Caesars Entertainment (CZR) investor relations material

Executive summary

• A special meeting will be held for shareholders to vote on a proposed merger where the company will be acquired by Fertitta Gaming Holdco, LLC, with each share converted into $31.00 in cash, plus a ticking fee if closing is delayed past June 26, 2027.

• The board unanimously recommends approval of the merger, citing a significant premium to unaffected share price, certainty of value, and favorable deal structure.

• The merger is not subject to a financing condition; committed debt and equity financing are in place, and a reverse termination fee of $450 million applies if the buyer fails to close under certain conditions.

• A 45-day go-shop period allowed the company to solicit alternative proposals, but no superior offers materialized.

Voting matters and shareholder proposals

• Shareholders will vote on: (1) approval of the merger, (2) a non-binding advisory vote on executive compensation related to the merger, and (3) adjournment of the meeting if more votes are needed.

• Approval of the merger requires a majority of outstanding shares; failure to vote or abstentions count as votes against.

• Recreational Enterprises, Inc., holding 4.2% of shares, has agreed to vote in favor of the merger.

Board of directors and corporate governance

• The board conducted a thorough process, including engagement with multiple bidders and extensive negotiations, and received a fairness opinion from PJT Partners.

• Certain directors recused themselves due to conflicts of interest during the process.

• The merger agreement allows the buyer to appoint a director to the board prior to closing, subject to regulatory approval.