NEW BRANDING FOR HARRAH'S
New name will better aid group's expansion plans internationally
One of the most well known brands in the global gambling business will soon take a backseat to a new identity following an announcement this week by Harrah's Entertainment, which says its board of directors has decided to change the casino company's name to Caesars Entertainment Corporation.
Harrah's chairman and chief executive Gary Loveman said the change will boost the company's international name recognition and reputation as a luxury brand.
The new name "will provide our company with greater prestige and help attract strategic business partners as we pursue expansion opportunities in new jurisdictions," Loveman said in a statement.
Harrah's acquired the Caesars brand through a merger in 2005, making it the world's largest casino company by revenue.
It currently operates 50 casinos worldwide, including Caesars Palace, Flamingo and Bally's in Las Vegas, and Harrah's, Caesars Atlantic City and Bally's in Atlantic City, N.J.
Loveman says the Harrah's name will remain one of the company's three primary brands, along with Caesars and Horseshoe.
Harrah's was taken private by affiliates of private equity firms Apollo Global Management LLC and TPG Capital LP in a $17.1 billion deal completed in January 2008. The company has recently pulled out of joint ventures in Slovenia and the Bahamas.
New name will better aid group's expansion plans internationally
One of the most well known brands in the global gambling business will soon take a backseat to a new identity following an announcement this week by Harrah's Entertainment, which says its board of directors has decided to change the casino company's name to Caesars Entertainment Corporation.
Harrah's chairman and chief executive Gary Loveman said the change will boost the company's international name recognition and reputation as a luxury brand.
The new name "will provide our company with greater prestige and help attract strategic business partners as we pursue expansion opportunities in new jurisdictions," Loveman said in a statement.
Harrah's acquired the Caesars brand through a merger in 2005, making it the world's largest casino company by revenue.
It currently operates 50 casinos worldwide, including Caesars Palace, Flamingo and Bally's in Las Vegas, and Harrah's, Caesars Atlantic City and Bally's in Atlantic City, N.J.
Loveman says the Harrah's name will remain one of the company's three primary brands, along with Caesars and Horseshoe.
Harrah's was taken private by affiliates of private equity firms Apollo Global Management LLC and TPG Capital LP in a $17.1 billion deal completed in January 2008. The company has recently pulled out of joint ventures in Slovenia and the Bahamas.
