Harrah's Entertainment (later named Caesars Entertainment Corporation, previously The Promus Companies) was an American

casino A casino is a facility for gambling. Casinos are often built near or combined with hotels, resorts, restaurants, retail shops, cruise ships, and other tourist attractions. Some casinos also host live entertainment, such as stand-up comedy, conce ...

and

hotel A hotel is an establishment that provides paid lodging on a short-term basis. Facilities provided inside a hotel room may range from a modest-quality mattress in a small room to large suites with bigger, higher-quality beds, a dresser, a re ...

company founded in

Reno, Nevada Reno ( ) is a city in the northwest section of the U.S. state of Nevada, along the Nevada–California border. It is the county seat and most populous city of Washoe County, Nevada, Washoe County. Sitting in the High Eastern Sierra foothills, ...

, and based in

Paradise, Nevada Paradise is an Unincorporated towns in Nevada, unincorporated town and census-designated place (CDP) in Clark County, Nevada, United States, adjacent to the city of Las Vegas. It was formed on December 8, 1950. Its population was 191,238 at the ...

, that operated over 50 properties and seven golf courses under several brands. In 2013, it was the fourth-largest

gambling Gambling (also known as betting or gaming) is the wagering of something of Value (economics), value ("the stakes") on a Event (probability theory), random event with the intent of winning something else of value, where instances of strategy (ga ...

company in the world, with annual revenues of $8.6 billion. It was acquired in 2020 by

Eldorado Resorts Caesars Entertainment, Inc., formerly Eldorado Resorts, Inc., is an American hotel and casino entertainment company founded and based in Reno, Nevada, that operates more than 50 properties. Eldorado Resorts acquired Caesars Entertainment Corpora ...

, which then changed its own name to Caesars Entertainment. At the end of its existence, Caesars was a public company, majority-owned by a group of

private equity Private equity (PE) is stock in a private company that does not offer stock to the general public; instead it is offered to specialized investment funds and limited partnerships that take an active role in the management and structuring of the co ...

firms led by

Apollo Global Management Apollo Global Management, Inc. is an American asset management firm that primarily invests in alternative assets. , the company had $548 billion of assets under management, including $392 billion invested in credit, including mezzanine capita ...

TPG Capital TPG Inc., previously known as Texas Pacific Group and TPG Capital, is an American private equity firm based in Fort Worth, Texas. TPG manages investment funds in growth capital, venture capital, public equity, and debt investments. The firm in ...

, and Paulson & Co. and

Carl Icahn Carl Celian Icahn (; born February 16, 1936) is an American businessman and investor. He is the founder and controlling shareholder of Icahn Enterprises, a public company and diversified conglomerate holding company based in Sunny Isles Beach, ...

. Caesars's largest operating unit filed for

Chapter 11 bankruptcy protection Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, wh ...

in 2015, which led to the foundation of

Vici Properties Vici Properties Inc. is an American real estate investment trust (REIT) specializing in casino and entertainment properties, based in New York City. It was formed in 2017 as a spin-off from Caesars Entertainment Corporation as part of its bankr ...

as a result.

History

William F. Harrah era (1937–1978)

The company's background can be traced to October 29, 1937, when Bill Harrah opened a small

bingo parlor In the United States and Canada, bingo is a game of chance in which each player matches the numbers printed in different arrangements on cards. The game host (known as a ''caller'') draws balls at random, marking the selected numbers with tiles ...

, a predecessor to Harrah's Reno. In 1955, he expanded to

Stateline, Nevada Stateline is a census-designated place (CDP) on the southeastern shore of Lake Tahoe in Douglas County, Nevada, Douglas County, Nevada, United States. It lies next to the border with California and is conurbated with South Lake Tahoe, California ...

, on the south shore of

Lake Tahoe Lake Tahoe (; Washo language, Washo: ''dáʔaw'') is a Fresh water, freshwater lake in the Sierra Nevada of the Western United States, straddling the border between California and Nevada. Lying at above sea level, Lake Tahoe is the largest a ...

, where he would eventually open

Harrah's Lake Tahoe Harrah's Lake Tahoe is a hotel and casino in Stateline, Nevada. Harrah's is branded with the name of its former owner and operator, William F. Harrah. It is owned by Vici Properties and operated by Eldorado Resorts, Caesars Entertainment. The 18- ...

. Harrah's Inc. made its

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

in 1971. In 1972, it was listed on the

American Stock Exchange NYSE American, formerly known as the American Stock Exchange (AMEX), and more recently as NYSE MKT, is an American stock exchange situated in New York City. AMEX was previously a mutual organization, owned by its members. Until 1953, it was known ...

and in 1973, Harrah's became the first casino company listed on the

New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is the List of stock exchanges, largest stock excha ...

