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Update:Caesars Entertainment, Inc. Announces Early Tender Results of Previously Announced Tender Offer of the 5.250% Senior Notes Due 2025

The Withdrawal Deadline has passed and the Notes tendered pursuant to the Tender Offer may no longer be withdrawn, except in the limited circumstances described in the Tender Offer Documents. The aggregate principal amount of Notes validly tendered and not validly withdrawn at or prior to the Early Tender Deadline (the “Early Tender Notes”), as well as the percent of the aggregate principal amount of Notes outstanding constituting Early Tender Notes, is set forth in the table below.

 

Caesars Entertainment, Inc. (the “Company”) (Nasdaq: CZR) today announced the early tender results as of 5:00 p.m., New York City time, on September 23, 2021 (the “Early Tender Deadline”) and election of early settlement for its previously announced tender offer (the “Tender Offer”) by its indirect wholly owned subsidiaries, Caesars Resort Collection, LLC and CRC Finco, Inc. (the “Issuers”) to purchase for cash up to $1.2 billion (the “Maximum Amount”) of the Issuers’ outstanding 5.250% Senior Notes due 2025 (the “Notes”) on the terms and subject to the conditions set forth in the Issuers’ Offer to Purchase dated September 10, 2021 and the accompanying Letter of Transmittal dated September 10, 2021 (together, the “Tender Offer Documents”). Capitalized terms used and not defined in this press release have the meanings given to them in the Tender Offer Documents.

 

Series
of
Notes

CUSIP
Numbers(1)

Aggregate
Principal
Amount
Outstanding

Aggregate
Principal
Amount of
Early Tender
Notes

Percent of
Outstanding
Principal
Amount
Tendered

Tender

Consideration

Early Tender
Premium

Total
Consideration (2)

5.250%
Senior Notes
due 2025

12652 AAA1 /

U1264 AAA1

$1,700,000,000

$889,277,000

52.31%

$875,937,845

$26,678,310

$902,616,155

(1)

No representation is made as to the correctness or accuracy of the CUSIP numbers listed in this table or printed on the Notes. They are provided solely for the convenience of holders of Notes.

(2)

Includes the early tender premium for the Early Tender Notes accepted for purchase.

In addition to the Total Tender Offer Consideration, accrued and unpaid interest from the last interest payment date up to, but not including the date on which the Total Tender Offer Consideration will be paid, which is expected to occur on September 24, 2021 (the “Early Settlement Date”), will be paid by the Company in same day funds on the Early Settlement Date on all validly tendered Notes accepted for purchase in the Tender Offer. The Tender Offer will expire at 12:00 a.m. midnight, New York City time, on October 7, 2021, unless extended (such time and date, as the same may be extended, the “Expiration Time”). No tenders submitted after the Expiration Time will be valid. Subject to the terms and conditions of the Tender Offer, holders of the Early Tender Notes will receive the Total Tender Offer Consideration, which includes the Early Tender Payment for the Notes of $1,015.00 per $1,000 principal amount of Notes tendered. Holders who validly tender their Notes after the Early Tender Deadline and at or prior to the Expiration Time and whose Notes are accepted for purchase will be eligible to receive only the Late Tender Offer Consideration. Accrued and unpaid interest will be paid on all Notes validly tendered and accepted for purchase from the last interest payment date up to, but not including, the applicable settlement date.

Subject to the satisfaction or waiver of the conditions to the tender offer, the Company expects to accept for purchase any remaining Notes that have been validly tendered and not validly withdrawn after the Early Tender Deadline and at or prior to the Expiration Time promptly following the Expiration Time on the Final Settlement Date (as defined in the Tender Offer Documents), which is expected to occur promptly following the Expiration Time.

The Issuers’ obligation to accept for purchase, and to pay for, Notes validly tendered and not validly withdrawn pursuant to the Tender Offer is subject to the satisfaction or waiver of certain conditions, including, among others, the condition that Caesars Entertainment, Inc. has completed a debt financing on terms and conditions satisfactory to it yielding net cash proceeds of at least $1.0 billion (the “Financing Condition”).The complete terms and conditions of the Tender Offer are set forth in the Offer Tender Offer Documents. Holders of Notes are urged to read the Tender Offer Documents carefully.

Because, following the Early Settlement Date, the Tender Offer was not fully subscribed, the Issuers intend to issue a notice of redemption to redeem $1.2 billion of the Notes less the amount of Notes tendered on or about October 15, 2021 (the “Redemption Date”) at the redemption price, expressed as a percentage of principal amount, of 101.313%, plus accrued and unpaid interest thereon to the Redemption Date. However, neither this press release nor the Tender Offer Documents constitutes a notice of redemption of the Notes or an obligation to issue a notice of redemption of the Notes.

