Harrah's Entertainment
Encyclopedia
Gambling
Gambling is the wagering of money or something of material value on an event with an uncertain outcome with the primary intent of winning additional money and/or material goods...
corporation
Corporation
A corporation is created under the laws of a state as a separate legal entity that has privileges and liabilities that are distinct from those of its members. There are many different forms of corporations, most of which are used to conduct business. Early corporations were established by charter...
that owns and operates over 50 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, hotels, and seven golf courses under several brand
Brand
The American Marketing Association defines a brand as a "Name, term, design, symbol, or any other feature that identifies one seller's good or service as distinct from those of other sellers."...
s. The company, based in Paradise
Paradise, Nevada
Paradise is an unincorporated town in the Las Vegas metropolitan area in Clark County, Nevada, United States. The population was 223,167 at the 2010 census...
, Nevada
Nevada
Nevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its...
, is the largest gaming company in the world, with yearly revenues $8.9 billion (2010). Caesars is owned by Hamlet Holdings
Hamlet Holdings
Hamlet Holdings LLC which is by Apollo Management and Texas Pacific Group.- Subsidiaries :Harrah's Entertainment - completed buyout on January 29, 2008; since renamed to Caesars Entertainment Corporation....
, a joint venture of Apollo Global Management and 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,...
, with 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 ,...
holding a minority stake.
The name change from "Harrah's Entertainment Inc." to "Caesars Entertainment Corporation" was made official on November 23, 2010. Harrah's will remain a key brand in the newly named company. On November 5, 2010, Harrah's announced an initial public offering of 31,250,000 shares but retracted this offering on November 19.
William F. Harrah era (1937–1978)
The company known as Harrah's Entertainment was founded on October 30, 1937 as a small bingo parlorBingo (US)
Bingo is a game of chance played with randomly drawn numbers which players match against numbers that have been pre-printed on 5x5 matrices. The matrices may be printed on paper, card stock or electronically represented and are referred to as cards. Many versions conclude the game when the first...
in Reno
Reno, Nevada
Reno is the county seat of Washoe County, Nevada, United States. The city has a population of about 220,500 and is the most populous Nevada city outside of the Las Vegas metropolitan area...
, Nevada
Nevada
Nevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its...
operated by William F. Harrah
William F. Harrah
William Fisk Harrah was an American businessman and the founder of Harrah's Hotel and Casinos.-Early years and education:...
. The company went public in 1971 with 450,000 shares. Following that, in 1972, it was listed on the American Stock Exchange
American Stock Exchange
NYSE Amex Equities, formerly known as the American Stock Exchange is an American stock exchange situated in New York. AMEX was a mutual organization, owned by its members. Until 1953, it was known as the New York Curb Exchange. On January 17, 2008, NYSE Euronext announced it would acquire the...
and in 1973 Harrah's became the first casino company listed on the New York Stock Exchange
New 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...
.
Company founder William F. Harrah
William F. Harrah
William Fisk Harrah was an American businessman and the founder of Harrah's Hotel and Casinos.-Early years and education:...
died in 1978.
Post William F. Harrah era
Under Holiday Inn
- February 1980 – Holiday Inns, Inc.Holiday InnHoliday Inn is a brand of hotels, formally a economy motel chain, forming part of the British InterContinental Hotels Group . It is one of the world's largest hotel chains with 238,440 bedrooms and 1,301 hotels globally. There are currently 5 hotels in the pipeline...
acquires Harrah's, Inc. who operated two hotel casinos in Reno and Lake Tahoe, the auto collection in Reno and private residences. The auto collection was the largest in the world, a frequent source of vehicles for Hollywood movie producers and a major tourism draw to the city of Reno. Liquidation of the assets in that collection, including almost 7,000 antique automobiles, reportedly returned the full purchase price of both hotels and casinos to Holiday Inn. Holiday Inn at the time had 1,600 hotels and interests in two casinos, a casino under construction in the marina district in Atlantic City, New JerseyNew JerseyNew Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...
, and a 40 percent ownership interest in River Boat Casino, Inc., a casino adjacent to the Holiday Inn hotel on the Las Vegas StripLas Vegas StripThe 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...
