Harrah’s Entertainment Changes Name to CaesarsBy: Joe Valentino, Friday November 26th 2010
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The land based online gambling corporation, Harrah's Entertainment Inc. has changed its name. Harrah's Entertainment Inc. is owned by Caesars Entertainment Corp., and the company has simply adopted its parent company's name. Harrah's Entertainment Inc. will now be known as Caesars Entertainment.
Gary Loveman, the Chairman, President, and Chief Executive Officer of Harrah's, as well as Caesars Entertainment, noted that the change of name simply "reflects our evolution as the industry's leading provider of branded casino entertainment."
In 2004, Harrah's purchased Caesars, and the two have merged over time, with the name change solidifying the two companies as one brand. Although Harrah's Entertainment has changed their name to Caesars Entertainment, the Harrah's name will not be totally lost. For example, the Harrah's Tunica will retain its name, as will the other companies in the Tunica group, namely Horseshoe Casino & Hotel, and Tunica Roadhouse.
Even though it is meant to be 'business as usual' at the Tunica properties, it has been reported that the company laid off 200 staff members out of the 4,000 that work at the Tunica properties.
Mr. Loveman said: "While our name is changing, our dedication to who we are as a company will remain the same. Our employees will remain dedicated to the innovation, customer-service excellence and corporate citizenship that have been hallmarks of our company for decades."
Until 2008, Harrah's was a publicly traded company. It was privatized when it was purchased by Apollo Global Management, and TPG Capital LP in 2008. The gambling entertainment company was sold for $30.7 billion.
Harrah's had initially planned to offer their shares in an initial public offering. This was canceled, however, and it was then announced that there would be a sale of the stock owned by the New York hedge fund that is currently run by John Paulson, the billionaire. The hedge fund is looking to sell their whole stake in Harrah's Entertainment, Inc. The plans for this stock sale have been expected, since they were announced some time ago, in August this year.
In a regulatory filing earlier this week, Harrah's announced that the company Paulson & Co. Inc. could sell up to 7.1 million shares. The 7.1 million shares makes up Paulson & Co. Inc.'s entire stake of 9.9 percent of the company's shares that it holds in the Harrah's, or Caesars, company.
Paulson & Co. Inc. originally got its stake in the gambling giant's company when they chose to take the shares in exchange for taking on a very large debt that was owed by Harrah's.
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