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Caesars Entertainment Announces Extension Of Early Tender Time For Tender Offers For Caesars Entertainment Operating Company, Inc.'s Debt Securities

LAS VEGAS, May 20, 2014 /PRNewswire/ -- Caesars Entertainment Corporation ("Caesars") (NASDAQ: CZR) announced today that its wholly-owned subsidiary, Caesars Entertainment Operating Company, Inc. (the "Issuer" or "CEOC"), has amended its previously announced cash tender offers to purchase any and all of the outstanding $791,767,000 aggregate principal amount of its 5.625% Senior Notes due 2015 (the "5.625% Notes") and any and all of the outstanding $214,800,000 aggregate principal amount of its 10.00% Second-Priority Senior Secured Notes due 2015 (the "10.00% Notes" and, together with the 5.625% Notes, the "Notes").

Caesars Entertainment Corporation logo.

The Issuer is extending the previously announced early tender time of 5:00 p.m., New York City time, on May 19, 2014 to midnight, New York City time, at the end of June 3, 2014, which is also the previously announced expiration time (such time and date with respect to each tender offer, as the same may be extended, the "Early Tender Time").  All other terms of the tender offers remain unchanged.

Accordingly, holders of Notes who validly tender their Notes before midnight, New York City time, at the end of June 3, 2014 (such time and date with respect to each tender offer, as the same may be extended, the "Expiration Time") will be eligible to receive the previously announced total consideration of $1,048.75 for each $1,000 principal amount of the 5.625% Notes and $1,022.50 for each $1,000 principal amount of the 10.00% Notes.

The previously announced withdrawal deadline of 5:00 p.m., New York City time, on May 19, 2014 has passed. As a result, holders who have previously tendered Notes and those holders who tender Notes at or before the Expiration Time may not withdraw those Notes.

The tender offers are subject to conditions including the Financing Condition described in the Offer Documents (defined below).  If any of the conditions are not satisfied, the Issuer may terminate the tender offers and return tendered Notes.  The Issuer has the right to waive any of the above-mentioned conditions with respect to the tender offers for the Notes and to consummate the tender offers.  In addition, the Issuer has the right, in its sole discretion, to terminate any of the tender offers at any time, subject to applicable law.

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