The Issuers have retained Credit Suisse Securities (USA) LLC to act as dealer manager in connection with the Tender Offer. Questions about the Tender Offer may be directed to Credit Suisse Securities (USA) LLC at (800) 820-1653 (toll free) or (212) 538-2147 (collect). Copies of the Tender Offer Documents and other related documents may be obtained from D.F. King & Co., Inc., the tender agent and information agent for the Tender Offer, at (866) 207-3626 (toll free) or (212) 269-5550 (collect) or email czr@dfking.com.

The Tender Offer is being made solely by means of the Tender Offer Documents. Under no circumstances shall this press release constitute an offer to purchase or the solicitation of an offer to sell the Notes or any other securities of the Issuers or any other person, nor shall there be any offer or sale of any Notes or other securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In addition, nothing contained herein constitutes a notice of redemption of the Notes. No recommendation is made as to whether holders of the Notes should tender their Notes.

About Caesars Entertainment, Inc.

Caesars Entertainment, Inc. is the largest casino-entertainment company in the US and one of the world’s most diversified casino-entertainment providers. Since its beginning in Reno, NV, in 1937, Caesars Entertainment, Inc. has grown through development of new resorts, expansions and acquisitions. Caesars Entertainment, Inc.’s resorts operate primarily under the Caesars®, Harrah’s®, Horseshoe®, and Eldorado® brand names. Caesars Entertainment, Inc. offers diversified gaming, entertainment and hospitality amenities, one-of-a-kind destinations, and a full suite of mobile and online gaming and sports betting experiences. All tied to its industry-leading Caesars Rewards loyalty program, the company focuses on building value with its guests through a unique combination of impeccable service, operational excellence and technology leadership. Caesars is committed to its employees, suppliers, communities and the environment through its PEOPLE PLANET PLAY framework. Know When To Stop Before You Start.® Gambling Problem? Call 1-800-522-4700.

 

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Local Business: What’s next for Bloomington-Normal shopping malls? | Watch now

Eastland Mall in east Bloomington sits as a 732,651-square-foot monument to the evolving retail shopping model.

BLOOMINGTON — Online shopping. Bankruptcies and portfolio downsizing. Looting. An infectious disease pandemic.

Bloomington-Normal’s brick-and-mortar retail industry has weathered a range of shifts in consumer behavior and economic pressures in the last decade.

The once-vibrant mall culture has tarnished into darkened shopfronts and cracked parking lots. Store liquidation and “space for lease” signs are more common than grand opening banners. Smartphone apps and next-day shipping have replaced the seasonal catalog.

DOMINANT

Rochelle Cantero, of Bloomington, and son Ross Leuty, 9, shop at Target in the Shoppes at College Hills on Wednesday.

DAVID PROEBER, THE PANTAGRAPH

Eastland Mall — the 732,651-square-foot east Bloomington monument to that ongoing paradigm shift — reported a 24% vacancy rate at the end of 2020.

But during a recent visit, The Pantagraph counted 40 tenants and 36 vacancies, totaling a vacancy rate of 48%.

“The mall culture has definitely been on the decline for a long time,” Rachelle Cantero, 44, of Bloomington, said after a trip this week to the east Normal Target. “It’s sad, for me, to see Eastland Mall in the state that it’s in.”

The slow bleed at Eastland certainly reflects a national trend at indoor malls.

SECONDARY

Ardis Stewart of Normal shops at Hobby Lobby on Wednesday. She said the outdoor layout at the Shoppes at College Hills fits her style of shopping.

DAVID PROEBER, THE PANTAGRAPH

Real estate industry data for June, compiled by property consultancy Jones Lang LaSalle, shows that vacancy rates at U.S. indoor malls could top 10% by the end of 2021. In 2010, that figure was at 5%.

“Pandemic aside, malls have been transforming over the last several years to add new uses, and that trend will continue moving forward,” said Stacey Keating, senior director of public relations and corporate communications for CBL Properties, Eastland’s parent company based in Chattanooga, Tennessee.

But the national data also shows a positive trend: Outdoor shopping centers and “power centers,” or open-air shopping plazas anchored by big-box retailers and smaller tenants, are performing well, with vacancy rates of 7%.

That’s the case in Bloomington-Normal, too, according to a Pantagraph analysis which found that more than a dozen shopping centers, plazas, strip malls and outdoor retail variations carry a combined average vacancy rate of about 25%.

