Caesars Entertainment announces commitment to achieve gender equality in management by 2025
Las Vegas – 17 November 2017 –
Caesars Entertainment Corporation committed to achieving gender equality among its leadership ranks by 2025. In support of this effort, Caesars will work with the Billie Jean King Leadership Initiative (BJKLI) as part of this enhanced commitment to ensure workplace fairness and continue to foster an environment that promotes diversity and inclusion.
BJKLI is a non-profit endeavour founded in 2014 by social justice pioneer and sports icon Billie Jean Kingto promote equality and inclusion in the workplace by inspiring future leaders and motivating those in positions of power to challenge the status quo.
Caesars is undertaking a number of initiatives focused on enhancing the Company’s commitment to creating an environment in which all employees are treated fairly and are part of a company that values them and their contribution to this organization. Among the new initiatives, Caesars will be implementing is the creation of the Equality Council – a Taskforce including employees and external experts, implementing unconscious bias-training across all management teams and conducting surveys broadly across the company about diversity and inclusion.
To acquire Centaur Holdings for $1.7bn
Caesars announced it has entered into a definitive agreement to acquire Centaur Holdings for $1.7 billion in cash, including $1.625 billion at closing and $75 million in deferred consideration. As a result of the transaction, Caesars will add Hoosier Park Racing and Casino (“Hoosier Park”) in Anderson, Indiana, and the Indiana Grand Racing and Casino (“Indiana Grand”) in Shelbyville, Indiana to its Total Rewards network.
Centaur welcomes more than 6.5 million guests each year across its properties and serves more than 1.1 million members as part of its loyalty program. Caesars Entertainment considers central Indiana an attractive region for investment based on the combination of under-penetration and favourable economic fundamentals. Hoosier Park and Indiana Grand, which serve the Indianapolis area, will add to the Caesars network, which includes Horseshoe Hammond and Horseshoe Southern Indiana. Horseshoe Hammond serves the Chicagoland area and Horseshoe Southern Indiana serves the southern Indiana and Louisville area.
Offering gaming, racing, dining, and entertainment, both Hoosier Park and Indiana Grand feature over 2,000 of the latest slots and electronic table games, multiple dining outlets, and both life and simulcast horse racing.
The transaction is subject to receipt of regulatory approvals and other customary closing conditions and is expected to close in the first half of 2018. Transaction financing remains under consideration subject to a determination of final arrangements. The purchase price represents an 8.3x implied multiple in year two following the closing of the transaction, inclusive of expected synergies. The Company anticipates introducing table games to these properties, pending regulatory approval. Assuming the introduction of table games and certain synergies, the effective purchase price multiple would be less than 7x at that time. The transaction is anticipated to be free cash flow positive.