Gambling News Blog » Harrahs

Harrah’s to Become Caesars Entertainment

admin — Sat, 12 Apr 2008 08:04:27 +0000

Harrah’s Entertainment, rights holder to the WSOP, announced that its Board of Directors had approved changing the company’s name to Caesars Entertainment Corporation. CEO Gary Loveman said, “Adoption of the name Caesars Entertainment Corporation will provide our company with greater prestige and help attract strategic business partners as we pursue expansion opportunities in new jurisdictions. The change also reflects our evolution into a full-service entertainment company that offers a rich range of gaming and non-gaming amenities to our guests.”

The company will continue to use the name Harrah’s as a primary casino brand name but felt that Caesars’ international name recognition and
association with entertainment, dining and shopping better represented the company going forward. Harrah’s acquired the Caesars brand name through a merger in 2005.

In their press release this week, Harrah’s reaffirmed its corporate commitment to its employees, customers, and the many communities where they have their operations. Loveman stated, “Our employees will remain dedicated to the innovation, customer-service excellence and corporate citizenship that have been hallmarks of our company for decades. But this re-branding of the corporate name can open exciting new opportunities for us in the future.”

Harrah’s also recently announced the addition of four new members to the company’s Board of Directors. Charles Atwood, vice chairman of Harrah’s Entertainment, Jeanne Jackson, former CEO of Walmart.com, Christopher Williams, CEO of Williams Capital Group, and former Pittsburgh Steelers wide receiver Lynn Swann will be joining the board pending regulatory approval.

It is not known whether the company name change, which is also pending regulatory approval, will be enacted prior to this year’s May 30th start of the WSOP.

pokernews.com

WSOP-C Caesars Palace Las Vegas, Harrah’s New Orleans Schedules Announced

admin — Mon, 31 Mar 2008 11:03:45 +0000

The World Series of Poker has released the full schedules for its Circuit series stops at Caesars Palace Las Vegas and Harrah’s New Orleans. The two series are part of the WSOP’s ongoing tour to Harrah’s properties across the country, with $5,000 buy-in main events at each stop, a slew of earlier, and in many cases, very affordable preliminaries, and plenty of satellites as well.

The WSOP-C series at Caesars Palace Las Vegas runs from April 20th to May 1st, 2008, with the stop’s main event running from April 29-May 1. At Harrah’s New Orleans, the Circuit series, also dubbed the “Bayou Poker Classic,” runs from May 9-21, 2008. The championship event in New Orleans runs from the 19th through
the 21st.

Along with the soon-approaching WSOP-C event at Caesars Indiana, these are the last Circuit stops of the season before 2008 World Series of Poker festivities begin near the end of May. PokerNews.com will be on hand at each Circuit stop’s Main Event with “Live Reporting” coverage.

WSOP-C Caesars Palace Las Vegas:

Sun, Apr 20th 12:00 PM
Event 1 – No-Limit Hold’em $550

Mon, Apr 21st 12:00 PM
Event 2 – No-Limit Hold’em $1,060

Mon, Apr 21st 3:00 PM
Event 3 – Limit Hold’em $550

Tue, Apr 22nd 12:00 PM
Event 4 – No-Limit Hold’em $550

Wed, Apr 23rd 12:00 PM
Event 5 – No-Limit Hold’em $1,570

Wed, Apr 23rd
Event 6 – Omaha 8 or Better $550

Thu, Apr 24th 12:00 PM
Event 7 – No-Limit Hold’em $550

Fri, Apr 25th 12:00 PM
Event 8 – No-Limit Hold’em $1,060

Sat, Apr 26th 12:00 PM
Event 9 – No-Limit Hold’em $2,080

Sat, Apr 26th 3:00 PM
Event 10 – Pot-Limit Omaha $550

Sun, Apr 27th 12:00 PM
Event 11 – No-Limit Hold’em $550

Mon, Apr 28th 11:00 AM
Event 11 – Ladies Event – No-Limit Hold’em Structure Sheet $340