. In 1978, Bill Harrah died at the

Mayo Clinic Hospital The Mayo Clinic Hospital – Rochester is a 2,059-bed teaching hospital located in Rochester, Minnesota. It comprises the Saint Marys Campus with its Mayo Eugenio Litta Children's Hospital, as well as its Methodist Campus, forming an integral par ...

in Rochester, Minnesota, at the age of 66, during a cardiac surgery operation to repair an

aortic aneurysm An aortic aneurysm is an enlargement (dilatation) of the aorta to greater than 1.5 times normal size. Typically, there are no symptoms except when the aneurysm dissects or ruptures, which causes sudden, severe pain in the abdomen and lower back ...

Under Holiday Inn

In February 1980,

Holiday Inn Holiday Inn by IHG is a chain of hotels based in Atlanta, Georgia and a brand of IHG Hotels & Resorts. The chain was founded in 1952 by Kemmons Wilson (1913–2003), who opened the first location in Memphis, Tennessee. The chain was a division ...

acquired Harrah's, Inc. for $300 million. Liquidation of Harrah's collection of almost 7,000 antique automobiles reportedly returned the full purchase price of the company to Holiday Inn. Holiday Inn at the time had interests in two casinos: the under-construction Holiday Inn Marina Casino in

Atlantic City Atlantic City, sometimes referred to by its initials A.C., is a Jersey Shore seaside resort city in Atlantic County, in the U.S. state of New Jersey. Atlantic City comprises the second half of the Atlantic City- Hammonton metropolitan sta ...

, and a 40 percent stake in the Holiday Casino, adjacent to the Holiday Inn hotel on the

Las Vegas Strip The Las Vegas Strip is a stretch of Las Vegas Boulevard in Clark County, Nevada, that is known for its concentration of resort hotels and casinos. The Strip, as it is known, is about long, and is immediately south of the Las Vegas city limits ...

. In July 1987, Bill's Casino Lake Tahoe opened.

Harrah's Laughlin Harrah's Laughlin (formerly Harrah's Del Rio) is a casino hotel on the banks of the Colorado River in Laughlin, Nevada. It has 1,505 rooms, including 115 suites, as well as a casino. There are several restaurants, a poker room, keno and a race ...

opened in August 1988.

The Promus Companies

The company that would become Harrah's Entertainment was formed in 1990 as The Promus Companies. To effect the sale of the Holiday Inn hotel business to Bass PLC, Promus was created as a

corporate spin-off A corporate spin-off, also known as a spin-out, starburst or hive-off, is a type of corporate action where a company "splits off" a section as a separate business or creates a second incarnation, even if the first is still active. It is distinct ...

, holding Harrah's,

Embassy Suites Embassy Suites by Hilton is a chain of all-suite hotels trademarked by Hilton Worldwide. , there are 257 locations in five countries and territories with 59,712 rooms. Similar to other Hilton brands, 212 Embassy Suites hotels are independently o ...

, Homewood Suites, and

Hampton Inn Hampton by Hilton, formerly (and still commonly called) Hampton Inn or Hampton Inn & Suites, is an American chain of hotels trademarked by Hilton Worldwide. The Hampton hotel brand is a chain of moderately priced, budget to midscale limited serv ...

; Bass then acquired Holiday Corp., which retained only the Holiday Inn assets. The next year, the company's headquarters moved from Reno to

Memphis, Tennessee Memphis is a city in Shelby County, Tennessee, United States, and its county seat. Situated along the Mississippi River, it had a population of 633,104 at the 2020 United States census, 2020 census, making it the List of municipalities in Tenne ...

. In April 1992, the Holiday Casino was rebranded as Harrah's Las Vegas. The late 1980s and early 1990s saw a rapid increase in gambling markets with the growth of Indian gaming and legalization of

riverboat casino A riverboat casino is a type of casino on a riverboat found in several states in the United States with frontage on the Mississippi River and its tributaries, or along the Gulf Coast. Several states authorized this type of casino in order to en ...

s. In 1993 and 1994, the company opened

Harrah's Joliet Harrah's Joliet is a riverboat casino in Joliet, Illinois, outside Chicago, operated by Caesars Entertainment. It has 1,138 slot machines, 204 hotel rooms, and 4 restaurants. History The city began a downtown revitalization effort called Joliet ...