Local property managers said that’s indicative of an overall shift in the retail industry, wherein smaller shopping centers lining commercial corridors — built when there was no space at Eastland — are now the dominant model.

“Businesses are becoming increasingly savvy about site selection,” said Jack Fahler, senior property manager of M&J Wilkow, which owns Normal’s outdoor mall, The Shoppes at College Hills. “Many are seeking open-air shopping centers as the ideal location of the business, whether it’s an entirely new location or a relocation of their existing store.”
Eastland Mall’s fall

When Eastland Mall opened in 1966, the massive indoor shopping center served as a regional retail destination that would also generate jobs and tax revenue.

It symbolized a model in the retail industry, wherein smaller beauty, fashion and food businesses shared customers with juggernaut department stores under the same roof.

082318-blm-loc-3sears

Sears at Eastland Mall, Bloomington, will close in November.

LEWIS MARIEN, THE PANTAGRAPH

In 2002, the mall reported a vacancy rate of 2%, bolstered by five anchor stores — Sears, J.C. Penney, Bergner’s, Famous-Barr and Kohl’s.

But within a few years, as the Twin Cities and its economy swelled, so too did the competition for local consumers. What’s more, larger national economic forces weighed on corporate and chain retailers with a local presence.

The first domino fell in 2017, when Macy’s, which took over Famous-Barr, became the first anchor to close at the mall. That move was part of a wave of 100 Macy’s store closings that year across the United States.

120518-blm-loc-3eastland

In this Dec. 4, 2018, file photo, black plastic sheets cover the doors of the former Macy’s at Eastland Mall in Bloomington.

DAVID PROEBER, PANTAGRAPH FILE

Six months later, J.C. Penney announced the Bloomington store would shutter alongside 137 others.

In April 2018, Bergner’s announced it would leave the mall, after assets of its bankrupt parent company, Bon-Ton Stores, were sold to liquidators. Four months later, Sears gave notice that its doors would permanently close by the end of the year.

That series of pullouts left Kohl’s as the mall’s main anchor, alongside a collection of mid-sized retailers like Old Navy and ULTA Beauty, and fitness chain Planet Fitness.

In the three years since the carveout, a number of other staple Eastland stores — Payless Shoes, Charlotte Russe, Christopher & Banks and H&M — all announced closures because their individual parent companies liquidized after declaring bankruptcy.

The mall’s food court, added in a 1980s expansion, now hosts just three restaurants: Gloria Jean’s Coffees, Kobe Japanese Steak & Seafood and Pretzelmaker. Great Steak, a national restaurant chain specializing in cheesesteak sandwiches, was evicted in July for unpaid rent.

Eastland Mall

Eastland Mall in Bloomington remains open and is the last of the big indoor malls in the area.

DAVID PROEBER, THE PANTAGRAPH

Ultimately, in the fall of 2020, amid the opening acts of the coronavirus pandemic, Eastland’s parent company, CBL Properties, itself filed for Chapter 11 bankruptcy protection.
Eastland Mall’s future

Filings with the Securities and Exchange Commission show that CBL continues to report a loss on impairment for Eastland. For the first quarter of 2021, that figure was at $13,243, according to SEC filings.

Keating said both sales and customer traffic at the mall are rebounding and returning to pre-pandemic levels.

Eastland mall

A contractor enters Eastland Mall in Bloomington to do maintenance work in December.

DAVID PROEBER, Pantagraph file photo

“I think if the pandemic taught us anything, it’s how much people value the experience and socialization that brick-and-mortar shopping centers offer,” Keating said. “Online shopping has certainly grown, and the pandemic fueled some of that, but once our malls were allowed to reopen, we saw traffic start to rebound quickly.”

When asked about vacancies at the mall, Keating said management has seen an uptick in interest in available properties, mostly from local and regional business owners.

A Bloomington-based women’s boutique, Sugar Baby Muahh, is opening Oct. 25.

But Keating said the “traditional mall” model of a complex “anchored by several department stores and consisting of a primarily retail mix inside are gone.”

What’s emerging, she said, “is a more dynamic, vibrant destination that offers customers not just retail, but dining, entertainment, fitness, and other uses.”

Empire Crossing

Dick’s Sporting Goods is one of the major anchor stores at Empire Crossing, 1609 E. Empire St. in Bloomington.

LORI ANN COOK-NEISLER, PANTAGRAPH FILE PHOTO

Open-air shopping the new norm

That revised model is especially popular across Bloomington-Normal’s major commercial corridors, which feature a collection of strip malls, power centers and shopping plazas.

