Harrah's Entertainment

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Harrahs Entertainment, Inc.
Type Public (NYSE: HET)
Founded Reno, Nevada (1937)
Headquarters Las Vegas, Nevada
Key people Gary Loveman, CEO
Charles L. Atwood, CFO
Industry Entertainment & Hospitality
Products Casino Games
Resorts
Revenue $7.11 billion USD (2005)
Employees 85,000 (2005)
Slogan Oh Yeah!
Website www.harrahs.com

Harrah's Entertainment, Inc. (NYSE: HET) is a gaming corporation that owns and operates casinos, hotels, and six golf courses under several brands. The company, based in Las Vegas, Nevada, is the largest gaming company in the world, with yearly revenues around $7.11 billion.

On December 19, 2006, the company's board of directors voted to accept a buyout offer from Apollo Management and Texas Pacific Group for $17 billion, or $90-per-share.[1] The corporation's shareholders approved the proposed buyout in April, 2007.[2] Approval by regulators is needed before buyout is complete.

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The company known as Harrah's Entertainment was founded on October 30, 1937 as a small bingo parlor in Reno, Nevada operated by William F. Harrah. The company went public in 1971 with 450,000 shares. Following that, it was listed on the American Stock Exchange in 1972 and in 1973 Harrah's becomes the first casino company listed on the New York Stock Exchange.

Company founder William F. Harrah died in 1978.

  • 1992 - Holiday Las Vegas converted to Harrah's.
  • October 1997 - Harrah's completes $200 million expansion to Las Vegas.
  • 1999 - The company moves its headquarters from Memphis, Tennessee to Las Vegas.[4]
  • On June 13, 2005 Harrah's completed the takeover of Caesars Entertainment. While the companies were not required to divest any properties, they did sell several properties before the merger was completed. This merger made Harrah's the largest gambling company with over 4 million square feet (370,000 m²) of casinos, almost 100,000 employees and over 40 casinos.
  • June 2005 - At the end of June 2005, Harrah's Entertainment CEO Gary Loveman announced that the company will consolidate all their brand names under the following: Harrah's, Rio, Caesars, and Horseshoe. Some stand alone names, like Paris Las Vegas are likely to be retained. First up will be the rebranding of the two remaining Bally's properties in the company, but Loveman did not give any exact specifics or a time line of when this will occur.
  • September 2005 - Harrah's Pride of Lake Charles was severely damaged by Hurricane Rita. One riverboat was pushed completely onshore, and the other is at the Port of Lake Charles awaiting repairs. All of the restaurants and support buildings were destroyed. Harrah's estimates that the rebuilding will take 2 years.
  • On December 12, 2005, a sale of the Grand Casino Gulfport, for an undisclosed amount, to Gulfside Casino Partnership was announced. Gulfside is the owner of the Copa Casino which is next to the Grand Casino. The announcement also stated that the Grand Casino Biloxi is to be rebuilt from scratch as a Horseshoe casino. Harrah's New Orleans, which didn't receive much damage from the storm, reopened on February 17, 2006 with approximately half of the employees it had before the hurricane.
  • On April 23, 2006 a scavenger hunt style promotion called "Treasure Hunt" ended when an accident seriously hurt one employee and tourist, and killed one tourist. The accident happened when a robbery suspect fleeing police hit a mini-van carrying the Harrah's employee and tourists.
  • On May 26, 2006, in Biloxi, Mississippi, Harrah's acquired a 19.6 acre site behind, but not adjacent to the Imperial Palace with frontage on Koval Road. The cost for the land was $164.4 million. The site is currently occupied by the Desert Club Apartments.
  • April 2007 - Harrah's makes Pokertek its exclusive provider of automated poker tables at Harrah's casinos.[citation needed]

Note: Bally's Casino Tunica is not under Harrah's ownership, having been sold to Colony Capital as part of the Caesars Entertainment merger deal.

The name chages of both casino will eliminate the Grand Casino brand.

Harrah's Joliet
Harrah's Joliet

Image:Billsgamblinhalllogo.gif

  • Roman Empire Development (RED) formed in 2006 to manage room renovation projects internally. Closed on December 12, 2007 following reports of reconstruction being done without required permits.[7]
  • Total Rewards
  • World Series of Poker- Buyout through Binion Horeshoe acquisition.

Image:60s.jpg Early Harrah's logo, 50's through early 60's.

Image:1970's.jpg Logo used during the late 60's through 1970's

Image:1980's.jpg Harrah's bold logo debuted in 1979.

Harrah's 50th Anniversary in 1987.

N/A Harrah's globe logo released in 1995.

Current logo as of 2001.

  1. ^ "Harrah's Entertainment board agrees to $90 a share buyout bid", Las Vegas Sun, December 19, 2006.
  2. ^ "Harrah's shareholders approve biggest casino buyout ever", The Sun Herald, April 5, 2007.
  3. ^ a b Harrah's Entertainment. answers.com. Retrieved on 2007-08-13.
  4. ^ a b Harrahs Entertainment Inc · 8-K · For 4/21/99 · EX-99.1. Retrieved on 2007-08-13.
  5. ^ Form 10K 2006. Retrieved on 2007-11-06.
  6. ^ "Casino Windsor to become Caesars Windsor in '08", Detroit Free Press, December 15, 2006.
  7. ^ "REMODELING CONTROVERSY: Harrah's shutters subsidiary", Las Vegas Review-Journal, 2007-12-13. Retrieved on 2007-12-16. 

Shook, Robert L., Jackpot, ISBN 0-471-26323-0

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