Caesars Entertainment agrees to acquire non-gaming assets of Atlantic Club in bankruptcy auction

LAS VEGAS, Nevada -- (PRESS RELEASE) -- Caesars Entertainment Corporation (CZR) today confirmed that its subsidiary, Caesars Entertainment Operating Company, Inc., has agreed to acquire the non-gaming assets of the Atlantic Club, including the real property, in a bankruptcy auction, pending approval of the bankruptcy court.

The Atlantic Club's gaming assets are being acquired by another buyer. The current owner of the Atlantic Club indicated it plans to close the facility January 13, 2014. Caesars expects to close on the purchase of the property thereafter. Caesars does not intend to resume gaming or hotel operations at the facility, and is evaluating options for the use of the assets, some of which may be used in the company's other Atlantic City properties.

Caesars Entertainment Corporation is the world's most geographically diversified 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 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. We are committed to environmental sustainability and energy conservation and recognize the importance of being a responsible steward of the environment.