Caesars Entertainment and Caesars Acquisition Company Announce Closing of Rights Offering

  Caesars Entertainment and Caesars Acquisition Company Announce Closing of
                               Rights Offering

PR Newswire

LAS VEGAS, Nov. 18, 2013

LAS VEGAS, Nov. 18, 2013 /PRNewswire/ --Caesars Entertainment Corporation
("Caesars") (NASDAQ: CZR) and Caesars Acquisition Company ("CAC") announced
that the offering of Class A common stock ("Class A Common Stock") of CAC to
holders of subscriptions rights closed on November 18, 2013. CAC distributed
a total of 135,771,882 shares of its Class A Common Stock to holders of
subscription rights who validly exercised their subscription rights and paid
the subscription price in full, including pursuant to the exercise of the
over-subscription privilege. Any subscription rights that were unexercised,
including those that were retained, are void, of no value and have ceased to
be exercisable for shares of Class A Common Stock. As a result of the
offering, CAC received aggregate gross proceeds of approximately $1,173.1
million. Caesars expects that the Class A Common Stock will begin trading on
the Nasdaq Global Select Market under the symbol "CACQ" on November 19, 2013.

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If you have questions about the number of shares of Class A Common Stock you
received in the offering and you held and exercised your subscription rights
in physical form as a registered holder, please contact Computershare Trust
Company, N.A., the subscription agent for the rights offering, at
1-781-575-3120 or 1-800-962-4284 (toll free). If you held and exercised your
subscription rights through a broker, dealer, custodian bank or other nominee,
please contact your broker, dealer, custodian bank or other nominee.

CAC is a newly formed company created to facilitate the previously announced
strategic transaction pursuant to which Caesars has formed a new
growth-oriented entity, Caesars Growth Partners, LLC ("Growth Partners"), to
be owned by Caesars and CAC. Upon the consummation of the offering, CAC owns
approximately 42.4% of the economic interests of Growth Partners, and Caesars
owns approximately 57.6% of the economic interests of Growth Partners.

This press release shall not constitute an offer to sell or the solicitation
of an offer to buy any security, nor shall there be any offer or sale of any
security in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to the registration or qualification under the securities
laws of any such jurisdiction.

About Caesars

Caesars is the world's most diversified casino-entertainment company. Since
its beginning in Reno, Nevada, more than 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 London Clubs International family of casinos. In addition, Caesars
Interactive Entertainment Inc., which as of October 21, 2013 became a
subsidiary of CAC, has proprietary rights to the Slotomania, Bingo Blitz and
World Series of Poker trademarks. 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. Caesars is committed to environmental sustainability and energy
conservation and recognizes the importance of being a responsible steward of
the environment. For more information, please visit www.caesars.com.

About CAC

CAC was formed to make an equity investment in Growth Partners, a joint
venture between CAC and Caesars, the world's most diversified casino
entertainment provider and most geographically diverse U.S.
casino-entertainment company. Growth Partners is a casino asset and
entertainment company focused on acquiring and developing a portfolio of
high-growth operating assets and equity and debt investments in the gaming and
interactive entertainment industry. Through its two businesses—Interactive
Entertainment and Casino Properties and Developments—Growth Partners will
focus on acquiring or developing assets with strong value creation potential
and leveraging interactive technology with well-known online and mobile game
portfolio and leading brands. Assets include Caesars Interactive Entertainment
("CIE") (with its social and mobile games, the World Series of Poker and
regulated online real money gaming businesses), Planet Hollywood (located in
Las Vegas, Nevada), and Horseshoe Baltimore (currently being developed by a
joint venture). Through its relationship with Caesars, Growth Partners has the
ability to access Caesars' proven management expertise, brand equity, Total
Rewards loyalty program and structural synergies. CAC is Growth Partners'
managing member and the sole holder of Growth Partners' outstanding voting
units. For more information, please visit www.caesarsacquisitioncompany.com.

