| Item 1.01. | Entry into a Material Definitive Agreement. |
On November 10, 2021, Caesars Entertainment, Inc. (the “Borrower”) and JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), entered into a First Amendment to Credit Agreement (the “Amendment”), which amends that certain Credit Agreement, dated as of July 20, 2020 (as amended, restated, supplemented, waived or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the Administrative Agent, the lenders party thereto from time to time and U.S. Bank National Association, as collateral agent for the secured parties under the Credit Agreement.
The Amendment was requested by the Nevada Gaming Control Board and the New Jersey Casino Control Commission in connection with the Borrower’s and its subsidiaries’ receipt and application of the proceeds of certain funds received by the Borrower and its subsidiaries from patrons. The Amendment, among other things, provides that the Borrower shall not request revolving facility loans or the issuance of letters of credit, in each case under the Credit Agreement, to the extent that the funding of such revolving facility loans or the issuance of such letters of credit would cause the unutilized portion of the revolving facility commitments under the Credit Agreement to be less than the amount of certain deposits received from patrons and held by the Borrower or its subsidiaries.
A copy of the Amendment is attached hereto as Exhibit 10.1 and is incorporated herein by reference. The foregoing description of the Amendment is qualified in its entirety by reference to the full text of the Amendment.
Cautionary Note Regarding Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by Caesars’ use of the words “may,” “will,” and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in some cases, beyond Caesars’ control and could materially affect actual results, performance, or achievements.
Although Caesars believes that in making such forward-looking statements its expectations are based upon reasonable assumptions, such statements may be influenced by factors that could cause actual outcomes and results to be materially different from those projected. Caesars cannot assure you that the assumptions upon which these statements are based will prove to have been correct. Important risk factors that may affect Caesars’ business, results of operations and financial position are detailed from time to time in Caesars’ filings with the Securities and Exchange Commission. Caesars does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
