Caesars subsidiary secures new $265 million add-on term loan facility
A little over two weeks after emerging from bankruptcy and the Caesars Entertainment Operating Company Incorporated arm of American casino giant Caesars Entertainment Corporation has announced that it has secured an add-on term loan facility worth some $265 million.
Las Vegas-based Caesars Entertainment Operating Company Incorporated stated that the additional finance is to be added to existing resources valued at around $1.43 billion and used to repay senior secured notes issued by Chester Downs and Marina, which owns the Harrah’s Philadelphia Casino and Racetrack, and Chester Downs Finance Corporation.
Mark Frissora, President and Chief Executive Officer for Caesars Entertainment Corporation, declared that the new loan, which is set to go live later this quarter, will save his firm ‘approximately $20 million’ in annual interest expenses while describing the facility as ‘the latest step in the effort to optimize the balance sheet and improve free cash flow across the enterprise’.
“Upon completion of this and other recently announced re-financings, Caesars [Entertainment Operating Company Incorporated’s] annual interest expense will be reduced by more than $290 million in the aggregate,” said Frissora.
In related news, Caesars Entertainment Corporation moreover revealed that it has appointed former Starwood Hotels and Resorts Worldwide executive Chris Holdren to serve as its Chief Marketing Officer and handle all of its future marketing initiatives.
As the latest member of its senior management team, Caesars Entertainment Corporation explained that Holdren is to report directly to Frissora and be responsible for advancing its Total Rewards loyalty network along with its ‘portfolio of leading gaming and hospitality brands’.
Holdren, who has more than 20 years of marketing experience, proclaimed that he was ‘excited’ to be joining Caesars Entertainment Corporation and help to grow its brands around the world while endeavoring to ‘enhance customer engagement and drive the continued success of Total Rewards’.
“Caesars Entertainment [Corporation] is a world-class organization that continues to curate innovative customer experiences from hospitality and gaming, to record-breaking entertainment and partnerships with celebrity chefs,” said Holdren.