The six properties owned and leased by Tentac Enterprises — Brookridge Center, Eastland Commons, Eastland Square, Market Square and Prospect Center in Bloomington, and University Center in Normal — all have limited vacancies.

And larger centers like Empire Crossing, which hosts retailers like Dick’s Sporting Goods, PetSmart and HomeGoods, has a 29% vacancy rate, with one anchor vacancy and four smaller openings. The nearby former Shell gas station is also up for grabs.

 

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News:Pitch perfect? Quad Tank Competition, business summit scheduled Oct. 20 in Orange

Before the pitch competition, though, the summit features Doll, a serial entrepreneur with a knack for networking.

Passionate about business growth, sales, and female empowerment, Doll, based in Culpeper, has helped companies across the globe boost their sales and revenue.

“I have worked with a professional remote team for 18 years now, and we just love taking on new projects and making them a success,” she says. “My major focus is helping small start-ups grow into something bigger. I’m here to guide entrepreneurs and business owners in realizing their goals and dreams. There’s no easy path to success but if you learn to enjoy the journey and have a helping hand (or two) along the way, it makes the end result even sweeter.”

“She’s very enthusiastic and energetic with a very outgoing personality,” Deal said of Doll. “Those who listen to her speak will learn what it takes to start a business, what to do if you get stuck and discover what resources are out there to help.

“After hearing her, I think people are going to be energized, and that’s something businesses especially need after the last 18 months,” Deal said.

Following Doll’s keynote address, a panel of local business owners will conduct a question-and-answer session with summit participants.

Panelists include: Peter Rice, chair of BoxInBoxOut in Madison; Andrew Mavraganis, COO and CFO of Spire Collective in Fluvanna County; and Shannon Horton, general manager of Horton Vineyards in Orange County.

 

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Lakeview Hardware, a staple Battle Creek business for 87 years, is closing

With one week to go before closing up shop for good, Kerrie Redner stayed busy Friday assisting customers inside Lakeview Hardware at 660 Capital Ave. S.W.

Redner, who co-owns the business with her brother-in-law, Craig Walters, said the daily interactions with customers made their joint decision to retire difficult, but the pair are ready to spend more time enjoying their grandchildren.

“It’s definitely bittersweet,” Redner said. “Both Craig and I have been here over 40 years. I’m hearing people say, ‘Congratulations, you finally get to retire. We’ll miss you and understand what is going on.’ It’s a difficult time with the pandemic and everything, it’s an unusual time for retail. We had some big supply chain issues when we opened up before. I think we’re excited, looking forward to the next chapter of what we are going to do.”

One of over 4,500 independently-owned franchises of True Value Co., Lakeview Hardware has deep roots in the Lakeview business district. Redner and Walters, owners since 1999, have long sought a buyer willing to continue operating it as a home improvement business.

Due in large part to supply chain issues created by the pandemic, the pair decided to close Lakeview Hardware for five months before reopening in April, with the continued intent of selling the business for undisclosed terms.

“We tried to sell it for the last couple of years and not really had any interest or interest where nothing that came to fruition,” Redner said. “This certainly wasn’t what we hoped would happen. We hoped somebody from the community would step forward, purchase the store and carry the history forward. We have to do something. It’s time for us to retire.”

Charles Parrott started Parrott Hardware at 639 Capital Ave. S.W. in 1933 and built the current two-story brick building several lots over in 1938. It later became Snyder-Meacham Hardware (Jay Snyder and Raymond Meacham) in 1940, and then Lakeview Hardware Supply after Harry Wagner and Frank B. Nash purchased it in 1946. Boyd Redner took over in 1977, when his daughter, Kerrie, and Walters began working there as teenagers.

“It’s been an ongoing business for a long time,” Walters said. “It’s been a real hard decision to make. We had the store for sale for quite a while, and with COVID and everything, nothing was going to change.

“It was absolutely a fabulous run. A great thing for our family — our kids all worked for us, their friends — and it’s really been a nice community to be a part of and work with.”

The last day of business for Lakeview Hardware is Friday. After that, all the remaining inventory will be sold at auction in mid-September, and the building will also be sold at auction if the minimum bid is met. The date of the auction has not yet been finalized, with updates provided on the Lakeview Hardware Facebook page.

Walters said that along with the customers, he would miss working on the hardwood floors that date back to the 1960s.

“If I had to work on concrete I wouldn’t be able to walk now,” he joked. “It was a great building and we had a great stand in that little business community in Lakeview.”

Redner added, “We’re definitely an anchor here in Lakeview. Hopefully we can sell the building and we can go forward with a business that can continue to anchor the neighborhood.”

