Wednesday, December 5, 2012

Caesars Prepped to Turn Historic 33-Year Old Vegas Strip Hotel Into Boutique Property

Vegas, NV, USA /PRNewswire/ -- Caesars Entertainment Corporation (NASDAQ: CZR) today announced its previously arranged $185 million, seven-year senior secured credit facility will fund the conversion of Bill's Gamblin' Hall & Saloon (opened in 1979 as the Barbary Coast Hotel and Casino) to a boutique lifestyle hotel and casino. The renovation includes the addition of a rooftop pool as well as a dayclub/nightclub. Drai Management Group will manage the club.

"This project exemplifies our strategy to develop new experiences that will help attract a broader spectrum of visitors to Las Vegas and our properties," said Gary Loveman, chairman, chief executive officer and president of the company. "The renovated property will provide visitors with a sophisticated, upscale experience, including a unique rooftop pool and club, which will have a panoramic view of the Las Vegas Strip."

The conversion includes the complete remodeling of the guest rooms, casino floor and common areas, the addition of a new second floor restaurant, and the construction of the 65,000 square foot rooftop pool and dayclub/nightclub.

Bill's Gamblin' Hall & Saloon will temporarily close on Feb. 4, 2013 to accommodate the remodeling. The renovated hotel and casino is expected to open in early 2014, under a new name, while the rooftop club will open later that year. The renovated resort and club are anticipated to employ more than 1,000 people.

ABOUT CAESARS:
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 also owns the World Series of Poker® and 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. We are 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.

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