Caesar's Selling Harrah's St. Louis to Penn National

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(St. Louis, MO) -- Caesars Entertainment Corporation (NASDAQ: CZR) recently announced it has signed a definitive agreement to sell Harrah's St. Louis to Penn National Gaming, Inc. for $610 million in cash. The transaction is expected to close in the second half of 2012, subject to regulatory approvals.

"Harrah's St. Louis is a quality property with a talented team," said Gary Loveman, chairman, president and chief executive officer of Las Vegas-based Caesars Entertainment. "We are grateful to our colleagues in St. Louis for their commitment to providing excellent service to our customers. The sale of this property exemplifies our strategy to maximize returns from our mix of assets through investments in new markets as well as occasional divestitures. We are committed to expanding our distribution network into growth markets that have the potential for high returns."

The property will continue to operate as Harrah's St. Louis until the transaction is closed.

Deutsche Bank Securities Inc. served as financial advisor to Caesars Entertainment on this transaction.

Harrah's St. Louis features 455 deluxe rooms, 47 luxury suites, 125,000 of gaming space, eight restaurants and 8,000 square feet of meeting and banquet space. The casino hotel is centrally located in Maryland Heights within 10 minutes of Lambert International Airport and just20 minutes from downtown St. Louis.

Caesars Entertainment is one of the world's most diversified casino-entertainment companies. Since its beginning in Reno, Nev., more than 74 years ago, Caesars has grown through development of new resorts, expansions, and acquisitions, and now operates casinos on four continents.

The company's resorts operate primarily under the Caesars, Harrah's, and Horseshoe brand names. Caesars also owns the World Series of Poker and the London Clubs International family of casinos.