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Caesars Entertainment

Caesars Sportsbook Partners with Historic Racetracks Keeneland and Red Mile Ahead of Sports Betting’s Launch in Kentucky

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Legalized sports wagering is coming to Kentucky and Caesars Sportsbook, the sports wagering platform for Caesars Entertainment Inc., announced agreements with Keeneland and Red Mile Gaming & Racing in Lexington. The agreements grant the operator market access to offer legalized mobile sports wagering in Kentucky and include plans to open Central Kentucky’s only brick-and-mortar retail sportsbook locations, subject to regulatory approvals from the Kentucky Horse Racing Commission.

“Keeneland and Red Mile are iconic horse racing venues with an important legacy in the state of Kentucky. Customers in the region have long enjoyed our world-class Caesars destinations and, most recently, our horse racing wagering app, Caesars Racebook. Working with these historic institutions provides an unmatched opportunity to reach sports and racing fans in the state, and we look forward to working with the Kentucky Horse Racing Commission as we prepare to launch later this year,” said Eric Hession, President of Caesars Digital, said.

“Keeneland’s venture with Caesars Sportsbook holds exciting potential and furthers our mission to introduce new audiences to horse racing. Caesars is a globally respected brand, and we value their commitment to racing and their expertise in sports wagering,” said Keeneland President and CEO Shannon Arvin.

“At Red Mile Gaming & Racing we are excited to continue introducing this historic harness track to new audiences. Opportunities with sports wagering on site, added to live racing, simulcasting, and HHR Games accomplish goals we have worked toward for several years. Our relationships with Keeneland and Caesars in this venture could not be more valued,” said Red Mile Chief Operating Officer Shannon Cobb.

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As part of this relationship, Caesars Sportsbook will be an official sports betting partner of Keeneland and Red Mile and offer on-track hospitality and VIP experiences at both racetracks to members of the industry-leading customer loyalty program, Caesars Rewards. In addition, Caesars Sportsbook will operate an on-premise retail sportsbook at Red Mile, subject to regulatory approvals, so guests can enjoy the excitement of sports betting, gaming, and simulcasting all under one roof.

When legalized sports wagering launches in Kentucky, Caesars Sportsbook customers above the age of 21 can tie the excitement of sports betting to unmatched rewards via Caesars Rewards. Every wager placed rewards the bettor with Tier Credits for status and Reward Credits that can be used to unlock world-class Caesars Rewards experiences and discounted getaways at Caesars Entertainment destinations across the US.

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Caesars Entertainment Closes Sale of the LINQ Promenade

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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.

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Caesars Entertainment

Caesars Entertainment Enters into Definitive Agreement to Sell the LINQ Promenade

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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.

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Caesars Entertainment

Caesars Entertainment Closes Sale of World Series of Poker® Brand to NSUS Group for US$500 million

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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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