Caesars Entertainment Completes $185 Million Financing to Convert Bill's Gamblin' Hall & Saloon to a Boutique Lifestyle Hotel and Club

LAS VEGAS, Nov. 29, 2012 /PRNewswire/ -- Caesars Entertainment Corporation (NASDAQ: CZR) today announced its previously arranged $185 million, seven-year senior secured credit facility will fund the conversion of Bill's Gamblin' Hall & Saloon to a boutique lifestyle hotel and casino. The renovation includes the addition of a rooftop pool as well as a dayclub/nightclub. Drai Management Group will manage the club.

"This project exemplifies our strategy to develop new experiences that will help attract a broader spectrum of visitors to Las Vegas and our properties," said Gary Loveman, chairman, chief executive officer and president of the company. "The renovated property will provide visitors with a sophisticated, upscale experience, including a unique rooftop pool and club, which will have a panoramic view of the Las Vegas Strip."

The conversion includes the complete remodeling of the guest rooms, casino floor and common areas, the addition of a new( )second floor restaurant, and the construction of the 65,000 square foot rooftop pool and dayclub/nightclub.

Bill's Gamblin' Hall & Saloon will temporarily close on Feb. 4, 2013 to accommodate the remodeling. The renovated hotel and casino is expected to open in early 2014, under a new name, while the rooftop club will open later that year. The renovated resort and club are anticipated to employ more than 1,000 people.