, Harrah's Vicksburg, Harrah's Tunica, Harrah's Black Hawk, Harrah's Central City,

Harrah's Shreveport Sam's Town Shreveport is a hotel and casino in Shreveport, Louisiana, Shreveport, Louisiana. It is owned and operated by Boyd Gaming. History First known as Harrah's Shreveport, the hotel was purchased in 2004 by Boyd Gaming from Harrah's Enter ...

, Harrah's North Kansas City, and Harrah's Ak-Chin.

Renamed as Harrah's Entertainment

In 1995, Promus decided to spin off its non-gaming hotel businesses, in part because they had been undervalued by investors due to perception of the company as a risky gaming stock. Promus Hotel Corp. was established, holding Embassy Suites, Hampton Inn, and Homewood Suites, while the parent company, holding 16 casinos, was renamed as Harrah's Entertainment. Harrah's continued its expansion over the next ten years, opening Harrah's Skagit Valley,

SkyCity Auckland Skycity Auckland is an entertainment complex and casino in the Auckland CBD, central business district of Auckland, New Zealand, between Victoria and Federal Streets. Located at the base of the Sky Tower (Auckland), Sky Tower, it was the second ...

, Harrah's St. Louis-Riverport, Harrah's Cherokee, Harrah's Prairie Band, Harrah's New Orleans, and Harrah's Rincon, and acquiring the Southern Belle Casino, Showboat, Inc., the

Rio All Suite Hotel and Casino The Rio is a hotel and casino near the Las Vegas Strip in Paradise, Nevada, United States. It is owned and operated by Dreamscape Companies LLC. It includes a casino and 2,520 suites. It features a Brazilian theme based on Rio Carnival. The Ri ...

Players International Players International was a company, based in Atlantic City, New Jersey, that built and operated riverboat casinos and a horse racing track. History The company was founded by brothers David and Edward Fishman in 1984. The company was original ...

, Harveys Casino Resorts,

Louisiana Downs Louisiana Downs Casino & Racetrack is a horse racing track and racino located in Bossier City, Louisiana, Bossier City in northwestern Louisiana. It opened in 1974. The casino features over 800 slot machines. The track specification is a dirt trac ...

, Horseshoe Gaming, and the

World Series of Poker The World Series of Poker (WSOP) is a series of poker tournaments held annually in Paradise, Nevada, and since 2004, sponsored by Eldorado Resorts, Caesars Entertainment. It dates its origins to 1970, when Benny Binion invited seven of the best ...

. On September 4, 1997, Harrah's Entertainment launched its Total Gold

loyalty program A loyalty program or rewards program is a marketing strategy designed to encourage customers to continue to shop at or use the services of one or more businesses associated with the program. Single-company vs. coalition programs Loyalty progr ...

(renamed as Total Rewards on April 4, 2000 and again as

Caesars Rewards Caesars Entertainment, Inc., formerly Eldorado Resorts, Inc., is an American hotel and casino entertainment company founded and based in Reno, Nevada, that operates more than 50 properties. Eldorado Resorts acquired Caesars Entertainment Corpora ...

on February 1, 2019), developed at a cost of $20 million. It was the first gaming company to offer a systemwide comps program, allowing points earned at one casino to be redeemed for goods and services at any of the company's other casinos. The system would be credited as a major driver of Harrah's growth over the coming years.

Harvard Business School Harvard Business School (HBS) is the graduate school, graduate business school of Harvard University, a Private university, private Ivy League research university. Located in Allston, Massachusetts, HBS owns Harvard Business Publishing, which p ...

professor Gary Loveman joined Harrah's as

chief operating officer A chief operating officer (COO), also called chief operations officer, is an executive in charge of the daily operations of an organization (i.e. personnel, resources, and logistics). COOs are usually second-in-command immediately after the C ...

in 1998, and would go on to serve as

chief executive officer A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...

from 2003 to 2015. In 1999, the company moved its headquarters from Memphis to Las Vegas.

Purchase of Caesars Entertainment, Inc.

Harrah's made its largest single expansion in 2005, when it acquired Caesars Entertainment, Inc. for $10.4 billion. Negotiations were spurred on by news of a merger agreement between

MGM Mirage MGM Resorts International is an American multinational hospitality, sports and entertainment company. It operates resorts in Las Vegas, Massachusetts, Michigan, Mississippi, Maryland, Ohio, New Jersey, Macau, Shanghai, Chengdu, Hangzhou and San ...

and Mandalay Resort Group. The two companies sold several properties ahead of the merger to assuage

antitrust Competition law is the field of law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies. Competition law is implemented through public and private enforcement. It is also known as antitrust l ...

