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Caesars Entertainment Completes $185 Million Financing To Convert Bill's Gamblin' Hall & Saloon To A Boutique Lifestyle Hotel And Club

LAS VEGAS, Nov. 29, 2012 /PRNewswire/ -- Caesars Entertainment Corporation (NASDAQ: CZR) today announced its previously arranged $185 million, seven-year senior secured credit facility will fund the conversion of Bill's Gamblin' Hall & Saloon to a boutique lifestyle hotel and casino.  The renovation includes the addition of a rooftop pool as well as a dayclub/nightclub.  Drai Management Group will manage the club.

"This project exemplifies our strategy to develop new experiences that will help attract a broader spectrum of visitors to Las Vegas and our properties," said Gary Loveman, chairman, chief executive officer and president of the company. "The renovated property will provide visitors with a sophisticated, upscale experience, including a unique rooftop pool and club, which will have a panoramic view of the Las Vegas Strip."

The conversion includes the complete remodeling of the guest rooms, casino floor and common areas, the addition of a new second floor restaurant, and the construction of the 65,000 square foot rooftop pool and dayclub/nightclub. 

Bill's Gamblin' Hall & Saloon will temporarily close on Feb. 4, 2013 to accommodate the remodeling.  The renovated hotel and casino is expected to open in early 2014, under a new name, while the rooftop club will open later that year. The renovated resort and club are anticipated to employ more than 1,000 people.

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 the company. These forward-looking statements are based on current expectations and projections about future events.

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