. In November, Harrah's MarinaHarrah's Atlantic CityHarrah's Resort Atlantic City is a hotel and casino, located in the marina district of Atlantic City, New Jersey, and is Harrah's flagship casino.The casino is one of three in the marina district of the city, along with the Borgata and the Golden Nugget...
opens.
- July 1987 – Bill's Casino opens.
- August 1988 – Harrah's LaughlinHarrah's LaughlinHarrah's Laughlin is the second largest hotel and casino located in Laughlin, Nevada, USA. It has 1,561 rooms, including 115 suites, as well as a casino...
opens.
Operating as The Promus Companies
- January 1990 – Bass PLC acquires the Holiday Inn hotel business and The Promus Companies is created to retain the remaining assets and brands. Promus stock began trading a month later (NYSE:PRI).
- 1991 – Company headquarters is moved from Reno, Nevada to Memphis, TennesseeMemphis, TennesseeMemphis is a city in the southwestern corner of the U.S. state of Tennessee, and the county seat of Shelby County. The city is located on the 4th Chickasaw Bluff, south of the confluence of the Wolf and Mississippi rivers....
- April 1992 – The company acquires its first Las Vegas property as Holiday Las Vegas is converted to a Harrah's casino.
- May 1993 – Harrah's JolietHarrah's JolietHarrah's Joliet is a riverboat casino in Joliet, Illinois, outside of Chicago. It has 1,100 slot machines, 200 hotel rooms, and 4 restaurants.-External links:*...
opens;
- November 1993 - Harrah's Vicksburg in Vicksburg, MississippiVicksburg, MississippiVicksburg is a city in Warren County, Mississippi, United States. It is the only city in Warren County. It is located northwest of New Orleans on the Mississippi and Yazoo rivers, and due west of Jackson, the state capital. In 1900, 14,834 people lived in Vicksburg; in 1910, 20,814; in 1920,...
and Harrah's Tunica open.
- April 1994 – Harrah's Shreveport opens.
- December 1994 Harrah's Phoenix Ak-Chin opens. This is opened under a management contract with the Ak-Chin Indian Community.
Renamed as Harrah's Entertainment, Inc.
- June 1995 – The company is renamed to Harrah's Entertainment, Inc. following the split off of the Promus hotelPromus Hotel CorporationPromus Hotel Corporation was a hotel management and franchise company based in Memphis, Tennessee.- History :Promus Hotel Corporation's beginnings are tied to the original Holiday Inn company in Memphis, Tennessee. By 1974 Holiday Inn had diversified into several businesses that included a meat...
brands (Embassy Suites, Hampton Inn, and Homewood Suites).
- March 1997 – Harrah's St. Louis-RiverportMaryland Heights, MissouriMaryland Heights is a second-ring west-central suburb of St. Louis, located in St. Louis County, Missouri, United States. The population was 27,472 at the 2010 census. The city was incorporated in 1985. Edwin L. Dirck was elected the city's first mayor. Mark M. Levin has been City Administrator...
opens; May sees the consolidate of two Mississippi properties into the new Tunica Mardi Gras; September: Total Gold is launched; October: Harrah's completes $200 million expansion to Las Vegas; November: Harrah's Cherokee Smoky Mountains opens.
- January 1998 – Harrah's Prairie Band opens.
- June 1998 – the company acquires Showboat, Inc. including the Showboat Casino, Atlantic City and renames one property to Harrah's East Chicago. The company later sold the Showboat Hotel & Casino and the Sydney Showboat.
- May 1998 – Gary Loveman joins the organization as Chief Operating Officer.
- January 1, 1999 – Harrah's closed the purchase of the Rio All Suite Hotel and CasinoRio All Suite Hotel and CasinoThe Rio All Suite Hotel and Casino is located off the Las Vegas Strip in the unincorporated area of Paradise, Nevada, USA. It is better known as The Rio and is owned and operated by Caesars Entertainment Inc. The Rio was the first all suite resort in the Las Vegas area...
and Rio Secco Golf courseRio Secco Golf ClubRio Secco Golf Club is a public golf course located in Henderson, in Metropolitan Las Vegas, Nevada. The course has hosted the annual Tiger Jam and other charity and competitive events including the VegasGolfer Pro Showdown...
for $888 million giving the company 2 casinos in Las Vegas. Later that year, the company moved its headquarters from Memphis, Tennessee to Las Vegas.