concerns, including Harrah's East Chicago and Harrah's Mardi Gras. The acquisition increased Harrah's portfolio to 40 casinos, plus four cruise ship casinos. The deal furthered Harrah's goal of gaining a larger presence on the Las Vegas Strip, where Caesars owned four casinos, and improved its ability to market to

high roller A high roller, also referred to as a whale or cheetah, is a gambler who consistently wagers large amounts of money. High rollers often receive lavish " comps" from casinos to entice them onto the gambling floors, such as free private jet transfe ...

s. Harrah's began to push for a larger international presence in 2005, announcing joint venture agreements to build casinos in Spain, Slovenia, and the Bahamas, and applying for a license to build a major resort in Singapore, though none of these projects would come 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 a long stretch of the east side of the Las Vegas Strip, acquiring the

Bourbon Street Bourbon Street (, ) is a historic street in the heart of the French Quarter of New Orleans. Extending twelve blocks from Canal Street to Esplanade Avenue, Bourbon Street is famous for its many bars and strip clubs. Tourist numbers have b ...

, Imperial Palace,

Barbary Coast The Barbary Coast (also Barbary, Berbery, or Berber Coast) were the coastal regions of central and western North Africa, more specifically, the Maghreb and the Ottoman borderlands consisting of the regencies in Algiers, Tunis, and Tripoli, a ...

, and

Planet Hollywood Planet Hollywood International Inc. (stylized as planet Hollywood, planet Hollywood observatory and ph) is a themed restaurant chain inspired by the popular portrayal of Hollywood. The company is owned by Earl Enterprises corporation. Earl E ...

casinos, along with large tracts of land behind the Strip properties. In 2005 and 2006, Harrah's Entertainment closed its Lake Charles casino due to damage from

Hurricane Rita Hurricane Rita was the most intense tropical cyclone on record in the Gulf of Mexico, tying with Hurricane Milton in 2024 Atlantic hurricane season, 2024, as well as being the fourth-most intense Atlantic hurricane ever recorded. Part of the ...

, sold the Flamingo Laughlin and sold Grand Casino Gulfport.

Company goes private

Loveman at some point sought advice from

tycoon

David Bonderman David Bonderman (November27, 1942December11, 2024) was an American billionaire businessman. He was the founding partner of TPG Inc. (formerly Texas Pacific Group), and its Asian affiliate, Newbridge Capital. He was also one of the minority owne ...

about the possibility of spinning off ownership of Harrah's Entertainment real estate as a separate

real estate investment trust A real estate investment trust (REIT, pronounced "reet") is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of real estate, including office and apartment buildings, studios, warehouses, hos ...

(REIT), hoping to attain the higher price-to-earnings ratios at which hotel companies traded, compared to gaming companies. In 2006, the discussions evolved toward the idea of a

leveraged buyout A leveraged buyout (LBO) is the acquisition of a company using a significant proportion of borrowed money (Leverage (finance), leverage) to fund the acquisition with the remainder of the purchase price funded with private equity. The assets of t ...

of Harrah's by Bonderman's company,

. Another private equity firm,

, approached Loveman about a buyout and he encouraged them to collaborate with TPG. By the end of the year, an agreement was announced for the two companies to buy Harrah's Entertainment for $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 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 LINQ in 2009, which would add 20 restaurants and bars between the company's Imperial Palace,

O'Sheas O'Sheas Casino is an Irish-themed casino located within The Linq Promenade, an outdoor entertainment district on the Las Vegas Strip in Paradise, Nevada, Paradise, Nevada. O'Sheas originally opened on July 1, 1989 and operated in between the Fla ...

and

Flamingo Flamingos or flamingoes () are a type of wading bird in the family Phoenicopteridae, which is the only extant family in the order Phoenicopteriformes. There are four flamingo species distributed throughout the Americas (including the Caribbe ...

casinos, on the east side of the

. The goal was to create an entertainment district similar to what had developed organically in

Los Angeles Los Angeles, often referred to by its initials L.A., is the List of municipalities in California, most populous city in the U.S. state of California, and the commercial, Financial District, Los Angeles, financial, and Culture of Los Angeles, ...

, Memphis and

New Orleans New Orleans (commonly known as NOLA or The Big Easy among other nicknames) is a Consolidated city-county, consolidated city-parish located along the Mississippi River in the U.S. state of Louisiana. With a population of 383,997 at the 2020 ...

but did not yet exist on the Strip, with its enclosed and casino-centric zones. It provided competition for the

Fremont Street Experience The Fremont Street Experience (FSE) is a pedestrian mall and attraction in downtown Las Vegas, Nevada. The FSE occupies the westernmost five blocks of Fremont Street, including the area known for years as "Glitter Gulch", and portions of som ...

