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Caesars Entertainment Corporation Company Profile

As of December 31, 2009, Caesars Entertainment Coroporation owned, operated or managed 52 casinos in seven countries, but primarily in the United States and England. The casino entertainment facilities operate primarily under the Harrah’s, Caesars and Horseshoe brand names in the United States, and include land-based casinos and casino hotels, dockside casinos, a combination greyhound racetrack and casino, a combination thoroughbred racetrack and casino, a combination harness racetrack and casino, casino clubs and managed casinos. Harrah's is focused on building customer loyalty through a unique combination of customer service, excellent products, unsurpassed distribution, operational excellence and technology leadership and on exploiting the value of their major hotel/casino brands and their loyalty program, Total Rewards. Harrah's believes that the customer-relationship marketing and business-intelligence capabilities fueled by Total Rewards are constantly bringing them closer to their customers so they better understand their preferences, and from that understanding, Harrah's is able to improve the entertainment experiences that they offer accordingly.

On January 28, 2008, Harrah’s Entertainment was acquired by affiliates of Apollo Global Management, LLC (“Apollo”) and TPG Capital, LP (“TPG”) in an all-cash transaction, hereinafter referred to as the “Acquisition,” valued at approximately $30.7 billion, including the assumption of $12.4 billion of debt and the incurrence of approximately $1.0 billion of acquisition costs. Holders of Harrah’s Entertainment stock received $90.00 in cash for each outstanding share of common stock. As a result of the Acquisition, the issued and outstanding shares of non-voting common stock and non-voting preferred stock of Harrah’s Entertainment are owned by entities affiliated with Apollo and TPG and certain co-investors and members of management, and the issued and outstanding shares of voting common stock of Harrah’s Entertainment are owned by Hamlet Holdings LLC, which is owned by certain individuals affiliated with Apollo and TPG.

In 2012, Caesars Entertainment went public again with an IPO.

Caesars Entertainment Corporation History

1937: Bill Harrah bought the Silver Tango bingo parlor in downtown Reno, Nevada, and renamed it Harrah's Bingo Club. It failed within a few weeks

1938: Harrah opened Harrah's Plaza Tango, another Reno bingo parlor

1940?: Harrah left the Plaza Tango location for Harrah's Heart Tango, on the busier Virginia Street

1946: Harrah opened Harrah's Club, a facility with slots and table games, on the site of the present Harrah's Reno casino

1955: Harrah bought the Gateway Club at Lake Tahoe, the first of a string of acquisitions and expansions that would become Harrah's Lake Tahoe

1957: Harrah's Reno casino doubled in size

1959: Harrah expanded his Lake Tahoe casino and added the South Shore Room, a theater/restaurant--Red Skelton is the opening act

1963: A brand new Harrah's casino and restaurant opened on an adjoining piece of land in Reno

1969: a 325-room, 24-story hotel opened at Harrah's Reno casino

1971: Harrah's became a publicly-traded company

1973: Hotel and casino expansion at Harrah's Lake Tahoe, including a 250-room tower

1978: On June 30, Bill Harrah died

1979: New Harrah's logo, incorporating the traditional "swing" but with bolder type and a star in place of the apostrophe, debuted

1980: Harrah's was acquired by Holiday Inns, Inc, becoming a wholly-owned subsidiary of that company responsible for its gaming operations. Holiday already owned a 40% stake in the Las Vegas Strip's Holiday casino and has a project under construction in Atlantic City

1980: Reno expansion

1980: Harrah's Marina (the former Holiday Inn project) opened in Atlantic City

1983: Holiday Inns acquried the remaining 60% of the Holiday Casino in Las Vegas

1983: Significant remoldeing done at Harrah's Marina

1984: 100-slip marina opened at Harrah's Marina

1984: Harrah's at Trump Plaza, a partnership with real estate mogul Donald Trump, opened on Atlantic City's Boardwalk

1985: Holiday Inns, Inc. became the Holiday Corporation

1986: Harrah's sold its share in Harrah's at Trump Plaza to Donald Trump

1986: Expansion projects began at the Holiday Casino and Harrah's Marina

1987: Bill's Casino, a casual adjunct to Harrah's Lake Tahoe, opened

1988: Harrah's Del Rio opened in Laughlin, Nevada

1990: The Holiday Corporation's Holiday Inn hotel business is transferred to Bass PLC and its remaining assets (its casinos and hospitality brands Embassy Suites, Hampton Inn, and Homewood Suites) became the Promus Companies

1990: Expansion project began at Harrah's Reno

1990: Hotel and casino expansion (and new facade) at the Holiday Casino

1990: Harrah's Marina was renamed Harrah's Atlantic City; Harrah's Del Rio is renamed Harrah's Laughlin

1992: The Holiday Casino became Harrah's Las Vegas

1993: Harrah's Joliet, the company's first riverboat casino, opened

1993: Harrah's Vicksburg opened

1993: Harrah's Tunica opened

1994: Harrah's Shreveport opened

1994: Harrah's North Kansas City opened

1994: Harrah's Ak-Chin opened near Phoenix, the first Indian casino managed by Harrah's

1995: Promus spins off its hotel brands and renamed itself Harrah's Entertainment, Inc.