- June 2003 – the Harrah's casino in Vicksburg, Mississippi is sold.
- March 2004 – Harrah's briefly purchased their 3rd Vegas Casino, Binion's HorseshoeBinion's HorseshoeBinion's Horseshoe, also known as the Horseshoe Casino or simply The Horseshoe, was a hotel and casino located in downtown Las Vegas, Nevada on what is now the Fremont Street Experience. The casino was named for its founder, Benny Binion and had 366 rooms, three restaurants and a rooftop pool.The...
, but immediately sold it on March 11, 2004, to MTR Gaming GroupMTR Gaming GroupMTR Gaming Group Inc. is a hospitality company based in Chester, West Virginia. The company holds, mostly through several subsidiaries, hotels, casinos and sports facilities...
retaining the valuable rights to the Horsehoe brand and the World Series of PokerWorld Series of PokerThe World Series of Poker is a world-renowned series of poker tournaments held annually in Las Vegas and, since 2005, sponsored by Harrah's Entertainment...
. Later in 2004, Harrah's closed on the purchase of Horseshoe Gaming Holding CorporationHorseshoe Gaming Holding CorporationHorseshoe Gaming Holding Corporation was established in 1993 with its only asset being the rights to use the Horseshoe name on casinos. The corporation was a private holding company mostly owned by Jack Binion.-History:...
.
Purchase of Caesars Entertainment
- June 13, 2005 – Harrah's completed the takeover of Caesars EntertainmentCaesars EntertainmentCaesars Entertainment may refer to:* Caesars Entertainment, Inc., the now defunct company that was Park Place Entertainment, Bally's, and formerly the gambling arm of Hilton Hotels, and purchased by Harrah's Entertainment...
. While the companies were not required to divest any properties, they did sell several properties before the merger was completed. This merger made Harrah's the largest gambling company with over 4 million square feet (370,000 m²) of casinos, almost 100,000 employees and over 40 casinos. Later that month, the company announced that they would consolidate all their brand names under the Harrah's, Rio, Caesars, and Horseshoe brands. The company also took ownership of the Caesars Palace at SeaCaesars Palace at SeaCaesars Palace at Sea was a casino operated by Harrah's Entertainment located on Crystal Cruises ships....
operations on Crystal CruisesCrystal CruisesCrystal Cruise Lines, most commonly seen as Crystal Cruises, is a Japanese luxury cruise line founded in 1988 and notable for its two medium-sized, high-end ships, Crystal Symphony and Crystal Serenity, which each hold about 1,000 guests. The line is a wholly owned subsidiary of the large Japanese...
ships. Some standalone names, like 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....
are likely to be retained. The rebranding of the two remaining Bally's properties in the company is scheduled, but a specific time line has not been disclosed. This acquisition takes the number of casinos owned by Harrah's in Las Vegas from 2 to 6.
- September 2005 – Harrah's Pride of Lake Charles was severely damaged by Hurricane RitaHurricane RitaHurricane Rita was the fourth-most intense Atlantic hurricane ever recorded and the most intense tropical cyclone ever observed in the Gulf of Mexico. Rita caused $11.3 billion in damage on the U.S. Gulf Coast in September 2005...
. One riverboat was pushed completely onshore. All of the restaurants and support buildings were destroyed. Harrah's closed its Lake CharlesLake Charles, LouisianaLake Charles is the fifth-largest incorporated city in the U.S. state of Louisiana, located on Lake Charles, Prien Lake, and the Calcasieu River. Located in Calcasieu Parish, a major cultural, industrial, and educational center in the southwest region of the state, and one of the most important in...
operations shortly thereafter.
- November 29, 2005 – Harrah's Entertainment announced plans to sell the 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...
to AREP Boardwalk Properties LLC. The $170 million sale closed on May 19, 2006. As a condition of the sale, the property is to be renamed the Aquarius within 6 months.