Las Vegas Arena

The

Anschutz Entertainment Group Anschutz Entertainment Group, Inc. (AEG), also known as AEG Worldwide, is an American global sporting and music entertainment presenter and a subsidiary of the Anschutz Corporation. It is the world's largest owner of sports teams and sports ...

first tried to build an arena in Las Vegas in association with Harrah's Entertainment. In 2007, the joint venture announced they would build a 20,000-seat stadium behind the Bally's and

Paris Paris () is the Capital city, capital and List of communes in France with over 20,000 inhabitants, largest city of France. With an estimated population of 2,048,472 residents in January 2025 in an area of more than , Paris is the List of ci ...

casino-hotels. Caesars Entertainment, Inc. had previously envisioned using the location to build a

baseball park A ballpark, or baseball park, is a type of sports venue where baseball is played. The playing field is divided into two field sections called the infield and the outfield. The infield is an area whose dimensions are rigidly defined in part ba ...

, but the company's buyout by Harrah's cancelled the plans. Through the following year, Harrah's got uncertain on continuing with the project, not knowing if AEG would split the costs and whether building a major league-ready stadium without a guaranteed franchise to play on it would be feasible during the

2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...

. The original plans were to break ground in June 2008 and finish the arena in 2010, but by 2009, it was revealed the stalled project had not even done a traffic study despite being located near a busy intersection. In 2010, the plans were changed to use an area behind the Imperial Palace. However, given the financing would require a special taxation district, opposition from the

Clark County Commission The Clark County Commission is the governmental organization that governs and runs Clark County, Nevada, providing services to the unincorporated areas. Its offices are located at the Clark County Government Center in Downtown Las Vegas. Compos ...

regarding using public money in the project stalled it even further. AEG eventually backed out completely by 2012, once

MGM Resorts International MGM Resorts International is an American Multinational corporation, multinational hospitality, sports and entertainment company. It operates resorts in Las Vegas, Massachusetts, Michigan, Mississippi, Maryland, Ohio, New Jersey, Macau, Shanghai, ...

came up with their own

project A project is a type of assignment, typically involving research or design, that is carefully planned to achieve a specific objective. An alternative view sees a project managerially as a sequence of events: a "set of interrelated tasks to be ...

using a terrain behind the

New York-New York New York-New York Hotel and Casino is a casino hotel on the Las Vegas Strip in Paradise, Nevada, United States. It is owned by Vici Properties and operated by MGM Resorts International, and is designed to evoke New York City in its architectur ...

and

Monte Carlo Monte Carlo ( ; ; or colloquially ; , ; ) is an official administrative area of Monaco, specifically the Ward (country subdivision), ward of Monte Carlo/Spélugues, where the Monte Carlo Casino is located. Informally, the name also refers to ...

resorts. This attracted AEG primarily for not relying on public funding. The acquisition of Planet Hollywood provided Harrah's Entertainment with a contiguous 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 8,000 rooms which can be directly connected to the arena. It was announced in August 2010 that Harrah's Entertainment would run casinos in

Cincinnati Cincinnati ( ; colloquially nicknamed Cincy) is a city in Hamilton County, Ohio, United States, and its county seat. Settled in 1788, the city is located on the northern side of the confluence of the Licking River (Kentucky), Licking and Ohio Ri ...

and

Cleveland Cleveland is a city in the U.S. state of Ohio and the county seat of Cuyahoga County. Located along the southern shore of Lake Erie, it is situated across the Canada–U.S. maritime border and approximately west of the Ohio-Pennsylvania st ...

Ohio Ohio ( ) is a U.S. state, state in the Midwestern United States, Midwestern region of the United States. It borders Lake Erie to the north, Pennsylvania to the east, West Virginia to the southeast, Kentucky to the southwest, Indiana to the ...

when they opened in 2012.

Renamed as Caesars Entertainment Corporation

On November 23, 2010, plans for an

IPO An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

were canceled, but a planned name change from Harrah's Entertainment to Caesars Entertainment Corporation did go forward and was made official on the same day. This change was intended to capitalize on the international name recognition of the Caesars brand. The Harrah's brand would remain one of the company's three primary casino brands. On February 8, 2012, an initial public offering took place, with the common stock trading on the NASDAQ under the symbol "CZR."

Caesars Acquisition Company merger

On December 22, 2014, Caesars announced its intention to acquire Caesars Acquisition Company. Under the terms of the transaction, shareholders of Caesars Acquisition Company would receive 0.664 share of Caesars Entertainment common stock for each share of Caesars Acquisition Company held.

