RECENT CAESARS HISTORY
Despite both Caesars Entertainment Operating Company and 170 of its subsidiaries having filed for Chapter 11 bankruptcy in 2015, the parent company, Caesars Entertainment Corporation, did not file for bankruptcy protection. This resulted in investors initiating a litigation case against Caesars regarding failed debt guarantees.
Also in 2015, Caesars was censured by the Gambling Commission for £875,000 ($1.1m) for money-laundering controls not being strict enough at two of its London venues.
Nonetheless, in 2020, the Gambling Commission fined Caesars Entertainment for a record amount of £13m. This was due to failures in its VIP programmes, money laundering and protection of customers.
In April 2020, the rights to the Bally's brand were acquired from Caesars Entertainment by Twin River Worldwide Holdings, which then changed its name to Bally's Corporation. It's reported that the deal was worth $20m, with a further $25m used to purchase Bally's Atlantic City.
The company made several large acquisitions itself in 2021. In April, Caesars acquired the US assets of British-based sports betting company William Hill and rebranded the majority of its US products as Caesars Sportsbooks. Several months later, in 2021, Caesars sold William Hill's European divisions to 888 Holdings for $3bn.
CAESARS BRANDS AND PRODUCTS
As of 2023, Caesars owns and operates a number of different brands and properties worldwide. These include:
- Caesars
- Harrah's
- William Hill
- Horseshoe
- Tropicana
- Eldorado
- Isle Casino
- The Cromwell
- Circus Circus Reno
- Flamingo Las Vegas
CAESARS HISTORY TIMELINE
The history of Caesars Entertainment is a long and can be a confusing one. The name Caesars has been passed through multiple huge operators, including Eldorado Resorts, Harrah's Entertainment, Park Place Entertainment of Hilton Hotels and the original Caesars.
So, for a brief timeline:
Caesars Palace was opened 5 August, 1966 in Paradise, Nevada.
The hotel was later bought by the Perlman brothers for $58m in 1969, who started off in the business world through their hot dog stand in Miami Beach, which was called Lums. After acquiring the property, they expanded their company into Caesars World.
Park Place Entertainment, the gaming division of Hilton, decided to purchase Caesars World for $3bn in 2000, a deal which included Caesars Palace and Caesars Atlantic City.
Only five years later, in 2005, Harrah's Entertainment would purchase Caesars Entertainment for $10.4bn. In 2010, Harrah's Entertainment would officially rename to Caesars Entertainment.
In 2019, Caesars merged with Eldorado Resorts in a $17.3bn deal, joining the two companies once the transaction closed in 2020.
Since 2020, Caesars has operated under the Caesars Entertainment name and has gone on to make several more brand acquisitions during this time. Tom Reeg, formerly CEO of Eldorado Resorts, took over as the CEO of the new organisation after the merger.
