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Announcing The Pier at Caesars

20 May 2004

ATLANTIC CITY, New Jersey -- (PRESS RELEASE) -- The Pier at Caesars, the multimillion-dollar luxury retail, dining and entertainment complex scheduled to open on the Atlantic City Boardwalk next year, will feature a world-class roster of elite retailers, including first-in-the-region appearances by Gucci, Hugo Boss, Louis Vuitton, Armani A/X, Bebe and Burberry.

Located at the center of Atlantic City's historic Boardwalk, The Pier at Caesars will transform the location into one of the most recognizable international shopping and entertainment landmarks in America. Nestled in The Pier's four floors will be nine world-class restaurants, including Philadelphia restaurateur Stephen Starr's Buddakan and El Vez, as well as Phillips Seafood of Baltimore. The names of more high-end retail and dining tenants will be announced in the coming months by the project's developer, Pier Developers, Inc., an affiliate of Gordon Group Holdings, LLC.

According to Sheldon M. Gordon, chairman of The Gordon Group, the Greenwich, CT-based co-developer of the world-famous Forum Shops at Caesars in Las Vegas, "Just as The Forum Shops was a catalyst for the explosion of Las Vegas, The Pier at Caesars is an overture for Atlantic City's future."

The Pier will be connected to Caesars Atlantic City by a skybridge. Once completed, The Pier will significantly expand Caesars Entertainment's center-Boardwalk casino resort complex, uniting four unique casinos, three hotels, and a luxurious retail-dining-entertainment center under one roof. Comprising Bally's Atlantic City (which includes the Claridge and Wild Wild West casinos), Caesars Atlantic City and The Pier, this contiguous retail-entertainment complex will be the largest of its kind on the East Coast.

"This project represents a major turning point, not only for Caesars Entertainment, but for the entire Atlantic City market," said Caesars Entertainment President and Chief Executive Officer Wallace R. Barr. "If we are going to continue to attract new visitors and encourage our old friends to come back, we must significantly expand the dining, retail and entertainment attractions that we offer our guests. That's what this project is all about."

According to Gordon, the 575,000-square-foot property will feature dramatic exterior and interior designs created by architects Elkus Manfredi of Boston and the Rockwell Group of New York. Construction management is the responsibility of Boston's Perini Building Company. In addition to the world-class shopping, the project will feature a three-level, glass-enclosed multimedia presentation of water, fire, light and sound. The Pier at Caesars is scheduled to open in the summer of 2005.

With one third of America's population living within a three-hour drive, Atlantic City welcomes 38 million visitors annually, making it the number-one tourist attraction on the East Coast.

Caesars Entertainment, which owns the pier, will lease the space to Pier Developers, Inc. (an affiliate of Gordon Group Holdings, LLC) for a period of 75 years. The Gordon Group will fund development of the new destination attraction at an estimated cost of $145 million. The project comes as a result of Casino Reinvestment Development Authority legislation sponsored by New Jersey State Senator William Gormley (R-Atlantic County) to create and partially finance urban entertainment retail districts.

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