Casino unit files for Chapter 11 bankruptcy

The casino operating unit, Caesars Entertainment Operating Company, Inc. and approximately 170 of its subsidiaries filed for Chapter 11 bankruptcy on January 15, 2015. The casino unit's parent company, Caesars Entertainment Corporation, did not file for bankruptcy protection. The casino operating group's investors initiated litigation against the parent company, Caesars Entertainment Corporation's over the parent company's debt guarantees.

was founded as a result. On November 2, 2015, Rock Gaming announced it would begin assuming management of Horseshoe Casino Cleveland, Horseshoe Casino Cincinnati and ThistleDown Racino from Caesars Entertainment and complete the transition by June 2016.

Playtika Company acquisition and sale

Caesars acquired Playtika in May 2011 for an amount between $80 and $90 million. Playtika, a social game developer company, was founded in 2010 by Robert Antokol and Uri Shahak and produced Facebook social gaming platforms (slotomania.com & caesarsgames.com). In June 2016, a Chinese consortium, which included Alibaba chief

Jack Ma Ma Yun (; born 10 September 1964), or more commonly referred as Jack Ma, is a Chinese businessman and philanthropist. He is the founder of the Jack Ma Foundation, and co-founder of Alibaba Group and Yunfeng Capital. As of May 2025, Ma's ne ...

Yunfeng Capital Yunfeng Capital (YF Capital; ) is a Shanghai-based private equity firm founded in 2010. It was founded by Jack Ma ( founder and former executive chairman of Alibaba) and David Yu (founder of Target Media). Background Yunfeng Capital was foun ...

, agreed to purchase it in a buyout for $4.4 billion. On November 29, 2017, Caesars announced it was selling Harrah's Las Vegas to

while Caesars continued to operate it. The same day, they announced that they were buying Centaur Gaming. In addition, they were building a new convention center in Las Vegas named

Caesars Forum Caesars Forum is a convention center located in Paradise, Nevada, east of the Las Vegas Strip. It is owned and operated by Caesars Entertainment. Development of the project began around early 2017, and construction started in July 2018. The facil ...

Caesars and Eldorado merger

In February 2019,

Turner Sports TNT Sports is the division of Warner Bros. Discovery in the United States that is responsible for Sports broadcasting, sports broadcasts on its parent company's streaming service, Max (streaming service), Max, and primarily the TruTV, TBS (Americ ...

announced an agreement with Caesars to provide sports betting content for its sports news website ''

Bleacher Report ''Bleacher Report'' (often abbreviated as B/R) is a website that focuses on sports and sports culture. Its headquarters are in San Francisco, with offices in New York City and London. ''Bleacher Report'' was acquired by Time Warner's Turner B ...

'', including a dedicated studio at Caesars Palace in Las Vegas. On March 17, 2019, it was announced that Caesars Entertainment Corporation and

were exploring a merger of the two companies. On June 23, 2019, Caesars officially accepted Eldorado's offer, reported to be worth almost $8.6 billion. Caesars controlled 53 assets compared to Eldorado's 26. After completion of the merger, 5 board members would come from Caesars and 6 would come from Eldorado. In May 2019,

ESPN ESPN (an initialism of their original name, which was the Entertainment and Sports Programming Network) is an American international basic cable sports channel owned by the Walt Disney Company (80% and operational control) and Hearst Commu ...

announced a partnership with Caesars Entertainment, in which it would be the exclusive provider of sports odds across its programming, and ESPN would construct a Las Vegas studio at

The Linq The Linq (formerly Flamingo Capri, Imperial Palace and The Quad) is a casino hotel on the Las Vegas Strip in Paradise, Nevada. It is owned and operated by Eldorado Resorts, Caesars Entertainment. It opened as the Flamingo Capri on October 30, 1 ...

devoted to sports betting-oriented programming. On April 16, 2019, Caesars announced that Affinity Gaming CEO Anthony Rodio would become the CEO of Caesars within 30 days, replacing Mark Frissora, who announced his intention to step down in November 2018. Rodio came recommended by investor

, who owned almost 100 million shares (a 28.5% stake in Caesars as of June 17, 2019) and had reportedly been pushing Caesars to sell the company. Shareholders of Caesars and Eldorado approved the merger on November 15, 2019, and it was completed in July 2020.

Fines and settlements

In 2015 the US Treasury's

Financial Crimes Enforcement Network The Financial Crimes Enforcement Network (FinCEN) is a bureau within the United States Department of the Treasury that collects and analyzes information about financial transactions to combat domestic and international money laundering, terrori ...

