Caesars Entertainment Corporation , is an American gaming company based in Paradise, Nevada that owns and operates more than 50 casinos and hotels, and seven golf courses under several brands. It is the fourth largest game company in the world, with annual revenue of $ 8.6 billion (2013). Caesars is a public company, majority owned by a group of private equity firms led by Apollo Global Management and TPG Capital.
The largest operating unit of Caesars filed for Chapter 11 bankruptcy protection in January 2015.
Video Caesars Entertainment Corporation
History
William F. Harrah's era (1937-1978)
The company's background can be traced back to October 29, 1937, when Bill Harrah opened a small bingo salon in Reno, Nevada, the predecessor of Harrah's Reno. In 1955, he expanded into Stateline, Nevada, on the southern shore of Lake Tahoe, where he would eventually open Harrah's Lake Tahoe. Harrah's Inc. made an initial public offering in 1971. After that in 1972, listed on the American Stock Exchange and in 1973, Harrah's became the first casino company listed on the New York Stock Exchange.
Bill Harrah died on June 30, 1978 due to complications from aortic aneurysm and heart surgery at the Mayo Clinic in Rochester, Minnesota.
Under Holiday Inn
In February 1980, Holiday Inns acquired Harrah's, Inc. worth $ 300 million. Liquidation of Harrah's collection of nearly 7,000 antique cars is reportedly returning the full purchase price of the company to Holiday Inn. Holiday Inn at the time had an interest in two casinos: Holiday Inn Marina Casino under construction in Atlantic City, and a 40 percent stake in Holiday Casino, adjacent to the Holiday Inn hotel on the Las Vegas Strip.
In July 1987, Tahoe Lake Tahoe Casino opened. Harrah's Laughlin opened in August 1988.
Company Promus
The company now known as Caesars Entertainment was formed in 1990 as The Promus Companies . To influence the sale of the Holiday Inn business hotel to Bass PLC, Promus was created as a spinoff company, holding Harrah's, Embassy Suites, Homewood Suites, and Hampton Inn; Bass later acquired Holiday Corp., which only retained the Holiday Inn assets. The following year, the company's headquarters moved from Reno to Memphis, Tennessee
In April 1992, Holiday Casino was rebranded as Harrah's Las Vegas.
The late 1980s and early 1990s saw a rapid rise in the gambling market with the growth of Indian games and the legalization of river boat casinos. In 1993 and 1994, the company opened Harrah's Joliet, Harrah's Vicksburg, Harrah's Tunica, Harrah's Black Hawk, Harrah's Central City, Harrah's Shreveport, Harrah's Kansas City North, and Harrah's Ak-Chin.
Renamed Harrah's Entertainment, Inc.
In 1995, Promus decided to discontinue non-gaming hotel business, partly because they had been rated low by investors due to the perception of the company as a risky game play. Promus Hotel Corp was founded, holding Embassy Suites, Hampton Inn, and Homewood Suites, while the holding company, holding 16 casinos, was renamed Harrah's Entertainment.
Harrah's continued its expansion over the next ten years, opening Harrah's Skagit Valley, Harrah's Sky City, Harrah's St. Louis-Riverport, Harrah's Cherokee, Harrah's Prairie Band, Harrah's New Orleans, and Harrah's Rincon, and acquired Southern Belle Casino, Showboat, Inc., Rio All Suite Hotels and Casinos, International Players, Harveys Casino Resorts, Louisiana Downs, Horseshoe Gaming, and World Series of Poker.
In 1997, Harrah's launched the Total Gold loyalty program (renamed Total Rewards in 2000), developed at a cost of $ 20 million. This is the first gaming company to offer a system-wide comps program, allowing points earned at one casino to be exchanged for goods and services at one of the other company's casinos. This system will be credited as a key driver of Harrah's growth over the coming years.
Harvard Business School Professor Gary Loveman joined Harrah as chief operating officer in 1998, and will continue to serve as chief executive officer from 2003 to 2015.
In 1999, the company moved its headquarters from Memphis to Las Vegas.
Purchase of Caesars Entertainment
Harrah's made its biggest single expansion in 2005, when it acquired Caesars Entertainment, Inc. for $ 10.4 billion. Negotiations were prompted by news of a merger agreement between MGM Mirage and Mandalay Resort Group. The two companies sold several properties ahead of the merger to ease antitrust concerns, including Harrah's East Chicago and Harrah's Tunica. The acquisition increased Harrah's portfolio to 40 casinos, plus four casino cruises. The deal enhances Harrah's goal of gaining a greater presence on the Las Vegas Strip, where Caesars owns four casinos, and increases its ability to market to high rollers.
Harrah's began to encourage a larger international presence in 2005, announced a joint venture agreement to build casinos in Spain, Slovenia and the Bahamas, and applied for a license to build a large resort in Singapore, although none of these projects would to fruition.. Harrah's also acquired London Clubs International in 2006, and the Macau Orient Golf Club in 2007.
From 2005 to 2010, the company consolidated control of the long stretch of the east side of the Las Vegas Strip, acquired Bourbon Street, Imperial Palace, Barbary Coast and Planet Hollywood casinos, along with extensive tracts of land behind the Strip property.
