Caesars Entertainment

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Caesars Entertainment, Inc. is a Las Vegas, Nevada based business that was the largest owner, operator and developer of hotels and casinos throughout the world. Now a wholly owned subsidiary of Harrah's Entertainment it was originally part of the Hilton Hotels chain and was spun off from Hilton in 2000, taking the name Park Place Entertainment. 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.

Contents

[edit] Corporate history

All of the previous and succeeding company's common stock was/is traded on the New York Stock Exchange.

  • 1932 to 1994 Bally Manufacturing Corporation (Ticker Symbol BLY beginning August 12, 1975)
  • 1994 to 1996 The company is called Bally Entertainment Corporation (Ticker Symbol BLY)
  • 1996 to 1998 The company is owned by Hilton Corporation. (Common shares are privately held)
  • 1998 to 2003 Spun off from Hilton, combined with Grand Casinos and named Park Place Entertainment. (Common shares traded under Ticker Symbol PPE}
  • 2000 Park Place Entertainment purchases Caesars World, Inc., acquiring properties including Caesars Palace.
  • 2004 to 2005 The company is called Caesars Entertainment. (Common shares traded under the Ticker Symbol CZR)
  • 2005 Caesars Entertainment acquired by Harrah's Entertainment

[edit] History

In 2001, Park Place Entertainment was named to the Gaming Hall of Fame.

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.

[edit] Properties at time of acquisition by Harrahs

[edit] The other Caesars

Caesars Entertainment is also the name of a Bangkok, Thailand brothel who is being sued by the United States company for trademark infringement, on the grounds that the Bangkok Caesars is trying to capitalize on a trademark which they neither own nor are legally licensed to use.

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