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Caesars, Rock Gaming Consortium Granted License to Operate Downtown Baltimore VLT Facility

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July 31, 2012

Caesars, Rock Gaming Consortium Granted License to Operate Downtown Baltimore VLT Facility

Caesars Entertainment Corporation (NASDAQ: CZR) today announced that the State of Maryland Video Lottery Facility Location Commission has granted a license to operate a video lottery terminal (VLT) facility in downtown Baltimore to CBAC Gaming, LLC, the investment group led by Caesars and Rock Gaming.

CBAC Gaming plans to invest more than $300 million to develop Harrah’s Baltimore. In addition to 3,750 VLTs, the property will offer multiple food and beverage amenities, including a fine dining steakhouse and signature casual dining restaurants. The process of obtaining necessary permits and arranging logistics will commence immediately. Construction is expected to begin in the second quarter of 2013, with an opening targeted in the second quarter of 2014.

“We are pleased to have been awarded the license to operate a VLT facility in Baltimore, and look forward to building a unique entertainment experience that will attract customers from across the country,” said Gary Loveman, chairman, president and chief executive officer of Caesars Entertainment. “The development of Harrah’s Baltimore is part of our plan to develop casinos in urban areas that integrate into and support the surrounding communities. If table games are approved by Maryland ‘s General Assembly in a special session next week, it will add to the customer experiences the property will provide.”

Earlier this year, Rock Ohio Gaming, an alliance between Caesars and Rock Gaming, opened Horseshoe Cleveland, the first casino in Ohio. In the first half of 2013, the group plans to open Horseshoe Cincinnati. Caesars is also seeking a license to develop a Caesars-branded property in East Boston with its partner, Suffolk Downs.

Caesars Entertainment Corporation is the lead investor and gaming operator of Harrah’s Baltimore, in partnership with Rock Gaming, LLC; CVPR Gaming Holdings, LLC; STRON-MD Limited Partnership and PRT TWO, LLC.

Source: Caesars Entertainment?

 

 

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