1995: Harrah's New Orleans temporary casino, in which Harrah's is one of three partners, opened

1995: 408-room Hampton Inn opened at Harrah's Reno

1996: Harrah's Sky City opened in Auckland, New Zealand

1997: Harrah's Las Vegas is expanded, renovated and given a "carnival" theme

1997: Harrah's launched "Total Gold," which ultimately becomes its Total Rewards player loyalty program; the WINet network ties together customer databases at all Harrah's properties; Harrah's also received a patent for a table game tracking system

1997: Expansion completed at Harrah's Atlantic City

1997: Harrah's St. Louis-Riverport opened in Maryland Heights, Missouri

1997: Harrah's consolidated two Tunica properties into Harrah's Tunica Mardis Gras

1997: Harrah's Cherokee Smoky Mountains opened in partnership with the Eastern Band of Cherokee in North Carolina

1998: Sky City Limited bought out Harrah's management contract for Harrah's Sky City Casino in Auckland, New Zealand

1998: Harrah's and the Prarie Band of Potawatomi Nation opened Harrah's Prarie Band in Kansas

1998: Harrah's acquired Showboat, Inc, keeping its Showboat casino in Atlantic City, renaming its Indiana riverboat casino "Harrah's East Chicago," and selling its Las Vegas casino and having its management contract for the Star City casino in Sydney, Australia bought out

1998: Harrah's ceased management of the casino owned by the Upper Skagit Tribe in Washington state

1998: The Hampton Inn at Harrah's Reno is converted to the Harrah's Brand

1998: Harrah's New Orleans land-based casino project emerges from bankruptcy

1998: Harrah's acquired the assets of Boyd Gaming's Sam's Town Kansas City, relocated its boat, and sells its property

1999: Harrah's acquired the Rio Hotel and Casino in Las Vegas via merger

1999: Harrah's began partnering with Las Vegas-based National Airlines

1999: Harrah's Tunica is sold to Isle of Capri

2000: Harrah's introduced Total Rewards, a three-tiered player loyalty program, as the successor to Total Gold

2000: Harrah's acquired Players International; its Maryland Heights casino is intergrated into Harrah's St. Louis; its Metropolis, Illinois and Lake Charles, Louisiana facilities are rebranded as Harrah's Metropolis and Harrah's Lake Charles

2001: Harrah's acquired Harvey Casino Resorts, adding Harveys Lake Tahoe, Harveys Council Bluffs (renamed Harrah's Council Bluffs), and the Bluffs Run Casino (Council Bluffs, Iowa); Harvey's Wagon Wheel in Central City, Colorado is sold

2001: Expansion to Harrah's Phoenix Ak-Chin opened

2002: Harrah's acquired a controlling interest in Louisiana Downs, a thoroughbread racetrack in Bossier City, Louisiana

2002: Harrah's acquired all of the JCC Holding Co and becomes sole owner of Harrah's New Orleans

2002: Harrah's Rincon Casino and Resort, a casino owned by the Rincon San Luiseno Band of Mission Indians and managed by Harrah's, opens in San Diego County, California

2003: Louisiana Downs opened as a racing/gaming facility with 900 slot machines

2004: Harrah's acquired Binion's Horseshoe, then sells the casino to the MTR group; Harrah's retains the rights to the Horseshoe name in Nevada and the World Series of Poker Tournament

2004: Harrah's acquired Horseshoe Gaming Holding Corp., giving it Horseshoe casinos in Hammond, Indiana, Bossier City, Louisiana, and Runica, Mississippi

2004: Harrah's began running World Series of Poker-branded events at its properties nationwide

2005: Harrah's acquired by merger the assets of Caesars Entertainment (formerly Park Place Entertainment), including:

  • Caesars Palace (Las Vegas)
  • Bally's Las Vegas
  • Paris Las Vegas
  • Flamingo Las Vegas
  • Flamingo Laughlin
  • Bally's Atlantic City
  • Caesars Atlantic City
  • Grand Casino Biloxi
  • Grand Casino Gulfport
  • Grand Casino Tunica
  • Sheraton Casino and Hotel (Tunica)
  • Conrad Punta del Este Resort and Casino, Uruguay (86% ownership)

(Several other Caesars properties are sold off prior to the merger)

2005: Hurricane Katrina demolished the Grand Casinos Gulfport and Biloxi, and forced the closure of Harrah's New Orleans

2006: Harrah's New Orleans reopened

2006: Harrah's renovated the Bluffs Run casino and rebranded it as the Horseshoe Council Bluffs

2006: Harrah's acquired London Clubs International for $568 million.

