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Caesars issues statement on court decision upholding constitutionality of Native American gaming in New York State
LAS VEGAS, July 07, 2004 - Caesars Entertainment, Inc. (NYSE: CZR) issued the following statement regarding today's decision by the Appellate Division of the New York State Supreme Court upholding the constitutionality of a 2001 law that authorized expanded Native American casino gaming in New York State.
In partnership with the Saint Regis Mohawk Tribe, Caesars Entertainment is developing the Mohawk Mountain Casino Resort in the Catskill Mountains in New York's Sullivan County. The casino will be owned by the Tribe and managed by Caesars Entertainment.
The statement should be attributed to Caesars Executive Vice President and General Counsel Bernard E. DeLury, Jr.
"Today's court decision represents a major step forward in the effort to finally begin construction of a world-class casino resort in the Catskills that will bring significant economic benefits to the people of the state of New York, the residents of Sullivan County and the members of the Saint Regis Mohawk Tribe.
"The Appellate Division of the New York Supreme Court, in a unanimous decision, spoke clearly and without ambiguity: The 2001 legislation authorizing six new Native American casinos in New York State, including three in the Catskills, is consistent with the New York Constitution as well as state and federal law. We could not be more pleased with the court's ruling."
About Caesars Entertainment
Caesars Entertainment, Inc. (NYSE: CZR) is one of the world's leading gaming companies. With $4.5 billion in annual net revenue, 28 properties on four continents, 26,000 hotel rooms, two million square feet of casino space and 53,000 employees, the Caesars portfolio is among the strongest in the industry. Caesars casino resorts operate under the Caesars, Bally's, Flamingo, Grand Casinos, Hilton and Paris brand names. The company has its corporate headquarters in Las Vegas.
Additional information on Caesars Entertainment can be accessed through the company's web site at www.caesars.com .
NOTE: This press release contains "forward-looking statements" within the meaning of the federal securities law, which are intended to qualify for the safe harbor from liability provided thereunder. All statements which are not historical statements of fact are "forward-looking statements" for purposes of these provisions and are subject to numerous risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements include the scope of the plan project, the expected economic results of the project, the length of time for receipt of various approvals and the construction costs and completion date. Additional information concerning potential risk factors that could affect the company's future performance are described from time to time in the company's reports filed with the Securities and Exchange Commission, including the company's Annual Report on Form 10-K for the year ended December 31, 2004 and report on Form 10-Q for the quarter ended March 31, 2004. The reports may be viewed free of charge at the following website: www.sec.gov. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
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