May 23, 2017 11:09 PM ET

Hotels, Restaurants and Leisure

Company Overview of Caesars Entertainment Resort Properties, LLC

Company Overview

Caesars Entertainment Resort Properties, LLC owns and operates casino properties in the United States. It operates six casino properties under the Paris Las Vegas, Harrah’s Las Vegas, Rio All-Suites Hotel and Casino, Flamingo Las Vegas, Harrah’s Atlantic City, and Harrah’s Laughlin brands. The company also owns an open-air dining, entertainment, and retail promenade under The LINQ promenade name; and a 23-story high-end luxury hotel complex with 662 guest rooms under the Octavius Tower name. It leases gaming space in the LINQ promenade corridor to The LINQ Hotel and other space to third-party lessees. The company is based in Las Vegas, Nevada. Caesars Entertainment Resort Properties, LLC is ...

One Caesars Palace Drive

Las Vegas, NV 89109

United States

21,000 Employees

Phone:

702-407-6000

Key Executives for Caesars Entertainment Resort Properties, LLC

President and Manager
Age: 61
Treasurer and Manager
Age: 42
Compensation as of Fiscal Year 2016.

Caesars Entertainment Resort Properties, LLC Key Developments

Caesars Entertainment Resort Properties, LLC Announces Amendments to Credit Agreement

May 12, 2017, Caesars Entertainment Resort Properties, LLC entered into an Amendment No. 1, by and among CERP, Caesars Entertainment Resort Properties Finance Inc., the other loan parties party thereto, the lenders party thereto and Citicorp North America Inc., as Administrative Agent. The amendment amends the First Lien Credit Agreement, dated as of October 11, 2013, among CERP, CERP Finance, the other loan parties party thereto, the lenders party thereto and the administrative agent. Among other things, the amendment reduces the interest rate margins applicable to approximately $211 million of CERP's existing $270 million revolving credit facility to, at CERP's option, the Eurocurrency Rate (as defined in the First Lien Credit Agreement) plus 3.50% in the case of Eurocurrency Loans or the ABR plus 2.50% in the case of ABR Loans, with further reductions to the Eurocurrency Rate plus 3.25% or the ABR plus 2.25%, respectively, at such time as CERP's Senior Secured Leverage Ratio is less than or equal to 3.75 to 1.0 and (b) reduces the interest rate margins applicable to CERP's existing approximately $2.4 billion term loan facility to, at CERP's option, the Eurocurrency Rate plus 3.50% in the case of Eurocurrency Loans or the ABR plus 2.50% in the case of ABR Loans. The portion of the Revolving Facility that was not repriced under the Amendment will remain in effect with the existing interest rate margins.

Caesars Entertainment Resort Properties, LLC Reprices its $2.4 Billion Senior Secured Term Loan Facility

Caesars Entertainment Corporation announced that Caesars Entertainment Resort Properties, LLC has successfully repriced its approximately $2.4 billion senior secured term loan facility (the Term Facility). The interest rate under the Term Facility is the London Interbank Offered Rate (LIBOR) plus 350 basis points. This represents a reduction of 250 basis points. CERP also repriced approximately $211 million of its approximately $270 million revolving credit facility to LIBOR plus 350 basis points. The CERP repricing lowers CERP’s overall cost of capital, which will benefit the enterprise. The repricing is the latest step in the effort to optimize the balance sheet and improve free cash flow across the enterprise, following the recently announced repricing of certain debt of Caesars Growth Properties Holdings, LLC (CGPH). The closing of the CERP repricing transaction is anticipated to occur the week of May 8, 2017, subject to the negotiation and execution of definitive documentation and satisfaction of customary closing conditions.

Caesars Entertainment Resort Properties, LLC Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016

Caesars Entertainment Resort Properties, LLC reported unaudited earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, net revenues were $569 million against $542 million a year ago. Income from operations was $104 million against $98 million a year ago. Net income was $6 million. Adjusted EBITDA was $170 million against $157 million a year ago. For the nine months, net revenues were $1,659 million against $1,637 million a year ago. Income from operations was $293 million against $332 million a year ago. Net loss was $2 million against income of $20 million a year ago. Adjusted EBITDA was $507 million against $503 million a year ago.

Similar Private Companies By Industry

Company Name Region
1 Hotel South Beach, Inc. United States
1001 Marquette LLC United States
11 East 1st St. LLC United States
11 Howard Hotel United States
110 Gourmet, Inc. United States

Recent Private Companies Transactions

Type
Date
Target
No transactions available in the past 12 months.
 

The information and data displayed in this profile are created and managed by S&P Global Market Intelligence, a division of S&P Global. Bloomberg.com does not create or control the content. For inquiries, please contact S&P Global Market Intelligence directly by clicking here.

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup

Most Searched Private Companies

Company Name Geographic Region
Lawyers Committee for Civil Rights Under Law United States
NYC2012, Inc. United States
Bertelsmann AG Europe
The Advertising Council, Inc. United States
Rush University United States

Sponsored Financial Commentaries

Sponsored Links

Request Profile Update

Only a company representative may request an update for the company profile. Documentation will be required.

To contact Caesars Entertainment Resort Properties, LLC, please visit www.caesars.com. Company data is provided by S&P Global Market Intelligence. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.