Caesars Entertainment Inc
Encyclopedia
Caesars Entertainment, Inc. was a Las Vegas, Nevada
based business that was the largest owner, operator and developer of hotel
s and casino
s throughout the world. The company was dissolved and the assets were put under Harrah's Entertainment
subsidiary Harrah's Operating Company, which is seen on the Total Rewards
Cards and mailing brochures. It was part of the Hilton Hotels
chain and was spun off from Hilton in 2000, taking the name Park Place Entertainment.
On April 9, 2008, Harrah's Entertainment announced that they would revive the Caesars Entertainment name, replacing "Harrah's" as the corporate identity.
.
From 1932 to 1994 Bally Manufacturing Corporation (Ticker Symbol BLY beginning August 12, 1975)
From 1994 to 1996 the company is called Bally Entertainment Corporation (Ticker Symbol BLY) In 1990, Arthur Goldberg purchases 5.6% of the company's stock and is named CEO. He revitalizes the company by selling the slot machine and exercise equipment manufacturing operations, and cutting costs at the casinos. In 1996, he sells the company for $2 billion.
From 1996 to 1998 the company is owned by Hilton Corporation
. (Common shares are privately held)
From 1998 to 2003 spun off from Hilton, combined with Grand Casinos
and named Park Place Entertainment. (Common shares traded under Ticker Symbol PPE). Goldberg is named CEO of the spinoff.
In 2000, Park Place Entertainment purchased Caesars World, the following properties: Caesars Palace
, Caesars Atlantic City
, Sheraton Tunica and Horseshoe Southern Indiana (which was originally Caesars Indiana) from Starwood
owners of Sheraton
Brand, it excluded the Caesars Pocono Resorts.
In 2001, Park Place Entertainment was named to the Gaming Hall of Fame
.
In September 2003 at the annual shareholder
meeting a resolution to change the name of the company to Caesars Entertainment was approved and on January 6, 2004 the name change officially took effect. The primary reason for the name change was that management felt that it would help the company to capitalize on the Caesars brand name.
From 2004 to 2005 the company was called Caesars Entertainment. (Common shares traded under the Ticker Symbol CZR)
On June 18, 2004, following approval by the Nevada Gaming Commission
, Caesars completed the sale of the Las Vegas Hilton
hotel-casino to Colony Capital for $280 million. A Caesars spokesperson stated that the sale would help the company focus on its major casinos on the Las Vegas Strip
.
On July 14, 2004 Harrah's Entertainment agreed to purchase Caesars Entertainment for more than $5 billion subject to regulatory approvals. The acquisition was completed in 2005.
In turn, Harrah's Entertainment was itself acquired and taken private in 2006 by a group of private equity funds including Apollo Management
, Texas Pacific Group
, and (holding a minority stake) the Blackstone Group
.
Las Vegas, Nevada
Las Vegas is the most populous city in the U.S. state of Nevada and is also the county seat of Clark County, Nevada. Las Vegas is an internationally renowned major resort city for gambling, shopping, and fine dining. The city bills itself as The Entertainment Capital of the World, and is famous...
based business that was the largest owner, operator and developer of hotel
Hotel
A hotel is an establishment that provides paid lodging on a short-term basis. The provision of basic accommodation, in times past, consisting only of a room with a bed, a cupboard, a small table and a washstand has largely been replaced by rooms with modern facilities, including en-suite bathrooms...
s and casino
Casino
In modern English, a casino is a facility which houses and accommodates certain types of gambling activities. Casinos are most commonly built near or combined with hotels, restaurants, retail shopping, cruise ships or other tourist attractions...
s throughout the world. The company was dissolved and the assets were put under Harrah's Entertainment
Harrah's Entertainment
Caesars Entertainment Corporation is a private gaming corporation that owns and operates over 50 casinos, hotels, and seven golf courses under several brands. The company, based in Paradise, Nevada, is the largest gaming company in the world, with yearly revenues $8.9 billion...
subsidiary Harrah's Operating Company, which is seen on the Total Rewards
Total Rewards
Total Rewards is a casino loyalty program at nearly all Caesars Entertainment locations.- History :...
Cards and mailing brochures. It was part of the Hilton Hotels
Hilton Hotels
Hilton Hotels & Resorts is an international chain of full-service hotels and resorts founded by Conrad Hilton and now owned by Hilton Worldwide. Hilton hotels are either owned by, managed by, or franchised to independent operators by Hilton Worldwide. Hilton Hotels became the first coast-to-coast...
chain and was spun off from Hilton in 2000, taking the name Park Place Entertainment.
