Caesars Entertainment Corporation (formerly Harrah's Entertainment) likes to spread its bets. The firm owns and/or operates more than 50 casinos (under such names as Harrah's, Horseshoe, and Rio) in 14 US states and five countries. Altogether its facilities -- including hotels, dockside and riverboat casinos, and Native American gaming establishments -- boast more than 3 million sq. ft. of casino space and some 43,000 hotel rooms. Among its many locations on the Vegas Strip are Caesars Palace, Paris Las Vegas, and Planet Hollywood. The company went public in 2012, more than a year after it cancelled a previous IPO.
Caesars raised only around $16.3 million in its 2012 IPO, a small fraction of the $50 million it had hoped to gain. These numbers are significantly more modest than its 2010 plans, when the firm had hoped to raise up to $532 million. In the 2012 offering, Caesars ended up selling only 1.4% of itself in one of the smallest IPOs in recent history. The company used the proceeds for general corporate purpose and to make a dent in its long-term debt.
The majority of the company's casinos operate in the US, primarily under the Caesars, Harrah’s, and Horseshoe brand names.
The firm owns or operates a total of more than 50 casinos. Its casino entertainment facilities include land-based casinos, riverboat or dockside casinos, three managed casinos on Indian lands in the US, one managed casino in Cleveland, Ohio, one managed casino in Canada, one casino combined with a greyhound racetrack, one casino combined with a thoroughbred racetrack, and one casino combined with a harness racetrack.
In addition, through Caesars Interactive Entertainment, Inc., a majority-owned subsidiary, the company owns an online gaming business and the World Series of Poker tournament brand.
Sales and Marketing
During fiscal 2014, Caesars spent $270 million on advertising. That was an increase compared to the $208 million the company spent during fiscal 2013 and the $194 million it spent back in fiscal 2012.
The company's revenue was $8.5 billion in fiscal 2014. Although the company's revenue has been fairly steady its net income and cash flow have been nosediving. The company's net loss was $2.8 billion in fiscal 2014 caused by high interest rates on debts.
Caesars has been selling off or closing less profitable assets. In 2014 the company closed Showboat Atlantic City casino, Harrah’s Tunica casino, and the Golden Nugget casino in London. In fiscal 2013 Caesars closed its Alea Leeds casino in England and sold its interest in the Macau Land Concession. In fiscal 2012 the company sold its Harrah's St. Louis casino to Penn for a purchase price of $610 million.