LAS VEGAS, Aug. 15, 2012 /PRNewswire/ -- Caesars Entertainment Corporation (NASDAQ: CZR) (" Caesars" or the " Company") announced today that Caesars Operating Escrow LLC and Caesars Escrow Corporation (the " Escrow Issuers"), wholly owned unrestricted subsidiaries of Caesars Entertainment Operating Company, Inc. (" CEOC"), are proposing to issue $750.0 million aggregate principal amount of 8 ½% senior secured notes due 2020 (the " Notes") in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the " Securities Act"). The offering is subject to market conditions and other factors. (Logo: http://photos.prnewswire.com/prnh/20120607/LA21221LOGO) Caesars intends to use the net proceeds from the offering to repay a portion of the outstanding borrowings under CEOC's senior secured credit facilities, to pay related fees and expenses and for general corporate purposes. The Notes are being offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act, and outside the United States, only to non-U.S. investors pursuant to Regulation S. The Notes will not be initially registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from registration requirements or a transaction not subject to the registration requirements of the Securities Act or any state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful. About Caesars Caesars Entertainment 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 Entertainment 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. Caesars Entertainment is 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.