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About Caesars Entertainment Corporation

The palaces owned by this Caesar are part of a vast gaming empire. One of the world's largest gambling companies, Caesars Entertainment Corporation owns and operates about 50 casinos, mostly in the US and the UK. Properties include some of the biggest names on the Las Vegas Strip, including Caesars Palace and Planet Hollywood. Operations, which comprise hotels, riverboat casinos, and gaming establishments, boast millions of square feet of casino space and thousands of hotel rooms. The company owns the World Series of Poker brand and tournaments through Caesars Interactive. Most revenue is generated in the US. Caesars has agreed to be acquired by Eldorado Resorts in a deal worth $17.3 billion. 

Change in Company Type

In June 2019 rival Eldorado Resorts agreed to buy Caesars Entertainment in a cash and stock deal worth $17.3 billion, including Caesars' massive debt. The announcement comes three months after billionaire investor Carl Icahn joined Caesars' board and pushed for a sale of the company. 

A bankruptcy reorganization in 2017 resulted in a company split, with a new operating entity acting as a subsidiary that leases the Caesars properties it operates from a newly created, independent real estate investment trust, or REIT.


Caesars' facilities include land-based and riverboat casinos, as well as casinos combined with horse racing racetracks. Non-gaming-related operations account for nearly half of revenues, as the company courts tourists and convention-goers flocking to Las Vegas for live entertainment, professional events, and high-end dining. Room and hotel operations, and food and beverage operations each generate nearly 20% of revenue.

The company still earns more than half of its revenue from its casino operations, however, which comprise sales from some 39,000 slot machines and 2,700 table games. Its hotel properties house more than 36,000 guest rooms, and its food and beverage operations generate sales from some 180 buffets, bars and restaurants, nightclubs, and lounges located in its casinos. 

Entertainment operations represent an additional revenue stream. Caesars' entertainment venues include the Colosseum at Caesars Palace and Zappos Theater at Planet Hollywood. Its venues enjoy healthy ticket sales and have hosted prominent acts like Celine Dion and Jennifer Lopez. 

The company also earns revenue from fees paid for the management of eight casinos.


Geographic Reach

The majority of Caesars Entertainment Corporation's casinos operate in the US. Outside of Las Vegas, the company owns casino resorts in Atlantic City, NJ; Laughlin, NV; New Orleans, LA; and Anderson and Shelbyville, IN. It also leases or manages more than 25 casinos in some 15 states.

Internationally, Caesars operates casinos primarily in the UK and South Africa, as well as Egypt and South Africa. 

Sales and Marketing

The company is focused on strengthening its loyalty program, which it rebranded from Total Rewards to Caesars Rewards in 2019. Core to its cross-market rewards strategy is offering discounts at multiple properties on the Las Vegas Strip, which it believes will generate greater revenues than if the properties were operated separately. 

Caesars spent $76 million on advertising in 2018; $61 million in 2017; and $55 million in 2016.

Financial Performance

The last five years have been murky for the company's revenue streams and profitability; its main operating subsidiary emerged from bankruptcy in 2017, with a streamlined balance sheet and a new, complex real-estate investment trust structure. Casino and hotel operations continued, business as usual, throughout the two-year-long Chapter 11 restructuring.

Revenues were $8.39 billion in fiscal 2018, trending upwards from the prior year thanks to the acquisition of Centaur Holdings. However, organic revenue was flat. The company cited competition in Atlantic City and other regions as a challenge to revenue growth.

Caesars reported net income of $304 million in 2018, versus a net loss of $375 million for fiscal 2017 that was primarily due to $2 billion in restructuring costs related to its bankruptcy. 

Cash at the end of 2018 was $1.7 billion. Cash from operations contributed $786 million, while investing activities used $2.1 billion. Financing activities provided $297 million. The company carries a significant long-term debt burden — a whopping $18 billion. 


A proposed combination with rival casino operator Eldorado Resorts would expand its operations across the US, with approximately 60 casinos and resorts spanning 16 states. If the deal is completed, the new company could help better position itself against the industry's largest rivals, including MGM Resorts and Wynn Resorts.

In the meantime, Caesars' strategy includes renovating existing properties and constructing new ones, as well as growth through acquisitions. It emerged from bankruptcy in a restructuring that gave it $2 billion to invest in the business. It is also tasked with cutting corporate expenses. 

Caesars also wants to become a more active participant in the high-growth sports and mobile gaming market. It hopes to raise its profile among sports fans through a partnership with the NFL, enabling it to host special events and showcase its brands at the NFL Draft, NFL playoffs, and the Super Bowl. It began offering retail sports wagering some markets in 2019, and launched the Caesars Casino & Sports app for mobile sports betting in New Jersey and Pennsylvania; it will launch in other states as regulatory approval is received.

Operating casinos in water-limited desert locations is a key challenge for Caesars. To control costs, the company is using new technology to cut down on water and energy consumption at its properties. Since 2008 it has reduced water consumption across its portfolio by 22% on a per square foot basis.

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. To help fund the acquisition, the company sold the land under Harrah's Las Vegas to VICI Properties. Caesars continues to operate Harrah's Las Vegas, however.  

Company Background

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. 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. 

Caesars Entertainment Corporation

Las Vegas, NV 89109-8969
Phone: 1 (702) 407-6000

Firm Stats

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): 22
Employees (All Locations): 53,865

Major Office Locations

Las Vegas, NV

Other Locations

Maricopa, AZ
Sacramento, CA
Joliet, IL
Metropolis, IL
New Orleans, LA
Baltimore, MD
Biloxi, MS
Atlantic City, NJ
Las Vegas, NV
Reno, NV
Stateline, NV
New York, NY
Chester, PA
Dallas, TX