2006: Harrah's sold Flamingo Laughlin to American Real Estate Partners for $170 million

2007: Harrah's acquired Barbary Coast from Boyd Gaming in exchange for 24 acres of land for the future Echelon project, Barbary Coast renamed to Bill's Gamblin' Hall and Saloon, in recognition of Harrah's founder Bill Harrah

2007: Harrah's acquired the Orient Golf Club on the Cotai Strip in Macau for approximately $580 million.

2007: In a $17 billion leveraged buyout, private equity firms Texas Pacific and Apollo Management take Harrah's Entertainment private

2008: Harrah's rebranded Casino Windsor (Ontario) as Caesars Windsor

2008: Harrah's opens a major expansion and spa at Harrah's Atlantic City

2009:The Sheraton Casino and Hotel Tunica was renamed to Tunica Roadhouse and Casino Hotel

2009: Ceased operating Fifty in November (closed)

2010: Bill's casino (Lake Tahoe) closed and later sold

2010: Harrah's acquired Planet Hollywood Casino and Resort (02/19)

2010: Harrah's Entertainment changes its name to Caesars Entertainment Corporation

2011: Caesars announces construction of Linq, a retail/entertainment complex on the Las Vegas Strip

2012: In February, Caesars goes public again with an IPO, trading on the NASDAQ under the symbol CZR

2012: Caesars sells Harrah's St. Louis to Penn National

2012: Horseshoe Cleveland opens

2013: Horseshoe Cincinatti opens

2013: Bill's Gamblin' Hall (Las Vegas) closes)

2013: The Imperial Palace (Las Vegas) is renamed The Quad

2013: Caesars Interactive begins offering online gaming in New Jersey

2014: The Cromwell opens at the former site of Bill's

Caesars Entertainment Corporation: Current Properties

Reno, Nevada

Harrah's Reno

Lake Tahoe, Nevada

Harrah's Lake Tahoe

Harveys Lake Tahoe

Las Vegas, Nevada

Harrah's Las Vegas

Bally's Las Vegas

Paris Las Vegas

Caesars Palace

Rio All-Suite Hotel and Casino

Flamingo Las Vegas

The Cromwell

The Quad

Planet Hollywood

Laughlin, Nevada

Harrah's Laughlin

Maricopa, Arizona

Harrahs Phoenix Ak-Chin Casino (managed)

Valley Center, California

Harrah's Rincon Casino and Resort (managed)

Joliet, Illinois

Harrah's Joliet (95% ownership)

Metropolis, Illinois

Harrah's Metropolis

Elizabeth, Indiana

Horseshoe Southern Indiana

Hammond, Indiana

Horseshoe Hammond

Council Bluffs, Iowa

Harrah's Council Bluffs

Horseshoe Council Bluffs

Bossier City, Louisiana

Harrah's Louisiana Downs (racing and gaming venue)

Horseshoe Bossier City

New Orleans, Louisiana

Harrah's New Orleans

Biloxi, Mississippi

Grand Biloxi

Tunica, Mississippi

Harrah's Tunica

Horseshoe Tunica

Tunica Roadhouse

North Kansas City, Missouri

Harrah's North Kansas City

Maryland Heights, Missouri

Harrah's St. Louis

Atlantic City, New Jersey

Bally's Atlantic City (including Claridge and Wild Wild West)

Caesars Atlantic City

Harrah's Atlantic City

Showboat

Cherokee, North Carolina

Harrah's Cherokee Casino (managed)

Chester, Pennsylvania

Harrah's Philadelphia

Cleveland, Ohio

Horseshoe Cleveland (20% partner with Rock Gaming)

Cincinatti, Ohio

Horseshoe Cincinatti (20% partner with Rock Gaming)

Windsor, Ontario, Canada

Caesars Windsor (50% interest)

Punta del Este, Uruguay

Conrad Puna del Este Resort and Casino (86% ownership, management)

London Cub International Casinos

London, England

The Rendezvous Casino London, London

The Sportsman Casino, London

Golden Nugget London, London

The Casino at the Empire, London

Southend-on-Sea, England

The Rendezvous Casino Kursaal, Southend-on-Sea

Brighton, Great Britain

The Rendezvous Casino Brighton, Brighton

Manchester, England

Manchester235, Manchester

Nottingham, England

Alea Nottingham, Nottingham

Glasgow, Scotland

Alea Glasgow, Glasgow

Leeds, England

Alea Leeds, Leeds

Cairo, Egypt

The London Club Cairo-Ramses, Cairo

Caesars Cairo, Cairo

Vanderbijlpark, South Africa

Emerald Safari Casino Resort, Vanderbijlpark, South Africa

World Series of Poker

 

Caesars Entertainment Corporation: Financial Info online

Publicly-accessible sites

SEC filings (Caesars Site)

Annual Reports (2001 to 2007)

 

 

For more detailed information, check out these databases. Note: use is restricted to current UNLV faculty, staff, and students.


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Last modified Tuesday, 20-May-2014 14:57:28 PDT