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Stock Market & Financial Investment News

News Breaks
June 30, 2014
13:17 EDTCACQ, CZRCaesars submits application to develop Caesars New York
Caesars Acquisition (CACQ) and Caesars Entertainment (CZR) announced the proposed development of Caesars New York, an $880M luxury casino resort in Woodbury, New York. Caesars Acquisition, through its subsidiary, Caesars Growth Partners, submitted its application to the New York State Gaming Facility Location Board for a gaming license, which will be managed and operated by Caesars Entertainment and its affiliates. The application details plans for the resort and presents information about Caesars' operations and history. The resort is projected to attract more than 10 million visitors a year. Caesars New York will work closely with other businesses in the State to maximize the economic development opportunity in the region. Based on current estimates, Caesars projects an estimated total of $230M in anticipated annual tax revenues with $29M annually going to the local community and $10M to Orange County. The project is anticipated to create approximately 4,500 direct jobs including 1,500 construction jobs and approximately 3,000 permanent, well-paying, mostly union jobs. Caesars has entered into a neutrality agreement with the New York Hotel Trades Council and a project labor agreement with the Hudson Valley Building Trades Council with regard to the operation and construction of the proposed resort. In its application, Caesars has outlined a plan to open the resort approximately 24 months after receiving necessary permits and approvals.
News For CACQ;CZR From The Last 14 Days
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June 26, 2015
09:32 EDTCZRNevada reports May Statewide gaming win up 3.33% to $1.0B
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June 19, 2015
14:13 EDTCZRLeon Cooperman liquidates passive stake in Caesar's
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June 16, 2015
16:42 EDTCZRCaesar's responds to lawsuit by trustee for CEOC first-lien noteholders
Caesars Entertainment responded to a suit filed by UMB Bank, the trustee for holders of first lien notes issued by Caesars Entertainment Operating Company, or CEOC. CEC believes that UMB's claim that CEC is obligated to guarantee the first lien notes is without merit. CEC has, however, confirmed at the request of certain of the first lien creditors who are party to the Restructuring Support Agreement, or RSA, that the filing of the UMB Bank lawsuit does not violate the RSA, which remains in force. CEOC is seeking an injunction in the bankruptcy court restraining prosecution of litigation commenced by other CEOC creditors who contend that CEC is required to guarantee CEOC debt. UMB Bank has agreed that it will be bound by the bankruptcy court's decision to the same extent as if CEOC had requested injunctive relief with respect to the UMB lawsuit.

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