the tribe’s Harrah’s Cherokee Casino Resort which is located in Cherokee, NC, about an hour away from the new casino site. The Cherokee County facility will feature 60,000 square feet of gaming space with slots and traditional table games; a 300-room full service hotel; and a variety of dining options.
“We are excited to be entering into yet another venture with the Eastern Band of Cherokee Indians,” said Gary Loveman, chairman, chief executive officer and president of Caesars Entertainment Corporation. “With our well-established business model and the tribe’s commitment to its members and surrounding communities, this should be a win-win endeavor for all parties involved.”
The new casino is expected to create an estimated 900 jobs on-site and will inject up to $39 million in payroll into the surrounding area. It will also bring hundreds of construction jobs to Cherokee County, as well as an additional 500 jobs that will be created in food preparation, food service, office and administration, building maintenance and other service sectors.
The general contractor for the project is expected to be chosen by November, and the groundbreaking for the new casino will be held on October 15, 2013.
About the Eastern Band of Cherokee Indians
The Eastern Band of the Cherokee Nation is located in western North Carolina. It currently owns the Harrah’s Cherokee Casino Resort, which is located in Cherokee, NC. The Tribal Casino Gaming Enterprise of the Eastern Band of Cherokee Indians is a five-member board that oversees the tribe’s current casino operations and will oversee the operation of the Cherokee County casino as well.
About Caesars Entertainment Corporation
Caesars Entertainment is the world’s most diversified casino-entertainment company. Since its beginning in Reno, Nevada, more than 75 years ago, Caesars has grown through development of new resorts, expansions, and acquisitions, and now operates casinos on four continents. The company’s resorts operate primarily under the Caesars®, Harrah’s®, and Horseshoe® brand names. Caesars also owns the World Series of Poker® and the London Clubs International family of casinos. Caesars Entertainment 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. Caesars Entertainment is committed to environmental sustainability and energy conservation and recognizes the importance of being a responsible steward of the environment.
Forward Looking Information
This release includes “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,” “pursue,” or the negative or other variations thereof or comparable terminology. In particular, they include statements relating to, among other things, future actions, new projects, strategies, future performance, the outcomes of contingencies, and future financial results of Caesars. These forward-looking statements are based on current expectations and projections about future events.
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 Caesars 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 the Company’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):
the ability to satisfy the conditions to the closing of the previously announced Caesars Growth Partners transaction, including receipt of required regulatory approvals;
- the previously announced Caesars Growth Partners transaction may not consummate on the terms contemplated or at all;
- the impact of the Company’s substantial indebtedness and the restrictions in the Company’s debt agreements;
- access to available and reasonable financing on a timely basis, including the ability of the Company to refinance its indebtedness on acceptable terms;
- the effects of local and national economic, credit, and capital market conditions on the economy, in general, and on the gaming industry, in particular;
- the ability to realize the expense reductions from cost savings programs;
- changes in the extensive governmental regulations to which the Company and its stockholders are subject, and changes in laws, including increased tax rates, smoking bans, regulations or accounting standards, third-party relations and approvals, and decisions, disciplines, and fines of courts, regulators, and governmental bodies;
- the ability of the Company’s customer-tracking, customer loyalty, and yield-management programs to continue to increase customer loyalty and same-store or hotel sales;
- the effects of competition, including locations of competitors and operating and market competition;
- the ability to recoup costs of capital investments through higher revenues;
- abnormal gaming holds (“gaming hold” is the amount of money that is retained by the casino from wagers by customers);
- the ability to timely and cost-effectively integrate companies that the Company acquires into its operations;
- the potential difficulties in employee retention and recruitment as a result of the Company’s substantial indebtedness or any other factor;
- construction factors, including delays, increased costs of labor and materials, availability of labor and materials, zoning issues, environmental restrictions, soil and water conditions, weather and other hazards, site access matters, and building permit issues;
- litigation outcomes and judicial and governmental body actions, including gaming legislative action, referenda, regulatory disciplinary actions, and fines and taxation;
- acts of war or terrorist incidents, severe weather conditions, uprisings or natural disasters, including losses therefrom, including losses in revenues and damage to property, and the impact of severe weather conditions on the Company’s ability to attract customers to certain of its facilities, such as the amount of losses and disruption to the Company as a result of Hurricane Sandy in late October 2012;
- the effects of environmental and structural building conditions relating to the Company’s properties;
- access to insurance on reasonable terms for the Company’s assets; and
- the impact, if any, of unfunded pension benefits under multi-employer pension plans.
Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. Caesars disclaims any obligation to update the forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated or, if no date is stated, as of the date of this release.
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