New Orleans for $24 million; Plans Significant
|LAS VEGAS - Oct. 22, 2004 -- Caesars Entertainment Inc., (NYSE: CZR)
today announced that it has entered into a definitive agreement to sell
Bally's Casino New Orleans to an affiliate of Columbia Sussex Corporation,
a hotel, resort and casino operator based in Fort Mitchell, Kentucky, for
approximately $24 million. The transaction is expected to close by the
end of the second quarter of 2005 and is subject to customary regulatory
approvals and closing conditions outlined in the purchase agreement.
About Columbia Sussex
About Caesars Entertainment
In July 2004, the Board of Directors of Caesars Entertainment approved
an offer from Harrah's Entertainment to acquire the company for approximately
$1.8 billion and 66.3 million shares of Harrah's common stock. The offer
must be approved by shareholders of both companies and federal and state
regulators before the transaction can close.
This press release contains "forward-looking statements" within the meaning of the federal securities law, which are intended to qualify for the safe harbor from liability provided thereunder.
Caesars Entertainment Inc., Las Vegas
Josh Hirsberg, 702-699-5269
|Also See:||Park Place Plans Name Change to Caesars; Denies Any Casinos for Sale / July 2003|
|Inspection Delays Push Back the Opening of $80-million Westin Casuarina Hotel and Spa Being Built on Site of the Former Maxim in Las Vegas / November 2003|