Caesars Entertainment

Caesars Entertainment operates 9 Strip properties including the namesake Caesars Palace — the 1966-vintage flagship that birthed the Las Vegas convention business. The company is the direct successor to Harrah's Entertainment, which acquired Caesars Entertainment in 2005 and adopted the Caesars name in 2010, then went through a contentious 2017 bankruptcy.

That bankruptcy is the most important thing about modern Caesars — and the most important thing about the modern Strip. The reorganization spun out a real-estate company called VICI Properties, which inherited the dirt under Caesars Palace, Paris, Planet Hollywood, Flamingo, LINQ, Harrah's, and Bally's (now Horseshoe). VICI has since grown into the Strip's largest landowner. See VICI Properties — the landlord nobody mentions.

The current Caesars Entertainment is the result of Eldorado Resorts' 2020 acquisition of the old Caesars; the merged company kept the Caesars name but moved corporate HQ to Reno. CEO Tom Reeg comes from the Eldorado side.

Properties owned (9)

• Caesars Palace — The property that birthed VICI · Caesars Entertainment operates · VICI owns
• Paris Las Vegas — Eiffel Tower replica · Caesars · VICI
• Planet Hollywood Resort & Casino — Rebranded from Aladdin · Caesars · VICI
• Flamingo Las Vegas — Bugsy Siegel's 1946 original · Caesars · VICI
• The LINQ Hotel + Experience — Imperial Palace → Quad → LINQ · Caesars · VICI
• Horseshoe Las Vegas — Was Bally's; rebranded December 2022 · Caesars · VICI
• Harrah's Las Vegas — Caesars · VICI (sale-leaseback Dec 2022)
• Nobu Hotel Las Vegas — Boutique inside Caesars Palace · Caesars · VICI
• The Cromwell (→ Vanderpump Hotel) — Caesars boutique; rebranding to Vanderpump · Caesars · VICI

History

Caesars sold its remaining Las Vegas real estate to VICI in stages: the original Caesars-bankruptcy properties were transferred at the 2017 emergence; Harrah's Las Vegas was sold to VICI in a $1.075B sale-leaseback in December 2022. The company also divested Rio Las Vegas entirely to Dreamscape Companies in 2019 for $516M.

References

1. Caesars Entertainment Operating Co. Chapter 11 reorganization (2015–2017) — the corporate-restructuring fact pattern that spun out VICI Properties. Wikipedia; CZR SEC filings.
2. Harrah's Las Vegas $1.075B sale-leaseback to VICI, December 2022. VICI investor relations.