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Caesars And Flaum Management To Pursue New York State Gaming License In Orange County

Stocks in this article: CZR

LAS VEGAS, April 23, 2014 /PRNewswire/ -- Caesars Entertainment Corporation (NASDAQ: CZR), the world's most diversified gaming and entertainment company, today announced its plans to pursue a license to develop a resort casino in Woodbury, New York. Caesars has reached a preliminary agreement on key terms for a ground lease on land in Woodbury under the control of developer David Flaum.

Caesars Entertainment Corporation logo.

Caesars, which operates 53 properties around the world, submitted its application fee to the New York State Gaming Commission. The company will announce additional details about its proposed project in the weeks ahead. Caesars and Flaum are in the process of finalizing definitive agreements between them, and will work together to secure the required permits and approvals associated with the proposed project.

" Woodbury is already a well-known destination thanks to the world-class shopping at Woodbury Common. The site is ideally suited for the development of a resort casino given its proximity to transportation and other attractions," said Gary Loveman, chairman and CEO of Caesars Entertainment. "We are delighted to be collaborating with David Flaum, whose vision and experience, will play a crucial role as we work to design and develop a project that fits well with the surrounding community."

"We are thrilled at the opportunity to work with an experienced, world-class operator like Caesars Entertainment on a project that brings jobs and revenue to Woodbury, Orange County and the State of New York," said Flaum. "As we continue to build strong support from a broad array of local stakeholders, we look forward to working in partnership with all elected leaders and community members to ensure robust economic growth for the region. Our shared goal is to create the most successful project possible to generate a strong and steady stream of funding for our schools and communities."

The proposed world-class luxury resort is planned to be situated on 121 acres of land in Woodbury, Orange County, adjacent to the Harriman Metro North station and Woodbury Common Premium Outlets. Located just 50 miles north of New York City, Caesars envisions that the resort will include a range of amenities, including a hotel, restaurants, bars, retail and entertainment/meeting space.

Caesars will pursue acceptable financing for the proposed project. Caesars may elect to include Caesars Growth Partners, LLC in the development of the project. Caesars Growth Partners, LLC is a joint venture between Caesars Entertainment and Caesars Acquisition Company (NASDAQ: CACQ). In such an event, Caesars anticipates that Caesars Growth Partners would make the capital investment associated with the project, with Caesars Entertainment acting as the operator and sharing in the management fee associated with the project.

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