(FinCEN) fined Caesars Entertainment's Las Vegas casino $8 million for failing to properly police transactions for illicit activity. A 2012 IRS examination found Caesars had failed to report to the authorities over 100 incidents involving potential criminal activity. The

Nevada Gaming Control Board The Nevada Gaming Control Board (NGCB or SGCB), also known as the State Gaming Control Board, is a Nevada state governmental agency involved in the regulation of gaming and law enforcement of Nevada gaming laws throughout the state, along with th ...

announced a related $1.5 million penalty. Caesars Entertainment was censured by the UK's

Gambling Commission The Gambling Commission is an executive, non-departmental public body of the Government of the United Kingdom responsible for regulating gambling and supervising gaming law in Great Britain. Its remit covers arcades, betting, bingo, casin ...

in 2015 for lax money-laundering controls in at two of its London casinos. Caesars entered into a voluntary settlement, agreeing to improve its anti-money laundering processes and making a payment of £875,000 to be used for “socially responsible purposes”. In 2020 the UK Gambling Commission fined Caesars Entertainment EMEA a record £13m for failures relating to VIP schemes. The failures included allowing a customer to lose £323,000 in 12 months, despite showing signs of

gambling addiction Problem gambling, ludopathy, or ludomania is repetitive gambling behavior despite harm and negative consequences. Problem gambling may be diagnosed as a mental disorder according to DSM-5 if certain diagnostic criteria are met. Pathological ga ...

. Caesars was also found guilty of failing to prevent money laundering, and failing to check the source of funds of someone who bet £3.5m in three months, and a politically exposed person (PEP) who lost £795,000 in just over a year. Three senior managers lost their licence to run a gambling business.

Sale

In April 2020, Twin River Worldwide Holdings announced a deal with Caesars Entertainment and

to purchase

Bally's Atlantic City Bally's Atlantic City is a casino hotel on the Boardwalk (entertainment district), boardwalk in Atlantic City, New Jersey. It is owned and operated by Bally's Corporation. The Marlborough-Blenheim Hotel stood on the site before the casino was ...

in Atlantic City, New Jersey.

Properties

At the time of its acquisition in 2020, Caesars operated the following properties: * Bally's **

Bally's Las Vegas Horseshoe Las Vegas is a casino hotel on the Las Vegas Strip in Paradise, Nevada. It is owned and operated by Caesars Entertainment. It originally opened as the MGM Grand Hotel and Casino on December 4, 1973. The 26-story hotel contained 2,1 ...

* Caesars **

Caesars Atlantic City Caesars Atlantic City is a luxury hotel, casino, and destination spa, spa resort in Atlantic City, New Jersey. Like Caesars Palace in Las Vegas Valley, Las Vegas, it has an ancient Roman and Classical Greece, ancient Greek theme. Atlantic City' ...

Caesars Palace Caesars Palace is a luxury hotel and casino in Paradise, Nevada, United States. The hotel is situated on the west side of the Las Vegas Strip between Bellagio and The Mirage. It is one of Las Vegas's largest and best known landmarks. Caesar ...

** Caesars Southern Indiana * Harrah's **

Harrah's Ak-Chin Casino Harrah's Ak-Chin is a hotel and casino located 39 miles (63 km) south of Phoenix, Arizona, in Maricopa, Arizona, Maricopa. It is owned by the Ak-Chin Indian Community and operated by Eldorado Resorts, Caesars Entertainment. The casino featu ...

Harrah's Atlantic City Harrah's Resort Atlantic City is a casino hotel in the marina district of Atlantic City, New Jersey, owned by Vici Properties and operated by Caesars Entertainment. Harrah's is one of the largest hotels in New Jersey. The casino is one of thre ...

** Harrah's Cherokee ** Harrah's Cherokee Valley River ** Harrah's Council Bluffs ** Harrah's Gulf Coast ** Harrah's Hoosier Park Racing & Casino **

** Harrah's Las Vegas **

** Harrah's Louisiana Downs ** Harrah's Metropolis ** Harrah's New Orleans ** Harrah's North Kansas City ** Harrah's Northern California **

Harrah's Philadelphia Harrah's Philadelphia Casino & Racetrack is a harness racing track and casino (a racino) on the Chester, Pennsylvania waterfront. It is owned by Vici Properties and operated by Caesars Entertainment. History The track was built on the site ...

Harrah's Resort Southern California Harrah's Resort Southern California (formerly Harrah's Rincon) is a Native American gaming casino and integrated resort near Valley Center, California. It is owned by the Rincon Band of Luiseño Indians and operated by Caesars Entertainment. ...

