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April 25, 2015 11:34 PM ET

Hotels, Restaurants and Leisure

Company Overview of Caesars Acquisition Company

Company Overview

Caesars Acquisition Company, through its interests in Caesars Growth Partners, LLC, operates as a casino asset and entertainment company. The company focuses on acquiring and developing a portfolio of operating assets, and equity and debt investments in the gaming and interactive entertainment industries. It operates through two segments, Interactive Entertainment, and Casino Properties and Developments. The Interactive Entertainment segment offers social and mobile games comprising Slotomania, House of Fun Slots, Bingo Blitz, Caesars Casino, and the World Series of Poker (WSOP) that are played on various social and mobile third-party platforms. It also operates three regulated online real m...

One Caesars Palace Drive

Las Vegas, NV 89109

United States

Founded in 2013

Phone:

702-407-6000

Key Executives for Caesars Acquisition Company

Chief Executive Officer and President
Age: 49
Total Annual Compensation: $1.5M
Chief Financial Officer
Age: 37
Total Annual Compensation: $995.1K
Senior Vice President of Corporate Development, General Counsel and Corporate Secretary
Total Annual Compensation: $664.8K
Compensation as of Fiscal Year 2014.

Caesars Acquisition Company Key Developments

Caesars Acquisition Company Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014

Caesars Acquisition Company reported unaudited earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total net revenues of $526.9 million. Net loss from continuing operations was $265.2 million. Adjusted EBITDA was $103.4 million. Loss from operations for the fourth quarter of 2014 was $199.1 million as compared to $123.5 million for the same period in 2013. The increase in loss from operations is primarily attributable to an impairment of goodwill for Bally's Las Vegas partially offset by a decrease in the fair value of contingently issuable non-voting membership units. Adjusted EBITDA increased by $18.3 million, or 21.5%, in the fourth quarter of 2014 as compared with the fourth quarter of 2013, primarily driven by the income impact of increased revenues. Diluted earnings per share were $0.01 against $0.06 per share a year ago. For the year, the company reported total net revenues of $1,867.6 million. Net loss from continuing operations was $197.6 million. Adjusted EBITDA was $416.2 million. Loss from operations for 2014 was $108.0 million as compared to $23.3 million in 2013. The increase in loss from operations is primarily attributable to an impairment of goodwill for Bally's Las Vegas partially offset by a decrease in the fair value of contingently issuable non-voting membership units. Adjusted EBITDA increased by $77.1 million, or 22.7%, in 2014 as compared with 2013, primarily driven by the income impact of increased revenues. Diluted earnings per share were $0.11 per share.

Caesars Entertainment Operating Company, Inc. Files Complaint against Caesars Acquisition Company, Caesars Growth Partners, LLC, Caesars Entertainment Corporation, Caesars Entertainment Resort Properties, LLC and Caesars Enterprise Services, LLC

On November 25, 2014, UMB Bank, solely in its capacity as Indenture Trustee under that certain indenture, dated as of February 14, 2012 (8.5% Indenture), governing Caesars Entertainment Operating Company Inc.'s 8.5% Senior Secured Notes due 2020 (8.5% Senior Secured Notes) (Plaintiff), and derivatively on behalf of CEOC, filed a lawsuit in the Court of Chancery in the State of Delaware against Caesars Acquisition Company, Caesars Growth Partners, LLC, Caesars Entertainment Corporation, CEOC, Caesars Entertainment Resort Properties, LLC, Caesars Enterprise Services, LLC, Gary Loveman, Jeffrey Benjamin, David Bonderman, Donald Colvin, Kelvin Davis, Fred J. Kleisner, Eric Press, Marc Rowan, David Sambur, Lynn C. Swann, Christopher J. Williams, Jeffrey Housenbold, Michael Cohen, Eric Hession, Ronen Stauber, and Steven Winograd (Defendants). The lawsuit alleges claims for actual and constructive fraudulent conveyance and transfer, insider preferences, illegal dividends, declaratory relief, breach of contract, intentional interference with contractual relations, breach of fiduciary duty, aiding and abetting breach of fiduciary duty, usurpation of corporate opportunities, and unjust enrichment. The lawsuit seeks (1) imposition of a receiver for CEOC; (2) avoidance and/or rescission of certain transfers and the release of CEC's guarantee of the 8.5% Senior Secured Notes; (3) return of assets transferred in those transfers and release; (4) imposition of a constructive trust for the benefit of the assets transferred; (5) declaratory judgment that (i) no release has occurred and any such release is rescinded, (ii) CEC has breached the 8.5% Indenture by declaring the release, (iii) CEC remains liable on account of the CEC guarantee, (iv) certain transfers constitute a default under the 8.5% Indenture, and (v) CEC and the CEC board of directors intentionally interfered with the Plaintiff's and the holders of the 8.5% Senior Secured Notes' (the 8.5% Noteholders) contractual relations with CEOC; (6) reinstatement of the CEC guarantee (if and to the extent it has been terminated); (7) an injunction preventing Defendants from (i) further fraudulent transfers, fraudulent conveyances, and affiliated party transactions involving the assets of CEOC or its subsidiaries, (ii) receiving illegal dividends from CEOC or its subsidiaries, and (iii) conducting further transactions outside the ordinary course of business or transfers of assets from CEOC or its subsidiaries to or for the benefit of CEC, CERP, Growth Partners, CAC, CE Services, or CEC's two private equity sponsors, Apollo Global Management, LLC and TPG Global, LLC, as well as an injunction against further interference by CEC and the CEC board of directors with the 8.5% Noteholders' contractual relations with CEOC; (8) declaratory judgment that (i) CEOC is insolvent, (ii) due to CEOC's insolvency and Defendants' misconduct, Defendants must now manage CEOC principally for the benefit of all of its constituents, including its creditors, and (iii) CEOC was insolvent at all times relevant to Plaintiff's claims and that during such times Defendants should have been managing CEOC principally for the benefit of all of its constituents, including its creditors; (9) compensation from Defendants for CEOC's alleged losses and damages; (10) disgorgement by CEC, CERP, CAC, Growth Partners, and CE Services of monies and/or other assets allegedly improperly obtained (or that they may obtain in the future) from CEOC; and (11) an award to Plaintiff of the costs of this action, including attorney's fees.

Caesars Acquisition Company Announces Unaudited Condensed Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014

Caesars Acquisition Company announced unaudited condensed earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported loss from operations of $2.1 million, income before provision for income taxes of $22.8 million, net income of $2.8 million or $0.02 per share. For nine months, the company reported loss from operations of $16.2 million, income before provision for income taxes of $39.3 million, net income of $13.4 million or $0.10 per share.

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