On April 9, 2008, Harrah's Entertainment announced that they would revive the Caesars Entertainment name, replacing "Harrah's" as the corporate identity.
History
All of the previous and succeeding companies' common stock was/is traded on the New York Stock ExchangeNew York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
.
From 1932 to 1994 Bally Manufacturing Corporation (Ticker Symbol BLY beginning August 12, 1975)
From 1994 to 1996 the company is called Bally Entertainment Corporation (Ticker Symbol BLY) In 1990, Arthur Goldberg purchases 5.6% of the company's stock and is named CEO. He revitalizes the company by selling the slot machine and exercise equipment manufacturing operations, and cutting costs at the casinos. In 1996, he sells the company for $2 billion.
From 1996 to 1998 the company is owned by Hilton Corporation
Hilton Hotels
Hilton Hotels & Resorts is an international chain of full-service hotels and resorts founded by Conrad Hilton and now owned by Hilton Worldwide. Hilton hotels are either owned by, managed by, or franchised to independent operators by Hilton Worldwide. Hilton Hotels became the first coast-to-coast...
. (Common shares are privately held)
From 1998 to 2003 spun off from Hilton, combined with Grand Casinos
Grand Casinos
Grand Casinos was a casino operator that started out managing several casinos in Minnesota in 1990.The company ceased to exist when it was purchased by Hilton Hotels which then merged it with its other gaming properties to form Park Place Entertainment in 1998.-History:Grand owned a total of 8...
and named Park Place Entertainment. (Common shares traded under Ticker Symbol PPE). Goldberg is named CEO of the spinoff.
In 2000, Park Place Entertainment purchased Caesars World, the following properties: Caesars Palace
Caesars Palace
Caesars Palace is a luxury hotel and casino located on the Las Vegas Strip in Paradise, Nevada, an unincorporated township in Clark County, Nevada, United States in the Las Vegas metropolitan area. Caesars Palace is owned and operated by Caesars Entertainment Corp....
, Caesars Atlantic City
Caesars Atlantic City
Caesars Atlantic City is a luxury hotel, casino, and spa resort in Atlantic City, New Jersey. Like Caesars Palace in Las Vegas, it has an ancient Roman theme. Atlantic City's second casino, it opened in 1979 as the Caesars Boardwalk Regency. The . casino has over 3,400 slot machines, and is one of...
, Sheraton Tunica and Horseshoe Southern Indiana (which was originally Caesars Indiana) from Starwood
Starwood
Starwood may refer to:* Starwood Hotels & Resorts Worldwide* Starwood Amphitheatre* Starwood Club of Los Angeles, California* Starwood Festival...
owners of Sheraton
Sheraton Hotels and Resorts
Sheraton Hotels and Resorts is Starwood Hotels & Resorts Worldwide's largest and second oldest brand . Starwood's headquarters are in White Plains, New York.-Sheraton history:...
Brand, it excluded the Caesars Pocono Resorts.
In 2001, Park Place Entertainment was named to the Gaming Hall of Fame
Gaming Hall of Fame
The Gaming Hall of Fame was established in 1989 to recognize individuals who have played a significant role in the gaming-entertainment industry....
.
In September 2003 at the annual shareholder
Shareholder
A shareholder or stockholder is an individual or institution that legally owns one or more shares of stock in a public or private corporation. Shareholders own the stock, but not the corporation itself ....
meeting a resolution to change the name of the company to Caesars Entertainment was approved and on January 6, 2004 the name change officially took effect. The primary reason for the name change was that management felt that it would help the company to capitalize on the Caesars brand name.
From 2004 to 2005 the company was called Caesars Entertainment. (Common shares traded under the Ticker Symbol CZR)
On June 18, 2004, following approval by the Nevada Gaming Commission
Nevada Gaming Commission
The Nevada Gaming Commission is a Nevada state governmental agency involved in the regulation of casinos throughout the state, along with the Nevada Gaming Control Board. It was founded in 1959 by the Nevada Legislature....
, Caesars completed the sale of the Las Vegas Hilton
Las Vegas Hilton
The Las Vegas Hilton is a hotel, casino, and convention center in Las Vegas, Nevada. It is a joint venture between Colony Capital, which owns 60 percent, and New York City-based REIT Whitehall Street Real Estate Funds, which owns the remaining 40 percent...
hotel-casino to Colony Capital for $280 million. A Caesars spokesperson stated that the sale would help the company focus on its major casinos on the Las Vegas Strip
Las Vegas Strip
The Las Vegas Strip is an approximately stretch of Las Vegas Boulevard in Clark County, Nevada; adjacent to, but outside the city limits of Las Vegas proper. The Strip lies within the unincorporated townships of Paradise and Winchester...