- December 2005 - Harrah’s acquires the Imperial Palace Hotel & Casino in Las Vegas for $370 million. The Imperial Palace occupies an 18.5 acres (7.5 ha) site directly between Harrah’s Las Vegas and the Flamingo. A year later the company announced that they intended to implode the IP, but later that decision is rescinded. This acquisition takes the number of casinos owned by Harrah's in Las Vegas from 6 to 7.
- December 12, 2005 – the 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...
sale was announced for an undisclosed amount to Gulfside Casino Partnership. Gulfside is the owner of the Copa CasinoCopa CasinoThe Copa Casino was a casino located in Gulfport, Mississippi . Prior to its destruction in 2005 by Hurricane Katrina, it operated a small casino that catered to local residents. The casino was originally housed in a former cruise ship, then later on a barge built to resemble an on-shore building,...
, next to the Grand Casino. The Grand Casino Biloxi is to be rebuilt from scratch as Margaritaville Casino and ResortMargaritaville Casino and ResortFor information about the defunct Margaritaville casino/hotel project in Atlantic City, New Jersey see Golden Nugget Atlantic CityThe Margaritaville Casino and Restaurant is a planned casino and restaurant in Biloxi, Mississippi in the United States....
.
- April 23, 2006 – a scavenger hunt style promotion called "Treasure Hunt" ended when an accident seriously hurt one employee and tourist, and killed one tourist. The accident happened when a robbery suspect fleeing police hit a mini-van carrying the Harrah's employee and tourists.
- May 26, 2006 – in Las Vegas, NV, Harrah's acquired a 19.6 acres (7.9 ha) site behind, but not adjacent to the Imperial PalaceImperial Palace Hotel and CasinoImperial Palace is a 2,640 room hotel and a casino located on the Las Vegas Strip in Paradise, Nevada. The hotel and casino were owned by Imperial Palace LLC until purchased by the current owner, Caesars Imperial Palace Corporation a subsidiary of Caesars Entertainment Corp..-History:From 1959 to...
with frontage on Koval Road. The cost for the land was $164.4 million. The site is currently occupied by the Desert Club Apartments.
Company goes private
- October 2, 2006 – The Wall Street JournalThe Wall Street JournalThe Wall Street Journal is an American English-language international daily newspaper. It is published in New York City by Dow Jones & Company, a division of News Corporation, along with the Asian and European editions of the Journal....
reported that private-equity firms would buy Harrah's Entertainment for $15.05 billion in one of the largest leveraged buyouts in history. A number of private-equity firms, including Texas Pacific GroupTexas Pacific GroupTPG 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 Apollo Global Management were involved in the talks. The company also announced plans to trade 24 acres (9.7 ha) on the Las Vegas StripLas Vegas StripThe 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...
for the Barbary Coast Hotel and Casino. Following approval from the U.S. Securities and Exchange Commission (SEC), state gaming commissions and by shareholders, the stock (NYSE HET) was delisted on January 28, 2008 and the company was taken private by Hamlet Holdings.
- December 2006 – Harrah's acquired London Clubs InternationalLondon Clubs InternationalLondon Clubs International is a British gambling company that was bought by Harrah's Entertainment in 2006. At the time of purchase, LCI operated casinos in London, Southend and Brighton as well as in Egypt and South Africa...
for $568 million. Harrah's announced Casino Windsor would be renamed as 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...
and would receive multiple upgrades to the physical premises.
- February 2007 - Barbary Coast (the 7th casino in Las Vegas) is acquired in a land swap with Boyd Gaming and is renamed Bill's Gamblin' Hall and Saloon, named after company founder Bill Harrah. The new casino is very small, but provides another piece of contiguous land for future development in Las Vegas.
- November 2007 - Harrah's acquired the Orient Golf Club on the Cotai Strip in Macau for approximately US$580M. The land area is roughly 180 acre (0.7284348 km²).
- January 2008 - Harrah's assumes $20 billion in debt when private equity firms Apollo Global Management and Texas Pacific Group acquired the company.
- April 9, 2008 – Harrah's Entertainment's board of directors approved a corporate name change to Caesars EntertainmentCaesars EntertainmentCaesars Entertainment may refer to:* Caesars Entertainment, Inc., the now defunct company that was Park Place Entertainment, Bally's, and formerly the gambling arm of Hilton Hotels, and purchased by Harrah's Entertainment...
