| Industry | Entertainment & Hospitality |
|---|---|
| Fate | will be renamed from Harrah's Entertainment |
| Successor | Harrah's Entertainment |
| Founded | 1994, Chicago, Illinois (as Bally's) |
| Defunct | 2005 |
| Headquarters | Las Vegas, Nevada, USA |
| Key people | Wallace R Barr, CEO Harry Hagerty, CFO William Barron Hilton and Stephen F. Bollenbach, Co-Chairman |
| Products | Casino Games Resorts |
Caesars Entertainment, Inc. was a Las Vegas, Nevada based business that was the largest owner, operator and developer of hotels and casinos 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.[1]
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All of the previous and succeeding companies' common stock was/is traded on the New York Stock Exchange.
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.[2]
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.