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StumbleHarrah’s Entertainment Inc. changes name to Caesars Entertainment Corp.
Caesars Entertainment properties in Las Vegas are Paris, shown in the background, as well as Bally’s, Bill’s, Flamingo, O’Sheas, Imperial Palace, Caesars Palace, Rio, Harrah’s and Planet Hollywood.
Tuesday, Nov. 23, 2010 | 6:29 a.m.
Gary Loveman, CEO of Caesars Entertainment
Sun Coverage
Harrah's Entertainment Inc., the world's largest casino company, has changed its name to Caesars Entertainment Corp.
Harrah's will continue to be one of the company's brands, along with Caesars, Horseshoe, Total Rewards, and World Series of Poker.
Chairman and president Gary Loveman said Tuesday the new name can open new opportunities for the company in the future.
The company's Las Vegas market includes Caesars Palace, Paris Las Vegas, Planet Hollywood, Bally's, Bill's Gamblin' Hall & Saloon, Flamingo, Harrah's Las Vegas, Imperial Palace and the Rio.
The company has 52 casinos in six countries. It has 70,000 employees and annual revenues of $8.9 billion.
The company canceled its initial public offering last week, folding its hand for now on a risky bet on returning to the stock market just three years after it went private.
Harrah's reported a loss of $634.4 million during the nine months that ended Sept. 30, though recently its business, along with the broader casino industry, has shown signs of improvement.
The Harrah's name change follows that of MGM Resorts International, known until this past summer as MGM Mirage. MGM Chairman and Chief Executive Jim Murren has said the name change is better aligned with his company’s current strategy to expand the brand globally.
Discussion: 12 comments so far…
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A rose by any other name.....
Comment removed by moderator. Personal attack.
Will Gary Loveman also be changing his name to Jay Sarno?
Ceasars/Harrahs whatever they want to call themselves, this company will still suck! If you're looking for crappy service, way over priced food and amenities and a casino environment that offers no chance of winning- well this is your place. I tell everyone I know. If you're coming to Vegas avoid Ceasars/Harrahs properties like the plague.
I worked for the original Caesars Entertainment.
I worked for Harrah's Entertainmeny.
Harrah's - you are no Caesars.
Looks like Loveman's been spendin' too much time at his own buffets! LOL
Who gets the big bonus for advancing this idea. They are hoping people will forget about all of the negative experiences of gambling at all of harrah's casinos and embark on a fresh start. I ain't forgettin.
I agree with all comments above! This company doesn't deserve todays customers as it did too many things WRONG. Greed and the wishful thinking to control half of the Strip by eliminating competion led to what it has become today. MGM and Ceasars are controlling 80 per cent of the revenues on the Strip, if not more. They can control the price leveling as they please. But they simply don't get enough revenues to buy even more. They even had to cancel the IPO, knowing that because of its super bad reputation proabably nobody would buy into the company unless the price would be super discounted. Even Paulson folds his hand on this company. It's a shame what happened there and this CEO is still in control and collects the fat paycheck. The only way to pay him the big bonus is tightening up the videopoker machines and everythign else by another 5 per cent. Perhaps there will be some suckers left over to gamble there.... but that's not me.
From Switzerland
Same debt different name.To lose $634.4 billion in 9 months Loveman should be looking for another job.
Comment removed by moderator. Personal attack and allegations.
A turd by any other name...
Et Tu Brute?
worst company in the whole world!! Not just gaming!!!!
When times were good I was so excited to get to go to Las Vegas for the first time with my fiance and his mother. I always played in St. Louis, Tunica and Indiana. I was always told to go to Las Vegas because I could win there. We stayed at Caesars Palace and we spent $30,000 of our hard earned money on slots. We did not hit a jackpot. It was tragic. We received a voucher for $1,000 but couldn't spend it because it changed to Harrah's. Now that it is Caesers again, maybe I could cash it in if it hasn't expired. Why would I even go back there when they can't even keep their name straight? You can't get blood out of a turnip.
Re-arranging the deck chairs on the Titanic, nothing more, nothing less. Twenty billion in debt, Paulson bailing out on his stock ownership, a very shaky economy, no substantial revenue growth, reduced payouts, increased rake and 6/5 blackjack. Lookout below. Might be a good time to short some!!
I thought they had done this years ago. It doesn't matter much. What opportunities is Loveman talking about, that they don't have now. I'd like to see them look towards opening a new property geared toward the moderate end customer. Everything in Vegas has been hurt since the rush to accomodate the "high rollers". Best example, the implosion of the Stardust, a great moderate market property. Their rush to exploit the high rollers blew up in their face, and I'm sure Boyd would love to have that property back.
Lipstick on a pig....
With $20B debt pile, Harrah s DEBT/EBITDA ratio is ~12.5x.
Strip properties sold (at boom times) between Enterprise value / Ebitda x 10-12,
Kerkorian sold Treasure Island to Ruffin 7-8x, EV/EBITDA during recession.