.
On July 14, 2004 Harrah's Entertainment agreed to purchase Caesars Entertainment for more than $5 billion subject to regulatory approvals. The acquisition was completed in 2005.
In turn, Harrah's Entertainment was itself acquired and taken private in 2006 by a group of private equity funds including Apollo Management
Apollo Management
Apollo Global Management, LLC is a private equity investment firm, founded in 1990 by former Drexel Burnham Lambert banker Leon Black. The firm specializes in leveraged buyout transactions and purchases of distressed securities involving corporate restructuring, special situations and industry...
, Texas Pacific Group
Texas Pacific Group
TPG Capital is one of the largest private equity investment firms globally, focused on leveraged buyout, growth capital and leveraged recapitalization investments in distressed companies and turnaround situations. TPG also manages investment funds specializing in growth capital, venture capital,...
, and (holding a minority stake) the Blackstone Group
Blackstone Group
The Blackstone Group L.P. is an American-based alternative asset management and financial services company that specializes in private equity, real estate, and credit and marketable alternative investment strategies, as well as financial advisory services, such as mergers and acquisitions ,...
.
Properties at acquisition by Harrahs
- Bally's Atlantic CityBally's Atlantic CityBally's Atlantic City is a luxury hotel and casino on the Boardwalk in Atlantic City, New Jersey that opened in 1979. It is one of the largest casinos on the boardwalk with nearly 2,000 rooms. Bally's is unique in that two of its four hotel towers are at least 80 years old. The Claridge Tower was...
, including Claridge Casino at Bally'sClaridge Casino at Bally'sClaridge Atlantic City was a casino and currently is a Hotel Tower for Bally's Atlantic City in Atlantic City, New Jersey. Formerly known as the "Del Webb's Claridge Hotel and Casino" and "Claridge Hotel and Casino", the resort was officially acquired by Bally's on December 30, 2002...
and Wild Wild West Casino, Atlantic City, New JerseyAtlantic City, New JerseyAtlantic City is a city in Atlantic County, New Jersey, United States, and a nationally renowned resort city for gambling, shopping and fine dining. The city also served as the inspiration for the American version of the board game Monopoly. Atlantic City is located on Absecon Island on the coast... - Bally's Las VegasBally's Las VegasBally's Las Vegas, formerly the MGM Grand Hotel and Casino, is a hotel and casino located on the Las Vegas Strip. The Las Vegas resort is located within the unincorporated locale of Paradise, Nevada and is owned and operated by Caesars Entertainment Corp.. The hotel features 2,814 extra-sized...
- Caesars Atlantic CityCaesars Atlantic CityCaesars Atlantic City is a luxury hotel, casino, and spa resort in Atlantic City, New Jersey. Like Caesars Palace in Las Vegas, it has an ancient Roman theme. Atlantic City's second casino, it opened in 1979 as the Caesars Boardwalk Regency. The . casino has over 3,400 slot machines, and is one of...
, Atlantic City New Jersey - Caesars WindsorCaesars WindsorCaesars Windsor in Windsor, Ontario is one of four casinos in the Detroit–Windsor area. Owned by the government of the province of Ontario , it is operated by Caesars Entertainment. Both the original Casino Windsor and the new expansion were designed by WZMH Architects...
, Windsor, OntarioWindsor, OntarioWindsor is the southernmost city in Canada and is located in Southwestern Ontario at the western end of the heavily populated Quebec City – Windsor Corridor. It is within Essex County, Ontario, although administratively separated from the county government. Separated by the Detroit River, Windsor...
, Canada - Caesars Palace at Sea - no longer on board Crystal Cruises
- Caesars IndianaCaesars IndianaHorseshoe Southern Indiana, is a riverboat casino operated by Caesars Entertainment Corporation. Opened in 1998, it is located outside the community of Elizabeth, Indiana, across the Ohio River from Louisville, Kentucky. The complex is located at the Harrison County line...
, Elizabeth, IndianaElizabeth, IndianaElizabeth is a town in Posey Township, Harrison County, Indiana, United States. The population was 162 at the 2010 census. It was founded in 1812 and named for Elizabeth Veach, wife of the landowner who donated the land for the town.-History:...
- To be renamed as Horseshoe - Caesars Palace Las VegasCaesars PalaceCaesars Palace is a luxury hotel and casino located on the Las Vegas Strip in Paradise, Nevada, an unincorporated township in Clark County, Nevada, United States in the Las Vegas metropolitan area. Caesars Palace is owned and operated by Caesars Entertainment Corp....
