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Caesars Palace and Nobu Hospitality Plan to Open 180-room Nobu-branded Hotel Through
a Multi-Million Dollar Renovation of the Centurion Tower at Caesars Palace;

 Property Will Integrate Exclusive Hotel Tower with Nobu Restaurant and Lounge


LAS VEGAS, March 7, 2011
— Caesars Palace Las Vegas and Nobu Hospitality announced that they have signed a non-binding letter of intent to develop the world’s first Nobu Hotel, an innovative concept that will integrate an exclusive hotel tower with the first Nobu restaurant and lounge on the Las Vegas Strip.

The planned development would further the tradition of world-class accommodations and service that is synonymous with the resort’s luxury brand. In announcing this tactical relationship, Nobu Hospitality has reinforced its focused growth strategy, expanding through the complete hospitality spectrum.

“We will bring the DNA of the Nobu brand to life in this venture through the vision of Nobu Matsuhisa with his fellow long time partners and friends Robert De Niro and Meir Teper,” said Trevor Horwell, Chief Executive of Nobu Hospitality. “With a renowned location in Caesars Palace, the luxury Nobu Hotel Las Vegas will be a destination for style-makers and trendsetters, offering an immersive, fun and social experience.”

Under the plan, the interior of the Centurion Tower at Caesars Palace will undergo a multi-million dollar renovation to create the Nobu Hotel within the resort. The 180-room Nobu Hotel will feature 16 suites and a penthouse with a stylish interior design that showcases natural materials, fused with Nobu’s signature Japanese elegance. Nobu Hotel guests will enjoy private check-in and the unique benefit of room service from Nobu’s acclaimed culinary team.

The centerpiece of the renovation is the Nobu Restaurant and Lounge. Classically trained in Tokyo, world renowned chef Nobu Matsuhisa has leveraged his life abroad in South America and around the world to create a culinary and hospitality brand with universal appeal. The restaurant and lounge will span 9,500 square-feet at the base of the Nobu tower, near the existing Appian Way at Caesars Palace.

“Caesars Palace has a long history of reinvention, continuously elevating our guest’s expectation of luxury and service,” said Gary Selesner, president of Caesars Palace. “Nobu's distinctive brand will bring a new dimension to Caesars Palace and will be designed to attract first-time visitors. The re-branded hotel tower, restaurant and lounge will offer an experience unlike anything in Las Vegas, pairing exclusive accommodations with a resort famed for world-class entertainment, shopping and leisure experiences.”

The completion of this transaction is subject to a number of conditions, including, without limitation, the negotiation of definitive documentation and the approval of this transaction by the board of directors of Caesars Entertainment Corporation and the shareholders of Nobu Hospitality.

Caesars Palace
Caesars Palace is the world’s best known resort-casino, celebrating the grandeur that was Rome, in an 85-acre destination location that sets the standard for entertainment, dining and luxury. Reigning at the heart of the Las Vegas Strip, Caesars Palace ranks among the world’s top luxury resorts known for its originality and beauty. The resort features 3,300 hotel guest rooms and suites, 23 diverse restaurants and cafes, five-acre Garden of the Gods pools and gardens, 50,000 square foot Qua Baths & Spa and 300,000 square feet of premium meeting and convention space. The 4,300-seat Colosseum sits just steps from celebrity chef restaurants and the acclaimed Forum Shops at Caesars. The resort spotlights world class entertainers such as Celine Dion who will return to the resort on March 15, 2011. Find Caesars Palace on Facebook at http://www.facebook.com/caesarspalace and follow http://www.twitter.com/caesarspalace (@caesarspalace).

Nobu Hospitality, LLC.
Nobu is one of the premier luxury lifestyle brands in the world. With operations spanning 5 continents, the Nobu brand thrives in many global capitals as a focal destination. The natural growth of the Nobu luxury brand built on service, image and hospitality offers the complete spectrum of hotel and residences management for unique and selected projects.

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,” “plan,” “continue” or “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. These forward-looking statements are based on current expectations and projections about future events.

Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, the actual performance and actions of Caesars Palace and Caesars Entertainment Corporation and its subsidiaries may differ materially from those expressed or implied by such forward-looking statements.

Such risks and uncertainties include, but are not limited to, the following factors: whether, and on what terms, we reach definitive agreements with Nobu, if the effects of local and national economic, credit and capital market conditions on the economy in general, and on the gaming and hotel industries in particular affect the project; construction factors related to the project, including delays, increased costs of labor and materials, availability of labor and materials, zoning issues, and building permit issues; the ability to timely and cost-effectively integrate the project into our operations at Caesars Palace; changes in laws, including increased tax rates, smoking bans, regulations, third-party relations and approvals related to the project and Caesars Palace; and our ability to recoup costs of the capital investment of this project through higher revenues.

Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. Caesars disclaims any obligation to update the forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this press release.
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Contact:

Debbie Munch
Vice President of Public Relations
Caesars Palace
702-794-3253
munchd@caesars.com

Deanna Pettit
Director of Public Relations
Caesars Palace
702-429-9649
dpettit@caesars.com

NOBU Hospitality
Struan McKenzie
Chief Operating Officer, Nobu Hospitality
smckenzie@nobuhospitality.com


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Also See: Sol Kerzner's Newest Luxury Resort, One&Only Cape Town, Opening April 4, 2009; Includes Restaurants from Two of the World's Finest Chefs - Gordon Ramsay and Nobuyuki Nobu Matsuhisa / February 2009

Chef Nobu Matsuhisa Set to Open Nobu Waikiki Located in the Lobby of the Waikiki Parc Hotel, Sister Property of the Halekulani / May 2007
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