1114_Caesarslogo_300Caesars Entertainment Corporation and its subsidiary Caesars Entertainment Operating Company, Inc.  today announced that holders (the "Consenting Creditors") of more than 60% of claims in respect of CEOC's 11.25% senior secured notes due 2017, CEOC's 8.5% senior secured notes due 2020 and CEOC's 9% senior secured notes due 2020 (collectively, the "First Lien Notes" and, the claims with respect thereto, the "First Lien Bond Claims") have signed the Amended and Restated Restructuring Support and Forbearance Agreement, dated as of December 31, 2014 (the "RSA"), among Caesars Entertainment, CEOC and the Consenting Creditors. As a result, the RSA became effective pursuant to its terms as of January 9, 2015.

Additionally, the advisors to certain of the Consenting Creditors have notified CEC and CEOC that, subject to the closing of certain purchases of additional First Lien Notes, which we have been notified is scheduled to occur today, the Consenting Creditors will hold, in the aggregate, over 67% of the First Lien Bond Claims which shall be subject to the RSA.

"We are pleased to have the support of our first lien noteholders on CEOC's restructuring plan. This is an important step in the process that will allow us to move ahead with our plan to create a strong and sustainable capital structure for CEOC," said Gary Loveman, Chairman and Chief Executive Officer of Caesars Entertainment and Chairman of CEOC.