- Conrad Resort, Punta Del Este, Uruguay
- Flamingo Las VegasFlamingo Las VegasThe Flamingo Las Vegas is a hotel casino located on the Las Vegas Strip in Paradise, Nevada and is owned and operated by Caesars Entertainment Corp.. The property offers a casino along with 3,626 hotel rooms...
, Las Vegas, Nevada - Flamingo LaughlinFlamingo LaughlinAquarius Casino Resort is the largest hotel and casino located in Laughlin, Nevada, United States. Owned by American Casino & Entertainment Properties, it has 1,907 rooms and suites in two, 18-story towers that overlook the Colorado River...
, Laughlin, Nevada - Sold and renamed AquariusAquarius Casino ResortAquarius Casino Resort is the largest hotel and casino located in Laughlin, Nevada, United States. Owned by American Casino & Entertainment Properties, it has 1,907 rooms and suites in two, 18-story towers that overlook the Colorado River... - Grand Casino BiloxiGrand Casino BiloxiGrand Biloxi Casino Hotel and Spa is the name of a gambling establishment in Biloxi, Mississippi. It is owned and operated by Caesars Entertainment.This facility replaces the former Grand Casino Biloxi, which was destroyed by Hurricane Katrina...
, Biloxi, MississippiBiloxi, MississippiBiloxi is a city in Harrison County, Mississippi, in the United States. The 2010 census recorded the population as 44,054. Along with Gulfport, Biloxi is a county seat of Harrison County....
- Reopened after destruction by Hurricane KatrinaHurricane KatrinaHurricane Katrina of the 2005 Atlantic hurricane season was a powerful Atlantic hurricane. It is the costliest natural disaster, as well as one of the five deadliest hurricanes, in the history of the United States. Among recorded Atlantic hurricanes, it was the sixth strongest overall... - Grand Casino GulfportGrand Casino GulfportGrand Casino Gulfport was the name of a gambling establishment in Gulfport, Mississippi . It was owned and operated by Harrah's Entertainment. Prior to its destruction by Hurricane Katrina, the casino had two hotels with a total of 1,000 rooms, and a casino.-History:Prior to 2005, Grand Casino...
, Gulfport, MississippiGulfport, MississippiGulfport is the second largest city in Mississippi after the state capital Jackson. It is the larger of the two principal cities of the Gulfport-Biloxi, Mississippi Metropolitan Statistical Area, which is included in the Gulfport-Biloxi-Pascagoula, Mississippi Combined Statistical Area. As of the...
- Destroyed by Hurricane KatrinaHurricane KatrinaHurricane Katrina of the 2005 Atlantic hurricane season was a powerful Atlantic hurricane. It is the costliest natural disaster, as well as one of the five deadliest hurricanes, in the history of the United States. Among recorded Atlantic hurricanes, it was the sixth strongest overall...
, land sold and new casino Island View CasinoIsland View CasinoThe Island View Casino is a casino and hotel located in Gulfport, Mississippi.The Island View is the successor to the Copa Casino, which was first located on a docked cruise ship and then a barge-based building at the Mississippi State Docks, across U.S. Highway 90 from the current location... - Grand Casino TunicaGrand Casino TunicaHarrah's Casino Tunica, formerly Grand Casino Tunica, is a casino and resort located in Tunica Resorts, Mississippi. It is owned and operated by Caesars Entertainment. The casino offers a casino and three hotels with a total of 1,356 rooms...
, Tunica Resorts, MississippiTunica Resorts, MississippiTunica Resorts is an unincorporated community located in northern Tunica County, Mississippi, United States, north of the county seat of Tunica. The community was originally named Robinsonville, but the name was changed in 2003. Locals still refer to the town by this name. The community is situated...
- Renamed Harrah's Casino Tunica - Paris Las VegasParis Las VegasParis Las Vegas is a hotel and casino located on the Las Vegas Strip in Paradise, Nevada, USA, that is owned and operated by Caesars Entertainment Corp....
- Sheraton Casino and Hotel TunicaSheraton Casino and Hotel TunicaThe Tunica Roadhouse Casino & Hotel is a casino, hotel and spa located in Tunica Resorts, Mississippi,. It is themed to resemble a roadhouse, and is marketed as a place to "get wild", housing many features unique to Tunica casinos, such as a mechanical bull, as well as beer pong and other "bar games"...
, Tunica Resorts, Mississippi - renamed Tunica Roadhouse Casino & Hotel
External links
- Caesars Entertainment, now redirected to Harrah's.com
- Caesars.com on Internet Archives