CAESARS PALACE AND NOBU HOSPITALITY EXECUTE DEFINTIVE AGREEMENTS TO CREATE THE WORLD'S FIRST NOBU HOTEL, RESTAURANT AND LOUNGE IN LAS VEGAS

Scheduled to Open Summer of 2012

LAS VEGAS (July 7, 2011) /PRNewswire/ — Caesars Palace and Nobu Hospitality executed definitive agreements to create the first-ever Nobu Hotel, Restaurant and Lounge in Las Vegas. This unique boutique-style hotel is set to open summer of 2012. This innovative concept will combine the world’s first Nobu Hotel with the first Nobu restaurant and lounge on the Las Vegas Strip.

This will further the tradition of world-class accommodations and service synonymous with the resort’s luxury brand.

Caesars Entertainment Corporation and Nobu Hospitality anticipate identifying wider global opportunities to build on the strengths of the two organizations.

“The Nobu Hotel at Caesars Palace will be a strategic milestone in the next chapter with the continued support of Caesars Entertainment,” said Trevor Horwell, chief executive of Nobu Hospitality. “Whilst we have a very solid pipeline of hotels on a global scale, we are resolute in our determination to ensure we create in Las Vegas a unique five-star destination for style-makers and trendsetters the world over.”

David Rockwell of the Rockwell Group will lead the overall interior design of the 180-room Nobu Hotel. Rockwell’s design experience and passion have been synonymous with the Nobu brand for more than 20 years. The hotel, restaurant and lounge will feature a stylish interior design that showcases natural materials, fused with Nobu’s signature Japanese elegance.

“The first-ever Nobu hotel, restaurant and lounge will offer a stylish new experience of luxury and hospitality, appealing to returning Caesars Palace guests and attracting new visitors,” said Gary Selesner, president of Caesars Palace. “The hotel will offer an experience unlike anything in Las Vegas, pairing exclusive accommodations with a resort famed for world-class entertainment, dining and shopping.”

Under the scheduled development plan, the Centurion Tower will undergo a multi-million dollar refurbishment.

The 11,200 square foot Nobu restaurant and lounge, located in the heart of the Nobu Hotel, will be the ideal destination to be seen, socialize, and enjoy the unique cuisine of celebrated Chef Nobu Matsuhisa. The restaurant will offer several teppanyaki tables, sushi bar and private dining area along with a large lounge and bar boasting 327 seats.

ABOUT CAESARS PALACE

Reigning in the heart of the Las Vegas Strip, Caesars Palace is the world's best known resort-casino, celebrating the grandeur that was Rome in an 85-acre destination location that sets the standard for entertainment, dining and luxury. Ranking among the world's top luxury resorts Caesars Palace features 3,300 hotel guest rooms and suites, 23 diverse restaurants and cafes, five-acre Garden of the Gods pools and gardens, 50,000 square foot Qua Baths & Spa and 300,000 square feet of premium meeting and convention space. The 4,300-seat Colosseum sits just steps from celebrity chef restaurants and the acclaimed Forum Shops at Caesars and spotlights world class entertainers such as Celine Dion, Jerry Seinfeld, Rod Stewart (returning in August 2011), Elton John (returning in September 2011) and Shania Twain (premiering December 2012.)

Caesars Palace, along with all Caesars Entertainment Las Vegas resorts, including Planet Hollywood Resort & Casino, Paris Las Vegas, Flamingo Las Vegas, Harrah’s, Bally’s, Rio All-Suite Hotel & Casino, Imperial Palace and Bill’s Gamblin’ Hall & Saloon, proudly prohibit adding hidden resort fees to hotel guest room rates. Find Caesars Palace on Facebook and follow on Twitter.

ABOUT NOBU HOSPITALITY

Nobu is one of the premier luxury lifestyle brands in the world. With operations spanning five continents, the Nobu brand thrives in many global capitals as a focal destination. The natural growth of the Nobu luxury brand built on service, image and hospitality offers the complete spectrum of hotel and residences management for unique and selected projects.

This release includes “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain words such as “may,” “will,” “project,” “might,” “expect,” “believe,” “anticipate,” “intend,” “could,” “would,” “estimate,” “plan,” “continue” or “pursue,” or the negative or other variations thereof or comparable terminology. In particular, they include statements relating to, among other things, future actions, new projects, strategies, future performance, the outcomes of contingencies. These forward-looking statements are based on current expectations and projections about future events.

Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, the actual performance and actions of Caesars Palace and Caesars Entertainment Corporation and its subsidiaries may differ materially from those expressed or implied by such forward-looking statements.

Such risks and uncertainties include, but are not limited to, the following factors: whether, and on what terms, we reach definitive agreements with Nobu, if the effects of local and national economic, credit and capital market conditions on the economy in general, and on the gaming and hotel industries in particular affect the project; construction factors related to the project, including delays, increased costs of labor and materials, availability of labor and materials, zoning issues, and building permit issues; the ability to timely and cost-effectively integrate the project into our operations at Caesars Palace; changes in laws, including increased tax rates, smoking bans, regulations, third-party relations and approvals related to the project and Caesars Palace; and our ability to recoup costs of the capital investment of this project through higher revenues

Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. Caesars disclaims any obligation to update the forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this press release.


Media Contacts:

Celena Haas
Director of Public Relations
Caesars Palace
(702) 400-3687

Struan McKenzie
COO, Nobu Hospitality