So in my understanding, if there is already 12.5x debt in company, equity is worth nothing...yes, it's worth nothing.
No wonder why they stand back their IPO plans, and keeps mystifying investors, by changing name and there might be other tricks coming too.
The famed Las Vegas Strip now dominated by two major companies has ruined what was always a classy, exciting and interesting place, among other things because of it's enterprising and entrepreneurial spirit.
Now it's like a big arcade with shifted house favored blackjack odds, greedy slots, pricey places to eat, drunken clubbers, street lowlifes and Cirque shows.
If it weren't for some nice spas and some windows of time when it's less crowded, I would most likely never go back.
52 properties in 6 countries. 10 properties in Las Vegas. That's only a 19% stake in the Vegas area. You see folks, Vegas could tank and MGM and Harrahs would keep going... without you.
So here's what you bought into over the last twenty years. Let us consolidate and become MEGA resort companies making HUGE profits for our CEOs and management staff, and we will take care of you.
So while Vegas subsidzed their profits with low taxes they took the money and built corporations that don't need this area to survive.
House Wins. Suckers.
Nero's would have been more appropriate.
Well, they ruined one iconic gambling brand name, now they're going to try and ruin another one. Should be a slam-dunk for their management crew.
Should of been changed to Grand Theft Vegas Inc.
Break up the casinos monopolies and let them prosper and fail on their own.
HAIL CAESER! May I enter your city of gold? I have a few shelkels I would like to donate to your kingdom. Is this the true city of Sodom and Gomorrah. I am but a lonely subject. I am looking for Cheap Food - Dancing girls - Sin in all shapes and forms. Promise me this and I will promise all my wealth. Hail Caesar and to the kindom of Caesar.
i find it funny when people are shocked they came to vegas and didn't win a pile of money.
Awesome! Now the majority of their hotels will be suddenly transformed from being dumps into something god-like.
tvegas :) I had quite a chuckle reading your post :)))) great idea: Grand Theft Vegas Corp !
if the Debt/EBIT ratio is indeed 12.50x, then all my critics towards this company are somewhat explainable, arent's they? It also explains how come they're no longer giving away anything for free unless you are a real big player.
From Switzerland
Is Gary Loveman really wearing a clip-on tie?
United_727, I wouldn't doubt it, they've got to save money wherever they can, times are tough, severe austerity measures are called for, got to make those debt payments on the twenty billion---if ditching the Hermes or Charvet purchased at Neiman Marcus is necessary in favor of a clip on made in China and purchased at Walmart, so be it.
Correction: In my comment prior to my last I should not have made a reference to selling short, Harrah's is a private company and is not traded on an organized exchange, (but if they were!) and has been since 2008. They are however still required to file financial statements with the SEC (10Q,10K etc.) because they have issued public debt.
YEP. And Harvey's went under the demolition ball for this.
Super, company is promising something sensible. Lets see.
Corporate Management and casinos don't mix well. I worked at Harrah's Tahoe in the 60's and Bill lived nearby. Though I started as a lowly busboy before entering gaming he never failed to address us by first name as he passed by, usually when our name tags were out of sight; the man knew our names. What a class act and now the empire that he founded stabs him in the back. This industry needs more Bill Harrah's and fewer Gary Loveman's.
Katy unbar the door.
I can't figure out if your casinos are going to let your old clients come back that signed up in the self-exclusion program for life.
Life, I thought, was for someone that killed someone in alot of cases. This is America. If you decide to go to any establishment, you should be able to. It costs your casino alot of money just because you let those hillbillies in Missouri pioneer these studies and laws. Since the program has failed, what are you going to do to get those clients to be able to come back and earn their business again? Especially the ones that weren't arrested for trespassing.
This is a real situation, if you know what I mean. Maybe you could free them since we still live in America. We also hope you can pull out of your financial problems soon ...
New name - resort fees to follow
We have irrefutable proof that Harrah's Entertainment Inc. intentionally/willfully exposed tens of thousands of their "valued" construction workers, hotel employees and hotel GUESTS to ASBESTOS, a known carcinogenic during the course of their highly publicized illegal remodels & even some of their legal remodels! Adding insult to injury, Harrah's illegally disposed of the ASBESTOS as well in our local landfill - polluting the environment in the process. It is true: "What happens in Las Vegas stays in Las Vegas!"...except for the ASBESTOS that Harrah's freely poisoned us with for the sake of their precious bottom line...
Our corrupt, in my humble opinion, DA David Roger lied in open court to Judge Eric Goodman to protect Harrah's - I was in court and heard him lie! The Clark County DA's office also intentionally suppressed information to protect Harrah's Entertainment Inc.. I guess I missed the memo that placed/places Harrah's above the law! There are a large number of names that I could post here, but the Las Vegas SUN is censoring my posts to protect the GUILTY...I wonder why?