Mon, Apr 28th
Satellite Day

Tue, Apr 29th 12:00 PM (3-day event)
Main Event – No-Limit Hold’em $5,150

WSOP-C Harrah’s New Orleans:

Fri, May 9th 12:00 PM (2-day event)
Event #1 – No Limit Hold’em $500

Sat, May 10th 12:00 PM (2-day event)
Event #2 – No Limit Hold’em $500

Sun, May 11th 12:00 PM (2-day event)
Event #3 – No Limit Hold’em $500

Mon, May 12th 12:00 PM (2-day event)
Event #4 – No Limit Hold’em $500

Mon, May 12th 3:00 PM
Event #5 – Pot Limit Omaha-Re-buys $500

Tue, May 13th 12:00 PM (2-day event)
Event #6 – No Limit Hold’em $300

Tue, May 13th 3:00 PM
Event #7 – 7 Card Stud $300

Wed, May 14th 12:00 PM (2-day event)
Event #8 – No Limit Hold’em $500

Wed, May 14th 3:00 PM
Event #9 – Limit Hold’em $500

Thu, May 15th 12:00 PM
Event #10 – No Limit Hold’em $1,000

Thu, May 15th 3:00 PM (2-day event)
Event #11 – No Limit Hold’em $500

Fri, May 16th 12:00 PM (2-day event)
Event #12 – No Limit Hold’em $500

Sat, May 17th 12:00 PM (2-day event)
Event #13 – No Limit Hold’em $1,000

Sun, May 18th 12:00 PM
Event #14 – Ladies No Limit Hold’em $200

Mon, May 19th 12:00 PM (3-day event)
Event #15 – Circuit Championship $5,150

pokernews.com

Harrah’s, Everest Poker Agree to WSOP Table-Felt Sponsorship Pact

admin — Sat, 08 Mar 2008 10:03:07 +0000

Everest Poker has announced this week a new agreement with Harrah’s Entertainment, Inc. that strengthens the European poker site’s presence as part of the World Series of Poker, beginning with summer’s events. The multi-year deal includes satellite tournament rights and strategic brand placement at the WSOP, which includes the prime piece of marketing real estate upon which action flops are dealt, including, for the first time in any agreement, the WSOP’s feature table.

The agreement with Harrah’s will afford Everest Poker the opportunity to reach a worldwide audience of approximately 200 million people. It also will give Everest’s large contingent of European-based players more opportunities to
qualify for a WSOP event.

“We are thrilled with this deal, as it will allow us to leverage our access to the WSOP to give our European players the best chance possible to compete at — and win — WSOP events in Las Vegas,” said Jennifer Joyce, vice president of marketing for Everest Poker.

“We have always strived to make poker as accessible as possible to everybody, not just the elite few,” Joyce added. “The WSOP is the true global standard for poker giving pros a chance at history, and amateur players the chance to fulfill their dreams by rubbing shoulders with the legends. Our goal is to see a European win the Main Event.”

Ty Stewart, WSOP director of marketing, sponsorship and licensing, said the WSOP was “excited to welcome Everest Poker to the World Series of Poker family.” Added Stewart, “Through this agreement, Everest Poker is now literally in the center of the poker universe.”

Everest Poker’s official satellite rights allows it the chance to offer players several ways to win their seat into WSOP events, and choose the ones in which they wish to participate. Among the many WSOP qualifiers at Everest are Monday night tournaments that guarantee a $13,000 WSOP package ($500+$30 entry); Wednesday night tourneys that guarantee a $7,500 WSOP package ($200+$15); Friday tournaments that award a $3,500 WSOP prize; and Saturday satellites ($22+$2, $5.50 rebuys) for WSOP packages. Also upcoming are a 20-seat guarantee tournament June 8 ($1,000+$50, $11+$1 satellites also available), and a women’s-only tournament May 18 that will send five players to the women’s WSOP championship.