* Horseshoe ** Horseshoe Casino Baltimore (50% ownership with Jack Entertainment) ** Horseshoe Bossier City ** Horseshoe Council Bluffs ** Horseshoe Hammond **

Horseshoe Casino Tunica Horseshoe Casino Tunica is a casino resort located in Tunica Resorts, Mississippi, United States. It was developed by Jack Binion, the son of Las Vegas gaming legend Benny Binion, and named after his father's famous Binion's Horseshoe downtown g ...

* Other Las Vegas Strip ** The Cromwell Las Vegas **

Flamingo Las Vegas Flamingo Las Vegas (formerly the Flamingo Hilton) is a casino hotel on the Las Vegas Strip in Paradise, Nevada. It is owned and operated by Caesars Entertainment. The Flamingo includes a casino and a 28-story hotel with 3,460 rooms. The reso ...

Paris Las Vegas Paris Las Vegas is a casino hotel on the Las Vegas Strip in Paradise, Nevada. It is owned and operated by Caesars Entertainment. Property features include a casino, 3,672 hotel rooms, a 1,400-seat performance theater, and various restaurants. ...

Planet Hollywood Las Vegas Planet Hollywood Las Vegas (formerly the Aladdin) is a casino hotel on the Las Vegas Strip in Paradise, Nevada, Paradise, Nevada, United States. It is owned and operated by Caesars Entertainment. The resort includes a casino and 2,494 hotel r ...

* Other US casinos **

Harveys Lake Tahoe Caesars Republic Lake Tahoe (formerly Harveys Lake Tahoe) is a hotel and casino located in Stateline, Nevada. It has 742 rooms and suites as well as six restaurants and a casino with of space. It also has a video arcade, wedding chapel, po ...

Indiana Grand Racing & Casino Horseshoe Indianapolis (formerly Indiana Grand Racing & Casino and Indiana Live!) is a casino with a horse racing track in Shelbyville, Indiana owned and operated by Caesars Entertainment. It is the closest casino to Indianapolis. It offers gami ...

* International casinos **

Caesars Windsor Caesars Windsor (formerly known as Casino Windsor) is a casino hotel located in Windsor, Ontario, Canada. It is one of four casino resort hotels in the Detroit–Windsor area and was opened in May 1994 as a temporary casino on the waterfront of th ...

, Canada ** London Clubs International (12 locations) Properties previously operated by the company included: *

Atlantic City Country Club The Atlantic City Country Club is a golf club located in Northfield, New Jersey, west of Atlantic City. In addition to a golf course, the club offers banquet and dining facilities. The course resides on in a coastal setting with skyline views o ...

Atlantic Club Casino Hotel The Atlantic Club Casino Hotel, formerly known as Golden Nugget, Bally's Grand, The Grand, Atlantic City Hilton and ACH, is an abandoned hotel and casino located at the southern end of the boardwalk in Atlantic City, New Jersey, owned and opera ...

* Bill's Casino Lake Tahoe *

Binion's Horseshoe Binion's Gambling Hall & Hotel, formerly Binion's Horseshoe, is a casino on Fremont Street along the Fremont Street Experience pedestrian mall in Downtown Las Vegas, Nevada, United States. It is owned by TLC Casino Enterprises. The casino is n ...

* Bourbon Street Hotel and Casino * Caesars Golf Macau * Caesars Palace at Sea * Flamingo Laughlin * Grand Casino Gulfport * Harrah's East Chicago * Harrah's Prairie Band * Harrah's Reno *

* Harrah's Sky City * Harrah's St. Louis * Harrah's Casino Tunica * Harrah's Tunica Mardi Gras Casino * Horseshoe Casino Cincinnati * Horseshoe Casino Cleveland * IP Casino Resort Spa * Rio Secco Golf Club *

Showboat Atlantic City The Showboat Resort Atlantic City is a resort hotel and former casino in Atlantic City, New Jersey. The Showboat opened as a casino hotel in 1987 and closed in 2014; the hotel reopened in 2016. It is owned by developer Bart Blatstein. It is ho ...

* Showboat Hotel and Casino * ThistleDown Racino * Tunica Roadhouse *

Turfway Park Turfway Park is an American horse racing track located within the city limits of Florence, Kentucky, about south of the Ohio River at Cincinnati. The track conducts live Thoroughbred horse racing during two meets each year—Holiday (December), ...

(50% stake)

References

External links

* {{Authority control 1990 establishments in Nevada 2012 initial public offerings 2020 mergers and acquisitions American companies established in 1990 Companies based in Paradise, Nevada Companies formerly listed on the Nasdaq Companies that filed for Chapter 11 bankruptcy in 2015 Gambling companies established in 1990 Hospitality companies established in 1990 Gambling companies of the United States Hospitality companies of the United States Poker companies