Caesars Entertainment
Caesars Entertainment Appoints Sandra Douglass Morgan to its Board of Directors
Caesars Entertainment has announced the appointment of Sandra Douglass Morgan to its Board of Directors, effective November 7, 2021, and subject to required regulatory approvals.
Morgan, an attorney, is the past chairwoman of the Nevada Gaming Control board and the first African American to serve as chair.
“We are delighted to add Sandra Douglass Morgan to the Caesars Entertainment leadership team. Sandra is rooted in the gaming industry in a way few others could be. Her experience as chair of the Nevada Gaming Control Board and as a member of the Nevada Gaming Commission gives her a deep understanding of our industry. Her leadership as an attorney for gaming corporations and government entities adds another lens through which she has developed a unique perspective which will help our company continue to move forward as the gaming landscape evolves and grows,” Gary Carano, Executive Chairman of the Board of Directors at Caesars Entertainment, said.
Morgan was appointed chairwoman and executive director of the Nevada Gaming Control board in January of 2019 after serving on the Nevada Gaming Commission. In her role as chair of Nevada gaming’s regulatory agency, Morgan implemented sweeping changes, including ensuring licensees adopted and implemented policies against discrimination and paving the way for cashless wagering at machines and table games, as well as steering the industry through the start of the COVID-19 pandemic.
“Sandra is a proven leader, team builder, and passionate advocate for always doing the right thing. I’m pleased to add her independent voice to our strong board of directors. I look forward to working with her, the rest of our board, and the management team to continue to drive results for our guests, our Team Members, and our shareholders,” Tom Reeg, CEO of Caesars Entertainment, said.
Before becoming chair of the Nevada Gaming Control Board, Morgan served as Director of External Affairs for AT&T Services Inc, responsible for managing AT&T’s government and community affairs in Nevada. She previously served as the City Attorney for the City of North Las Vegas and was the first African American City Attorney in Nevada. She began her career as a litigation attorney in the gaming industry.
Morgan currently serves as a board member of the following publicly traded companies: Fidelity National Financial, Allegiant Travel Company, and Cerberus Cyber Sentinel Corp.
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Brownstein Hyatt Farber and Schreck LLP
Caesars Entertainment Closes Sale of the LINQ Promenade
Caesars Entertainment announced the closing of the previously announced sale of the LINQ Promenade to a joint venture formed between TPG Real Estate (TPG) and the Investment Management Platform of Acadia Realty Trust (Acadia) for $275 million. Concurrent with the closing of the transaction, Caesars made a $275 million voluntary prepayment of the Term Loan B due 2030 with the proceeds from the transaction.
Latham & Watkins LLP and Brownstein Hyatt Farber and Schreck LLP represented Caesars on the transaction. Kirkland & Ellis LLP provided transaction counsel to TPG & Acadia.
Caesars Entertainment
Caesars Entertainment Enters into Definitive Agreement to Sell the LINQ Promenade
Caesars Entertainment has announced that it has entered into an agreement to sell the LINQ Promenade to a joint venture to be formed between TPG Real Estate (TPG) and the Investment Management Platform of Acadia Realty Trust (Acadia) for $275 million. The sale is subject to customary approvals and other closing conditions and is expected to close during the fourth quarter 2024.
“The sale of the LINQ Promenade represents an accretive, non-core asset sale that will accelerate our debt reduction goals. I want to thank all the team members and the tenants of the LINQ Promenade for their partnership over the last 10 years and wish them continued success,” said Tom Reeg, CEO of Caesars Entertainment.
Latham & Watkins LLP and Brownstein Hyatt Farber and Schreck, LLP represented Caesars on the transaction. Kirkland & Ellis LLP provided transaction counsel to TPG & Acadia.
Caesars Entertainment
Caesars Entertainment Closes Sale of World Series of Poker® Brand to NSUS Group for US$500 million
Caesars Entertainment, Inc. (NASDAQ: CZR) (“Caesars”) today announced the closing of the previously announced sale of its intellectual property rights for the World Series of Poker® (“WSOP”) brand to NSUS Group Inc. (“NSUS”). As previously disclosed, the transaction includes US$250 million in cash and a $250 million promissory note due five years after the transaction’s closing secured by the WSOP intellectual property assets being sold.
Caesars retains the right from NSUS to host the flagship WSOP live tournament series at its Las Vegas casinos for the next 20 years and will receive a license from NSUS to continue operating its recently upgraded WSOP Online real-money poker business in Nevada, New Jersey, Michigan, and Pennsylvania for the foreseeable future but will otherwise be restricted from operating online peer-to-peer real-money poker operations for a specified period of time and subject to certain exceptions. In addition, brick-and-mortar poker rooms currently operated by Caesars will continue to feature WSOP branding, and Caesars destinations will continue to enjoy preferential rights to host live WSOP Circuit events going forward.
Concurrent to the transaction, several long-time WSOP executives will transition to key leadership roles within the NSUS team. Ty Stewart will serve as Chief Executive Officer of the newly formed WSOP subsidiary, while Gregory Chochon has accepted the position of Chief Operating Officer. Erik Eidissen also joins as Communications Manager. With more than 30 years of combined experience managing the WSOP brand, these employees will lead the next phase of growth and integration under new ownership.
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