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Caesars Completes Sale of Caesars Tahoe

LAS VEGAS -- (PRESS RELEASE) -- Caesars Entertainment Inc. (NYSE: CZR) today announced that it has completed the sale of its Caesars Tahoe casino resort to an affiliate of Columbia Sussex Corporation, a hotel, resort and casino operator based in Fort Mitchell, Kentucky, for approximately $45 million.

"This acquisition represents a great opportunity to purchase a superior asset in a region in which we have been familiar for 14 years. We look forward to the opportunity to re-brand this property to a new customer base appealing to a younger, hipper audience and remain competitive in light of the proliferation of Indian Gaming in California," said William Yung, President of Columbia Sussex Corporation.

Under the terms of the agreement, Columbia Sussex will purchase certain assets of Caesars Tahoe and will assume certain related current liabilities. The sale followed a decision earlier this week by the Federal Trade Commission to end its inquiry relating to the transaction. Libra Securities is the exclusive financial advisor to Columbia Sussex. Caesars Entertainment was represented by CB Richard Ellis on the transaction.

Earlier in the week, Columbia Sussex completed the purchase of another Caesars Entertainment property, Bally's Casino New Orleans.

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