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Bally's Atlantic City Announces Purchase Of Historic Claridge Hotel Tower By Florida-Based Hotel Operator TJM Properties, Inc.

Stocks in this article: CZR

ATLANTIC CITY, N.J., Oct. 29, 2013 /PRNewswire/ -- Bally's Atlantic City hotel and casino today announced that TJM Properties, Inc., a Clearwater, Florida, based hotel operator, has agreed to purchase the 500-room Claridge Hotel Tower. Terms of the transaction were not disclosed.

"We are very pleased with TJM Properties' extensive experience and its plan to keep the hotel open and operating while it upgrades the rooms, installs a new front desk and restaurant," said Kevin Ortzman, senior vice president of Bally's, Caesars Atlantic City and Showboat. The sale is expected to close within 90 days, subject to customary closing conditions.

"Through its investment, TJM will be adding non-gaming amenities that will enhance the experience of guests of the Claridge, Bally's and the entire city," Ortzman said. "TJM's plans are in keeping with our goal of adding non-gaming amenities to Atlantic City, such as the 250,000 square foot meeting and conference center – the largest in the Northeast – that we're building at Harrah's Atlantic City."

One of the hotel towers housing Bally's guests, the 500-room Claridge opened in 1930 and at 370 feet was the tallest building in New Jersey until 1989.   

"We are excited about the great opportunity to own and operate this magnificent historic hotel," said Matt McCarthy of TJM Properties. "We look forward to bringing more non-gaming amenities to the Atlantic City community."

About TJM Properties, Inc.

TJM Properties operates 10 hotels in the Tampa Bay Area, three under the Quality Inn, Baymont Inn and Howard Johnson flags. The company also owned and operated more than 19 Senior Living Communities with over 2,500 units. In August, they sold 15 of the Senior Living properties for more than $200 million.

About Caesars Entertainment

Caesars Entertainment Corporation (NASDAQ:CZR) is the world's most diversified casino-entertainment provider and the most geographically diverse U.S. casino-entertainment company. Since its beginning in Reno, Nevada, 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 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. The Company is committed to environmental sustainability and energy conservation and recognizes the importance of being a responsible steward of the environment. For more information, please visit www.caesars.com . Bally's is owned operated by Caesars Entertainment Corporation.

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.

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