Forward-looking Statements

This release contains or may contain "forward-looking statements" intended to
qualify for the safe harbor from liability established by the Private
Securities Litigation Reform Act of 1995. These statements can be identified
by the fact that they do not relate strictly to historical or current facts.
Caesars and CAC have based these forward-looking statements on its current
expectations about future events. Further, statements that include words such
as "may," "will," "project," "might," "expect," "believe," "anticipate,"
"intend," "could," "would," "estimate," "continue," or "pursue," or the
negative of these words or other words or expressions of similar meaning may
identify forward-looking statements. These forward-looking statements are
found at various places throughout this release. These forward-looking
statements, including, without limitation, those relating to future actions,
new projects, strategies, future performance, the outcome of contingencies
such as legal proceedings, future financial results, and the trading of shares
of Class A Common Stock on the NASDAQ Global Select Market under the symbol
"CACQ", wherever they occur in this release, are necessarily estimates
reflecting the best judgment of Caesars' and CAC's management and involve a
number of risks and uncertainties that could cause actual results to differ
materially from those suggested by the forward-looking statements.

Important factors that could cause actual results to differ materially from
estimates or projections contained in the forward-looking statements of
Caesars include without limitation:

  othe impact of Caesars' substantial indebtedness and the restrictions in
    Caesars' debt agreements;
  oaccess to available and reasonable financing on a timely basis, including
    the ability of Caesars to refinance its indebtedness on acceptable terms;
  othe effects of local and national economic, credit, and capital market
    conditions on the economy, in general, and on the gaming industry, in
    particular;
  othe ability to realize the expense reductions from cost savings programs;
  ochanges in the extensive governmental regulations to which Caesars and its
    stockholders are subject, and changes in laws, including increased tax
    rates, smoking bans, regulations or accounting standards, third-party
    relations and approvals, and decisions, disciplines, and fines of courts,
    regulators, and governmental bodies;
  othe ability of Caesars' customer-tracking, customer loyalty, and
    yield-management programs to continue to increase customer loyalty and
    same-store or hotel sales;
  othe effects of competition, including locations of competitors and
    operating and market competition;
  othe ability to recoup costs of capital investments through higher
    revenues;
  oabnormal gaming holds ("gaming hold" is the amount of money that is
    retained by the casino from wagers by customers);
  othe ability to timely and cost-effectively integrate companies that
    Caesars acquires into its operations;
  othe potential difficulties in employee retention and recruitment as a
    result of Caesars' substantial indebtedness or any other factor;
  oconstruction factors, including delays, increased costs of labor and
    materials, availability of labor and materials, zoning issues,
    environmental restrictions, soil and water conditions, weather and other
    hazards, site access matters, and building permit issues;
  olitigation outcomes and judicial and governmental body actions, including
    gaming legislative action, referenda, regulatory disciplinary actions, and
    fines and taxation;
  oacts of war or terrorist incidents, severe weather conditions, uprisings
    or natural disasters, including losses therefrom, including losses in
    revenues and damage to property, and the impact of severe weather
    conditions on Caesars' ability to attract customers to certain of its
    facilities, such as the amount of losses and disruption to Caesars as a
    result of Hurricane Sandy in late October 2012;
  othe effects of environmental and structural building conditions relating
    to Caesars' properties;
  oaccess to insurance on reasonable terms for Caesars' assets; and
  othe impact, if any, of unfunded pension benefits under multi-employer
    pension plans.

Important factors that could cause actual results to differ materially from
estimates or projections contained in the forward-looking statements of CAC
include without limitation:

  oCAC and Growth Partners' dependence on Caesars and its subsidiaries to
    provide support and services, as well as Growth Partners' dependence on
    Caesars' senior management's expertise and its participation in Caesars'
    Total Rewards loyalty program;
  othe effects of a default by Caesars on certain debt obligations;
  oCaesars' interests may conflict with Growth Partners' interests and may
    possibly keep all potential development opportunities for itself;
  othe adverse effects if Caesars or any of its subsidiaries were to file for
    bankruptcy;
  othe effects if a third party successfully challenges Caesars or its
    affiliates ownership of, or right to use, the intellectual property owned
    or used by subsidiaries of Caesars, which CIE licenses for use its in it
    businesses;
  oCIE's reliance on subsidiaries of Caesars to obtain online gaming licenses
    in certain jurisdictions, such as New Jersey;
  othe adverse effects on CAC's ability to comply with certain obligations
    imposed by federal securities law and certain debt arrangements if it is
    determined that Deloitte & Touche LLP was not independent of Caesars or
    Growth Partners;
  othe difficulty of operating Growth Partners' business separately from
    Caesars and managing that process effectively could take up a significant
    amount of management's time;
  oGrowth Partners' business model and short operating history;
  oGrowth Partners' ability to realize the anticipated benefits of current or
    potential future acquisitions and the ability to timely and
    cost-effectively integrate companies that Growth Partners acquires into
    its operations;
  othe additional capital that Growth Partners may require to support
    business growth may not be available on acceptable terms;
  othe adverse effects of extensive governmental regulation and taxation
    policies, which are applicable to Growth Partners, are enforced;
  othe effects of local and national economic, credit and capital market
    conditions on the economy in general, and on the gaming industry in
    particular;
  othe sensitivity of CAC's business to reductions in discretionary consumer
    spending;
  othe new and rapidly changing industry in which Growth Partners operates,
    such as CIE's social and mobile games business and internet gaming
    business;
  oany failure to protect Growth Partners' trademarks or other intellectual
    property, such as CIE's ownership of the "World Series of Poker"
    trademark;
  oabnormal gaming holds ("gaming hold" is the amount of money that is
    retained by the casino from wagers by customers);
  othe effects of competition, including locations of competitors and
    operating and market competition, particularly the intense competition
    Planet Hollywood faces from other hotel casino resorts in Las Vegas and
    Horseshoe Baltimore faces from other regional casinos and resorts;
  othe uncertainty surrounding whether CIE's games, such as Slotomania, will
    retain their popularity;
  oCIE's ability to launch new games on new and emerging platforms;
  oCIE's reliance on a small portion of its total players for nearly all of
    its revenue from its social and mobile games;
  oCAC's ability to expand into international markets in light of additional
    business, regulatory, operational, financial and economic risks associated
    with such expansion;
  oevolving regulations concerning the social and mobile games industry as
    well as data privacy, including, but not limited to, the effect of U.S.
    and foreign laws, some of which are unsettled and still developing;
  othe low barriers to entry and intense competition of social and mobile
    games industry could have adverse effect on CIE and Growth Partners;
  oevolving U.S. and foreign laws could subject CIE to claims and prevent CIE
    from providing its current games to players or to modify its games;
  othe effect on the Growth Partners' business strategy if real money online
    poker is not legalized in states other than Delaware, Nevada or New Jersey
    in the United States or is legalized in an unfavorable manner;
  oconstruction factors, including delays, increased costs of labor and
    materials, availability of labor and materials, zoning issues,
    environmental restrictions, soil and water conditions, weather and other
    hazards, site access matters and building permit issues; and
  opolitical and economic uncertainty created by terrorist attacks and other
    acts of war or hostility.

These forward-looking statements should, therefore, be considered in light of
various important factors set forth above and from time to time in Caesars'
and CAC's filings with the SEC. You are cautioned to not place undue reliance
on these forward-looking statements, which speak only as of the date of this
release. Caesars and CAC undertake no obligation to publicly update or release
any revisions to these forward-looking statements to reflect events or
circumstances after the date of this release or to reflect the occurrence of
unanticipated events, except as required by law.

SOURCE Caesars Entertainment

Website: http://www.caesars.com
Contact: Gary Thompson - Media, Caesars Entertainment Corporation, Caesars
Acquisition Company, (702) 407-6529; or Jennifer Garrison - Investors, Caesars
Entertainment Corporation, Caesars Acquisition Company, (702) 407-6407
 
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