About Caesars Entertainment
Caesars Entertainment Corporation is a business based in Paradise, Nevada, that operates casinos, hotels, and golf courses. It has several subsidiary brands which together made it the fourth largest gaming company in 2013 by revenue. Specifically, the company turned over $8.6 billion USD at that time.
Caesars is owned by several private equity firms, managed by Apollo Global Management, TPG Capital and Others.
Caesars was formed in 1937. It has gone by other names including The Promus Companies and Harrah's Entertainment. The company's background can be traced to a small bingo Parlor opened by Bill Harrah in Reno, Nevada. This would later become Harrah's Reno. In 1955, the business expanded to Stateline, Nevada, to open Harrah's Lake Tahoe. Harrah's Inc. made an initial public offering in 1971 and was listed on the American Stock Exchange in 1972. The company has since undergone many acquisitions and mergers. It was purchased by Holiday Inns for $300 million in 1980, and the business we now know as Caesars Entertainment was originally birthed as a result of Bass acquiring Holiday Corp and rebranding Holiday Casino as Harrah's Las Vegas.
In 2015 the company's largest operating unit - the casino unit - filed for Chapter 11 bankruptcy. However, the company turned over a revenue of 4.85 billion USD in 2017 and now has 65,000 employees. Caesars has made a move into online gaming, purchasing social gaming company Playtika in 2011 to produce Facebook games. In 2017, Caesars announced that it would be selling its Harrah's Las Vegas Unit to VICI Properties, though it would continue to operate it.
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