What kind of company will the new Caesars be? It remains to be seen, but there are hints floating around. With the acquisition of Caesars, nee Harrah’s, by Eldorado, the company called Caesars, post-merger, has an estimated 65 million loyal gamblers in its database along with its 55 casinos resorts. In June 2020, the acquisition of Caesars Entertainment by Eldorado Resorts was completed. Three years after Loveman’s departure, Eldorado Resorts made an offer to buy Caesars. Icahn thought Caesars should put itself up for sale. When Carl Icahn started buying the stock, he thought the company’s assets alone were worth more than the operating results indicated. Gary Loveman left Caesars in 2017, and the company settled into an unremarkable existence. Ironically, the new Caesars was neither the world leader in high roller play nor among the best-maintained properties in the United States.

Renaming Harrah’s as Caesars, in theory, combined the legacy of two of the most successful gaming companies. Clifford Pearlman once said that even if every table and every slot machine was filled with eager gamblers, it was insignificant compared to the betting of one player betting millions of dollars on each hand. Muhammad Ali toured Africa as a Caesars’ ambassador, hosting the richest people in each country and inviting them to Las Vegas and Caesars. In the 1980s, Caesars had a network of junket offices in 50 cities around the world. Caesars was, and still is, probably the best-known gaming brand in the world Caesars and high rolling were synonymous in the world of wealthy gamblers. In November 2010, the company changed its name to Caesars. The company even considered spinning off its database into a separate company and selling it to reduce its debt load.

The debt-laden Harrah’s cut its budget for maintaining and updating its properties from $250 million a year to $50 million. Previously, Harrah’s had been noted for its upkeep, regularly updating and reinvesting in its properties. The debt and the recession forced Harrah’s to change its culture even more. The private buyout was highly leveraged the company entered the recession with $25 billion in debt. In 2006, Harrah’s received an offer to buy the company and take it private, the deal closed in January 2008, just as the Great Recession was gaining traction. In 2003, Gary Loveman became CEO of Harrah’s in 2005 the company acquired Caesars Entertainment.

Slots, on the other hand, were stable and predictable, especially if you kept them filled with loyal players. Under his leadership the casino company was not interested in high rolling blackjack or baccarat players. Gary Loveman changed the culture of Harrah’s.

Casinos owned by caesars