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About Caesars Holdings, Inc.

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 late-2019, Eldorado Resorts, Inc. and Caesars Entertainment Corporation announced that, at separate Special Meetings of Stockholders, their respective stockholders approved certain actions in connection with Eldorado's acquisition of Caesars. The transaction is expected to be consummated in the first half of 2020 and remains subject to the receipt of all required regulatory approvals, and other closing conditions.


The company views each property as an operating segment and aggregate such properties into three regionally-focused reportable segments: Las Vegas (45 % of revenue), Other U.S. (nearly 50% of revenue), and All Other (over 5% of revenue), which is consistent with how we manage the business. The way in which Caesars management assesses results and allocates resources is aligned with these segments.

Caesars' facilities include land-based and riverboat casinos, gaming space and hotel rooms. 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 38,000 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 220 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 headliners, such as Mariah Carey, Christina Aguilera, Keith Urban, Gwen Stefani, Rod Stewart and Shania Twain.

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 36 casinos in some 15 states.

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

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 for advertising were $117 million, $76 million, and $61 million, respectively, for the years ended December 31, 2019, 2018 and 2017.

Financial Performance

The last five years have been murky for the company's net income; 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. Despite the loss in net income, the revenue were started growing in the year 2017 to 2019.

Revenues were $8.74 billion in fiscal 2019 and increase of nearly 5% compared to $8.4 billion in 2018. Trending upwards from the prior year primarily due to the: acquisition of Centaur Holdings; Rooms revenues increased; Other revenue, excluding Centaur, increased; Food and beverage revenues, excluding Centaur, increased and Offsetting the increases was a decline in Casino revenues, excluding Centaur. Caesars reported net income loss of $1.2 billion in 2019, compare to net income of $304 million for fiscal 2018.

The loss was primarily due to Adjusted EBITDA. Adjusted EBITDA is presented as a measure of the Company's performance. Included in Adjusted EBITDA is property rent expense of $12 million for the fiscal 2019, related to certain land parcels leased from VICI.

Cash at the end of 2019 was $1.9 billion. Cash from operations contributed $1.0 billion, while investing activities used $328 million. Financing activities used in $446 million.


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.

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.

The company Code of Commitment is the company's public pledge to its guests, team members, communities, business partners and all those the company reaches that it will honor the trust they have placed through ethical conduct and integrity. PEOPLE PLANET PLAY is the framework underpinning their CSR strategy and their support for the United Nations Sustainable Development Goals, aligning all their properties and corporate functions behind a common language and programs that support sustainable, ethical and profitable business growth. PEOPLE PLANET PLAY is also the organizing framework for the Code of Commitment in which we commit to: People: supporting the wellbeing of our team members, guests and local communities; Planet: taking care of the world we all call home; and Play: creating memorable experiences for our guests and leading Responsible Gaming practices in the industry. Their PEOPLE PLANET PLAY strategy includes multi-year targets in key areas of impact, including science-based emissions-reduction, formally approved by the Science Based Targets Initiative ("SBTi"), aligning with global best practices on climate change action.

The company Rooms and hotel operations have engaged in large capital reinvestment projects in recent years focusing primarily on their room product across the United States, including renovating over 19,000 rooms in Las Vegas since 2015 at properties such as Caesars Palace, Planet Hollywood Resort & Casino ("Planet Hollywood"), Flamingo Las Vegas, Bally's Las Vegas, Harrah's Las Vegas, and Paris Las Vegas. In addition, they continue to roll out self-check-in kiosks in order to help reduce customer wait times and improve labor efficiencies.

Mergers and Acquisitions

On Mid-2019, Caesars, Eldorado Resorts, Inc., a Nevada corporation and Colt Merger Sub, Inc., a Delaware corporation and a direct wholly owned subsidiary of Eldorado ("Merger Sub"), entered into an Agreement and Plan of Merger (as amended by Amendment No. 1 to Agreement and Plan of Merger, dated as of Mid- 2019, and as it may be further amended from time to time, the "Merger Agreement"), pursuant to which, on the terms and subject to the conditions set forth therein, Merger Sub will merge with and into Caesars (the "Merger"), with Caesars continuing as the surviving corporation and a direct wholly owned subsidiary of Eldorado. On late-2019, the respective stockholders of Caesars and Eldorado voted to approve the Merger. The transaction is expected to close in the first half of 2020. In connection with the Merger, Eldorado will change its name to Caesars Entertainment, Inc.

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 Holdings, Inc.

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

Firm Stats

Employer Type: Publicly Owned
President and CEO: Mark P. Frissora
CFO: Eric Hession
Chairman: James Hunt
Employees (This Location): 29
Employees (All Locations): 64,000

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