The palaces owned by this Caesar are part of a vast gaming empire. Through its operating subsidiaries, Caesars Entertainment Corporation owns and operates nearly 50 casinos, mostly in a dozen US states and the UK. Its major properties include Harrah's, Horseshoe, and Rio casinos, as well as Caesars Palace, Paris Las Vegas, and Planet Hollywood on the Vegas Strip. Caesars Entertainment's operations, which comprise hotels, riverboat casinos, and gaming establishments, boast millions of square feet of casino space and thousands of hotel rooms. In addition to casinos and hotels, the company owns the World Series of Poker brand and tournaments through its Caesars Interactive Entertainment business.
Caesars Entertainment Corporation's facilities include land-based and riverboat casinos, as well as casinos combined with greyhound and horse racing racetracks.
The company earns more than half its revenue from its casino operations, which comprise sales from some 36,000 slot machines and 2,700 table games. Its hotel properties, with more than 36,000 guest rooms, generate 20% of the company's revenue. Caesars' food and beverage operations (15% of revenue) generate sales from some 150 buffets, bars and restaurants, and nightclubs located in its casinos.
Its entertainment operations represent an additional revenue stream. Caesars' entertainment venues include the Colosseum at Caesars Palace and Zappos Theather at Planet Hollywood. Its venues enjoy healthy ticket sales and have hosted prominent acts like Celine Dion and Jennifer Lopez.
The majority of Caesars Entertainment Corporation's casinos operate in the US, primarily under the Caesars, Harrah's, and Horseshoe brand names. Outside of Las Vegas, the company has casino resorts in Atlantic City, NJ; Laughlin, NV; New Orleans, LA; and Baltimore, MD. It also leases or manages a dozen casinos in 15 states.
Internationally, Caesars operates casinos primarily in the UK and South Africa.
Caesars Entertainment Corporation's main operating subsidiary emerged from bankruptcy in 2017, two years after filing for Chapter 11 bankruptcy protection. Consequently, financial results between 2016 and 2017 are not comparable.
Casino and hotel operations continued, business as usual, throughout the restructuring. Results from revenue was $4.85 billion in fiscal 2017, an increase of 25% over 2016. Results were driven primarily by the consolidation of its entertainment and other operating results, which was tied to its emergence from bankruptcy. Modest increases in casino and hotel sales also contributed to the increase.
Despite higher revenue figures, the company reported a net loss of $375 million for fiscal 2017, driven by high operating costs and $2 billion in restructuring costs related to its 2015 bankruptcy.
The company saw a negative cash flow from operations; however, its overall cash in 2017 stood at $2.7 billion.
Caesars Entertainment Corporation's growth strategy includes investing in new and existing hotel properties, as well as in entertainment and other non-gaming activities. Investments fund renovation and expansion of hotel properties, as well as the construction of new properties. Non-gaming-related operations currently account for nearly half of the company's revenue.
The company does invest in its gaming operations as well, primarily through acquisitions. In 2018 Caesars acquired two central Indiana casinos and sports betting properties for $1.7 billion, and it intends to acquire additional casino properties in the future. To help fund the $1.7 billion acquisition, the company sold the land under Harrah's Las Vegas to VICI Properties. Caesars continues to operate Harrah's Las Vegas, however.
Reducing operational costs is another key strategic priority for Caesars Entertainment. Operating casinos in water-limited desert locations like Las Vegas is an challenge that Caesars and other casinos aspire to meet year after year. To control costs, the company is committed to environmental sustainability and energy conservation and leverages technologies and innovative approaches to cut down on water and energy consumption at its hotels and casinos. The company boasts that, since 2008, it has reduced water consumption across its portfolio of companies by 20%.
Mergers and Acquisitions
Caesars Entertainment Corporation acquired Centaur Holdings, LLC in 2018 for $1.7 billion in cash. The transaction included two central Indiana casinos and sports betting properties, Hoosier Park Racing and Casino and the Indiana Grand Racing and Casino.
The company traces its roots back to 1937, when William Harrah and his father founded their first bingo parlor in Reno, Nevada. Using the income from that business, Harrah opened his first casino, Harrah's Club, in downtown Reno in 1946. In 1955 and 1956 he bought several clubs in Stateline, Nevada (near Lake Tahoe). Harrah built the company by using promotions to draw middle-class Californians to his clubs.
The company acquired Caesars Entertainment Inc. many years later in 2005 and, in 2010, changed its name to from Harrah's to Caesars Entertainment Corporation. In 2015, the company -- riddled with debt -- filed for Chapter 11 bankruptcy protection; it subsequently emerged in 2017 and sold off its Harrah's real estate in Las Vegas to raise funds for an acquisition. To date, it still operates Harrah's Las Vegas.
1 CAESARS PALACE DR
Las Vegas, NV 89109-8969
Phone: 1 (702) 407-6000
Employer Type: Publicly Owned
Stock Symbol: CZR
Stock Exchange: , NASDAQ
President and CEO: Mark P. Frissora
CFO: Eric Hession
Chairman: James Hunt
Employees (This Location): 32
Employees (All Locations): 66,000
Las Vegas, NV
New Orleans, LA
Atlantic City, NJ
Las Vegas, NV
New York, NY