Corporation. This change will capitalize on the international name recognition enjoyed on the Caesars name brand. The Harrah's brand remains one of the company's three primary casino brands.
- December 1, 2009 - Harrah's filed applications with Nevada gaming regulators seeking approval to acquire the Planet Hollywood Casino which is next to their Las Vegas properties. This acquisition will be their 8th casino in Las Vegas. Harrah's assembled all of its existing Las Vegas properties, by purchasing existing resorts beginning in April 1992. It was widely announced in previous years that the company planned to implode properties and build new ones from scratch, but after the market downturn the company conceded that it had little experience in building major resorts. Instead it developed Project Link in 2009, which calls for retaining and improving all existing buildings while adding a collection of about 20 restaurants and bars to be built along a winding corridor between the company's O'Sheas and Flamingo casinos, on the east side of the Strip. It is an attempt to create the kind of entertainment district that has developed organically in cities such as Los Angeles, Memphis and New Orleans yet is lacking on the Strip, with its enclosed, casino-centric zones. If this new zone is successful it will provide competition for the Fremont Street Experience.
The acquisition of Planet Hollywood will provide Harrah's with a contiguous 126 acre (0.50990436 km²) property bordering the strip. The vacant lots behind the casinos had been slated for a sports arena large enough to hold a professional basketball or hockey team. The three casinos will have over 8000 rooms which can be directly connected to the arena.
- February 19, 2010, Harrah's Entertainment acquires Planet Hollywood Casino and Resort in Las Vegas, NevadaLas Vegas, NevadaLas 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...
.
- It was announced in August 2010 that Harrah's will run casinos in Cincinnati, OhioCincinnati, OhioCincinnati is a city in the U.S. state of Ohio. Cincinnati is the county seat of Hamilton County. Settled in 1788, the city is located to north of the Ohio River at the Ohio-Kentucky border, near Indiana. The population within city limits is 296,943 according to the 2010 census, making it Ohio's...
and Cleveland, OhioCleveland, OhioCleveland is a city in the U.S. state of Ohio and is the county seat of Cuyahoga County, the most populous county in the state. The city is located in northeastern Ohio on the southern shore of Lake Erie, approximately west of the Pennsylvania border...
when they open in 2012.
- October 19, 2010 Harrah's filed with the SEC to raise up to $575 million in an initial public offering. Harrah's will change it name to Caesars Entertainment after the long delayed announcement when it launches its IPO, Trading on the NASDAQNASDAQThe NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
stock exchange under CZR (which was the ticker symbol for Caesars Entertainment - which Harrah's bought in 2005).
- In November 2011, the company filed again with the SEC for an initial public offering trading as CZR.
Rename to Caesars Entertainment Corp.
- November 2010 plans for an IPO were canceled at least for now but a planned name change from Harrah's Entertainment Inc to Caesars Entertainment Corp did go forward as planned and was made official November 23, 2010.
Book
In 2010, Chronicle BooksChronicle Books
Chronicle Books is a San Francisco-based American publisher of books for adults and children.The company was established in 1968 by Phelps Dewey, an executive with Chronicle Publishing Company, then-publisher of the San Francisco Chronicle. In 1999 it was bought by Nion McEvoy, great-grandson of...
published Harrah's Entertainment Presents...The Seven Stars Cookbook: Recipes from World-Class Casino Restaurants by John Schlimm
John Schlimm
John Schlimm is an American author and columnist. His new book is Harrah's Entertainment Presents...The Seven Stars Cookbook...
. The coffee table-sized cookbook contains more than 125 recipes from Harrah's Entertainment chefs as well as photographs by Frankie Frankeny.
See also
- Total RewardsTotal RewardsTotal Rewards is a casino loyalty program at nearly all Caesars Entertainment locations.- History :...
- World Series of PokerWorld Series of PokerThe World Series of Poker is a world-renowned series of poker tournaments held annually in Las Vegas and, since 2005, sponsored by Harrah's Entertainment...
- Buyout through Binion Horseshoe acquisition.
Further reading
External links
- Caesars homepage (used as a source for some information)
- Total Rewards Card