LAS VEGAS, July 31, 2012 /PRNewswire/ -- Caesars Entertainment Corporation (NASDAQ: CZR) today announced that the State of Maryland Video Lottery Facility Location Commission has granted a license to operate a video lottery terminal (VLT) facility in downtown Baltimore to CBAC Gaming, LLC, the investment group led by Caesars and Rock Gaming.
CBAC Gaming plans to invest more than $300 million to develop Harrah's Baltimore. In addition to 3,750 VLTs, the property will offer multiple food and beverage amenities, including a fine dining steakhouse and signature casual dining restaurants. The process of obtaining necessary permits and arranging logistics will commence immediately. Construction is expected to begin in the second quarter of 2013, with an opening targeted in the second quarter of 2014.
"We are pleased to have been awarded the license to operate a VLT facility in Baltimore, and look forward to building a unique entertainment experience that will attract customers from across the country," said Gary Loveman, chairman, president and chief executive officer of Caesars Entertainment. "The development of Harrah's Baltimore is part of our plan to develop casinos in urban areas that integrate into and support the surrounding communities. If table games are approved by Maryland's General Assembly in a special session next week, it will add to the customer experiences the property will provide."
Earlier this year, Rock Ohio Gaming, an alliance between Caesars and Rock Gaming, opened Horseshoe Cleveland, the first casino in Ohio. In the first half of 2013, the group plans to open Horseshoe Cincinnati. Caesars is also seeking a license to develop a Caesars-branded property in East Boston with its partner, Suffolk Downs.Caesars Entertainment Corporation is the lead investor and gaming operator of Harrah's Baltimore, in partnership with Rock Gaming, LLC; CVPR Gaming Holdings, LLC; STRON-MD Limited Partnership and PRT TWO, LLC. About Caesars: Caesars Entertainment Corporation is the world's most diversified casino-entertainment company. Since its beginning in Reno, Nevada, more than 74 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 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. We are committed to environmental sustainability and energy conservation and recognize the importance of being a responsible steward of the environment. For more information, please visit www.caesars.com . 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.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts