Gaming News

Caesars Completes Nova Scotia Sales

LAS VEGAS -- (PRESS RELEASE) -- Caesars Entertainment Inc. (NYSE: CZR) today announced that it has completed the sale of its interest in the company that owns and operates two Nova Scotia gaming properties - Casino Nova Scotia Halifax and Casino Nova Scotia Sydney - for approximately US $70 million.

Under the terms of the agreement, Great Canadian Gaming Corporation of Richmond, British Columbia, will acquire from a Caesars subsidiary its 95 percent ownership interest in Metropolitan Entertainment Group, a Nova Scotia partnership that owns and operates the two Nova Scotia casino properties under an agreement with the government-owned Nova Scotia Gaming Corporation.

Casino Nova Scotia Halifax is a full-service gaming facility featuring over 750 slot machines and 41 table games. Amenities include three licensed restaurants, conference facility, high limit gaming and is adjacent to several hotels including the Casino Nova Scotia Hotel, a 352 room hotel. Casino Nova Scotia Sydney is a full-service gaming facility within easy walking distance of all major downtown Sydney hotels. The facility features 387 slot machines and 11 table games. The facility features two licensed restaurants and a high limit gaming area.

Both the Halifax and Sydney Casinos are operated pursuant to an Operating Agreement between the Metropolitan Entertainment Group (MEG) and the Nova Scotia Gaming Corporation (NSGC). NSGC is a Crown corporation governed by the Gaming Control Act (Nova Scotia). The NSGC is responsible for the conduct and management of gaming in the Province of Nova Scotia. Under the Operating Agreement MEG is paid a fee for providing operational services for the NSGC at the Halifax and Sydney Casinos.

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