pokernews.com

Harrah’s Sale Completed

admin — Wed, 30 Jan 2008 19:01:23 +0000

On January 28th, the sale of Harrah’s Entertainment Inc. to private equity firms Apollo Management, L.P. and TPG Capital, L.P was completed. The sale closes the public ownership chapter of the largest casino operation in the world and marks the largest leveraged buy-out in the industry’s history. On December 19, 2006, the firms entered into a sales agreement whereby the private firms would pay $17.1 billion and assume an additional $10.7 billion of Harrah’s debt. Shareholders approved the buy-out in April, 2007 and will receive $90 per share.

Harrah’s was founded in 1937 as a small bingo parlor in Reno, Nevada. It became a public company in 1971 and was the first casino company to be listed on
the New York Stock Exchange in 1973. In 2004, Harrah’s bought Binion’s Horseshoe, later reselling the property to MTR Gaming but retaining the rights to the World Series of Poker. In 2005, Joe Hachem became the last WSOP Champion to secure his victory at Binion’s, the birthplace of poker’s most prestigious event. In related news this month, TLC Enterprises owner Terry Caudill received Nevada Gaming Commission approval to purchase Binion’s from MTR Gaming. TLC currently owns and operates the Four Queens Hotel and Casino in downtown Las Vegas.

Harrah’s CEO and president Gary Loveman received $94 million for his Harrah’s stock but will stay on to manage the newly privatized entity. Loveman and four members from each of the two private-equity firms will make up the nine-member board of directors. Although the company is technically private, the new company will continue to file quarterly and year-end earnings reports with the SEC because of the deal’s public debt financing.

While the Harrah’s deal is complete, the risk associated with it increased as credit markets tightened in the wake of the US sub-prime lending crisis. Sources reported that the banks providing financing for the sale were still struggling this week to place debt with institutional investors. The debt load of Harrah’s now represents twice that of MGM Mirage and, according to investment strategists, will place even more pressure on the company to post positive results.

pokernews.com

Nevada Approves Harrah’s Sale

admin — Fri, 28 Dec 2007 00:12:22 +0000

Last week, the all-important state of Nevada approved the proposed acquisition of Harrah’s Entertainment by private-equity firms Apollo Management and TPG Capital. Harrah’s shareholders approved the sale in April 2007, but for the sale to become final the plan had to be approved by over a dozen different regulatory boards in the states and international locales where Harrah’s operates. The European Union and most US states involved had already approved of the sale, but because of Harrah’s vast holdings in the state, Nevada was the recognized linchpin of the regulatory process. Harrah’s is still waiting for word from the National Indian Gambling Commission, which is expected by the end of the month. The
unanimous vote by the Nevada Gaming Commission followed the recommendation the Nevada Gaming Control Board at its hearing earlier this month.

“We are grateful to the Nevada Gaming Commission and their counterparts at the Nevada Gaming Control Board, as well as all of the other regulators that approved this extraordinary transaction,” said Gary Loveman, chairman, president and CEO of Harrah’s Entertainment. “Moving forward as a private company after the closing of the transaction, we will continue to deliver superior customer service, further our development in international markets and strengthen our competitive position in each of the markets where we operate.”

Key issues discussed during the Commission’s decision process included the private equity firms’ continued commitment to Harrah’s $2.1 billion expansion plan in Nevada and concerns that the firms might be looking to turn the company for a quick profit. Apollo executive Marc Rowan and TPG executive Kelvin Davis assured the Commission that they were looking for long-term involvement, adding, “We’re not cut-and-run guys.” Loveman also used the venue to broach concerns shared by the casino industry relative to possible Nevada ballot measures that would increase taxes on the casino industry.

The completion of Harrah’s sale has been targeted for early 2008. With Nevada’s regulatory hurdle cleared, there appear to be few remaining obstacles standing in the way of the transaction.

pokernews.com