 

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R&B trio After 7 takes care of ‘Business’ with new album

Since first hitting the music charts back in 1989 – then topping them with hits like “Ready Or Not” and “Can’t Stop” – Grammy-nominated vocal trio After 7 has been a constant presence at R&B radio.

 

But according to founding member Keith Mitchell, longevity wasn’t even the goal.

 

“Absolutely, positively not,” Mitchell said, laughing. “We were so green coming into this business, we were so humble to even get the opportunity because people thought we were a lot younger than we were. We really weren’t that young. We looked like we were 22, 23 years old, but actually we started out at 30. So, we were so green and so new to the business that we were just so excited to be here and to get the opportunity.”

 

And After 7 is still creating hits; current single “Bittersweet” is riding the charts and generating major heat on the radio. The song is taken from the group’s latest album, titled “Unfinished Business.”

 

“We went in there with the idea that we’ve got something to say,” says newest member Danny McClain. “We’ve got something to show everybody. Especially during the time of the pandemic, when things were going crazy…it seems like everybody was looking for something that could make them feel good.  You had a lot of people trying to find some new music, but a lot of new music was not being released.”

 

“Unfinished Business” also serves as a tribute to founding member Melvin Edmonds, who passed away in 2019.

 

“Absolutely,” says the late group member’s brother, Kevon.  “Undoubtedly Melvin has a place. So, he’s not here with us physically, [but] he’s here with us and he was there with us in the process of recording. He is a part in this whole project and I think you’ll get a sense of that once you listen to this whole record.”

 

“Unfinished Business” is set for release on Friday, Aug. 20; to pre-order the album and read more about After 7, click here.

 

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How Netflix Is Changing the Entertainment Industry

first began its worldwide expansion in 2016, the streaming service has rewritten the playbook for global entertainment — from TV to film, and soon, to video games.

Global hit series and movies were once nearly all made in Hollywood and exported internationally. Now, thanks to Netflix’s investments in international TV and film, programming from Spain, India, Brazil, and Korea is finding massive audiences around the world.

Netflix figured out that to thrive on an international stage it needed both mass-market programming like “Stranger Things,” as well as local content like “Lupin,” “Money Heist,” and “Sacred Games” that could grab viewers in specific markets.

Read more about how Netflix’s strategy for buying international TV shows is changing, according to producers who have worked with the streamer and its rivals

The strategy helped the streaming service grow its customer base to 209 million paid subscribers globally, as of June.

Its momentum is also reinvigorating production in places like Germany, Mexico, and India, as companies like Disney, WarnerMedia, Apple, Amazon follow Netflix’s lead.

Read more about how Netflix’s global focus is changing international production markets

Netflix has reoriented its leadership around its new global model.

The streaming company, cofounded by tech entrepreneur Reed Hastings, promoted content chief Ted Sarandos to co-CEO in 2020, which cemented the importance of content within the organization. Meanwhile, Bela Bajaria, who had been in charge of international non-English TV, took the reins of the overall TV business, and product chief Greg Peters took on additional duties as COO, including streamlining how global teams work together.

View our full interactive chart of Netflix’s top leaders

The company has also formed an elite team of 23 interdisciplinary execs to help make its biggest decisions. Known internally as the “Lstaff ” — the “L” stands for leadership — the group sits between the company’s officers and its larger executive staff of vice presidents and above, who are called the “Estaff.”

Read more about Netflix’s elite ‘Lstaff’ of 23 execs that helps the company make its most important decisions
Netflix’s is searching for its next frontier

Still, Netflix is facing more competition than ever from an influx of rivals that are learning to play its game.

Nearly every major media company, from Disney to WarnerMedia, now runs a streaming service. Their platforms are stockpiled with tentpole movies and TV shows that used to only be found in theaters or on linear TV, and their libraries now rival Netflix’s.

The competition is pushing the streaming giant to continue to evolve.

Netflix recently expanded its efforts into podcasting and even started pedaling merchandise for series like “Lupin.”

In July, the company confirmed plans to offer video games on its subscription service.

It hired Mike Verdu, the former head of Facebook Reality Labs, as its vice president of game development and is currently hiring for video-game-related jobs.

Read more about what Netflix’s video-game roles reveal about its strategy

Netflix plans to approach gaming like it did movies and TV shows. It’ll start off slowly, commissioning and licensing titles based on existing franchises like “Stranger Things” or “Bridgerton.” Then, it will begin to experiment with other kinds of video-game storytelling, like it did with its original series.

“Maybe someday we’ll see a game that spawns a film or a series,” Peters told investors in July. “That would be an amazing place to get to and really see the rich interplay between these sort of different forms of entertainment.”

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