In 2005 and 2006, Harrah's closed its Lake Charles casino for damage from Hurricane Rita, sold Flamingo Laughlin, and sold Grand Casino Gulfport.
Company becomes private
Loveman at some point asked the advice of private equity tycoon David Bonderman about the possibility of transferring Harrah's real estate holdings to the trust of a separate real estate investment (REIT), hoping to achieve a higher price-to-earnings ratio in which the hotel is traded, games. In 2006, the discussion evolved toward the idea of ​​leveraged purchases from Harrah's by the Bonderman company, TPG Capital. Another private equity firm, Apollo Global Management, approached Loveman about the purchase, and he encouraged them to collaborate with TPG. At the end of the year, an agreement was announced for two companies to purchase Harrah's with $ 17.1 billion in cash plus $ 10.7 billion in assumed debt. The transaction closed in January 2008, leaving Harrah's with $ 25.1 billion in debt.
The Linq
It was widely announced in previous years that the company plans to blow up property and build new ones from scratch, but once the market goes down the company admits that it has little experience in building large resorts. Instead of developing the Project LINQ in 2009, which calls for maintaining and upgrading all existing buildings while adding a collection of about 20 restaurants and bars to be built along a winding corridor between the Imperial Corporation Casino palace, O'Sheas and Flamingo, on the east side of the Strip. This is an attempt to create an entertainment area that has grown organically in cities like Los Angeles, Memphis and New Orleans but lacks on the Line, with a closed casino-centric zone. If the new zone is successful then it will give competition to Fremont Street Experience.
New Las Vegas Arena
Anschutz Entertainment Group first tried to build an arena in Las Vegas associated with Harrah's Entertainment. In 2007, the joint venture announced that it will build a 20,000-capacity stadium behind Bally and Paris casino hotels. Caesars Entertainment, Inc. previously imagined using the location to build a baseball park, but the company's purchase by Harrah's canceled the plan. Over the next year, Harrah was not sure to continue the project, not knowing whether AEG would split the cost, and whether building a premier league-ready stadium without a franchise guarantee to play on it would be feasible given the long-lasting financial crisis. The initial plan was to break down in June 2008 and complete the arena in 2010, but in 2009, it was revealed that the stalled project had not even conducted a traffic study despite being near a busy intersection. In 2010, plans were changed to use the area behind the Imperial Palace. However, given that the financing will require a special taxation district, the opposition from Clark County on the use of public money in the project is hampering it. AEG finally retreated completely in 2012, after MGM Resorts International came up with their own project using the terrain behind the New York-New York and Monte Carlo resorts. This attracts AEG primarily because it does not rely on public funding.
The acquisition of Planet Hollywood provides Harrah's with a 126 acres (51 ha) property bordering the strip. The empty space behind the casino has been scheduled for a large enough sports arena to hold professional basketball or hockey teams. All three casinos will have more than 8,000 rooms that can be directly connected to the arena.
It was announced in August 2010 that Harrah's will run casinos in Cincinnati, Ohio and Cleveland, Ohio when they open in 2012.
Rename to Caesars Entertainment Corp.
In November 2010 plans for the IPO were canceled, but the planned change of name from Harrah's Entertainment Inc. to Caesars Entertainment Corp. did not go as planned and made official November 23, 2010. The change is intended to capitalize on the recognition of international names enjoyed on the Caesars brand name. The Harrah brand will remain one of the three major corporate casino brands.
On February 8, 2012, an initial public offering was made, trading common stock on the NASDAQ with the symbol "CZR."
Caesars Acquisition Corporate merger
CaesarsOn December 22, 2014, Caesars announced its intention to acquire the Caesars Acquisition Company. Under the terms of the transaction, the shareholders of the Caesars Acquisition Company will receive 0.664 shares of Caesars Entertainment common shares for each of the shares of the Caesars Acquisition Company held.
File casino unit for Chapter 11 bankruptcy
Casinos operating unit Caesars Entertainment filed for Chapter 11 bankruptcy on January 15, 2015.
On November 2, 2015, Rock Gaming announced it would start assuming Cleveland Horseshoe Casino management, Horseshoe Casino Cincinnati, and ThistleDown Racino from Caesars Entertainment, and complete the transition in June 2016.
Purchase and sale of Playtika Company
Caesars Entertainment Corporation (through the Harrah casino brand) acquired Playtika in May 2011 for between $ 80 and $ 90 million. Playtika, the social game development company, was founded in 2010 by Robert Antokol and Uri Shahak and produced the social gaming platform Facebook (slotomania.com & amp; caesarsgames.com). In June 2016, a Chinese consortium, which includes Alibaba chief Jack Ma's Yunfeng Capital, agreed to buy it in a $ 4.4 billion purchase.
On November 29, 2017, Caesars announced to sell Harrah's Las Vegas to VICI Properties while Caesars will continue to operate it. On the same day, they announced that they bought Centaur Gaming. In addition, they built a new convention center in Las Vegas called "Caesars Forum".
Maps Caesars Entertainment Corporation
Properties
See also
- List of casinos in the United States
References
Further reading
- Shook, Robert L. (2003). Jackpots . Hoboken, N.J.: John Wiley & amp; Children. ISBN 0-471-26323-0.
External links
- the Caesars homepage (used as a source for some information)
- Total Gift Card
Source of the article : Wikipedia
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