Park Place now Caesars

06.01.2004, Lesen Sie hier den Bericht über «Park Place now Caesars».

When Wallace Barr rings the bell to open the New York Stock Exchange this morning, he'll do so as president and CEO of Caesars Entertainment Inc. instead of Park Place Entertainment Corp., which ended its five-year run Monday.

Also today, the company's stock will begin trading on the New York Stock Exchange under a new symbol, CZR, instead of Park Place's PPE.

The gaming giant has gone back to its roots, abandoning a name more closely allied with Atlantic City in favor of one gracing a long-standing Las Vegas link in its chain, Caesars World. The change is more than window dressing, said William Schmitt, a gaming analyst with CIBC World Markets in New York. The Caesars brand has more cachet than Park Place, at least on a global scale, he said. "This makes it easier to implement the corporate strategy to improve cross-market play between properties and brands," said Michael Pollock, a gaming analyst and publisher of Gaming Industry Observer, a newsletter covering Atlantic City gambling. "The new company has a stronger identity in the minds of consumers. It's the strongest brand in all of gaming."

Caesars Entertainment operates 29 casino resorts in five countries on four continents, with an annual net revenue of $4.7 billion and 54,000 employees. Holdings include three casinos in Atlantic City: Bally's, Caesars and Hilton.

The new name is also expected to ease the company's entry into new markets, both domestic and international, a key part of the Caesars growth strategy, Barr said. "Our new name already has begun to open doors as we look to engage new partners and undertake new projects," he said. "It is clear to us that the Caesars name commands tremendous respect. We intend to capitalize on that strength as we move forward."

Caesars Entertainment expects to:  Develop and manage a casino resort in the Catskill Mountains, one on tribal lands in California's San Diego County, and a third near Chicago's O'Hare International Airport.  Sell the Las Vegas Hilton to a subsidiary of Colony Capital, owners of Resorts Atlantic City.  Open a 26-story luxury hotel tower at Caesars Palace in Las Vegas in 2005.  Open the Pier at Caesars in Atlantic City, a new, high-end retail, dining and entertainment complex to be developed by The Gordon Group across the Boardwalk from Caesars Atlantic City. Opening is scheduled in 2005.  Expand The Forum Shops at Caesars Palace, which will add 175,000 square feet to its 500,000- square-foot, Roman-themed shopping village in late 2004.

Über Caesars Palace:

Das Caesars Palace ist ein Hotel und Casino in Las Vegas USA. Es ist im Stil eines antiken römischen Palastes errichtet.

Das luxuriöse Hotel am Las Vegas Boulevard besitzt 3'348 Gästezimmer und Suiten. Säulen, Statuen und Wasser-Fontänen prägen das Erscheinungsbild. Das im Hotel integrierte Spielcasino belegt eine Fläche von etwa 12'000 Quadratmeter. Die Forum Shops, ein grosses Einkaufszentrum mit exklusiven Geschäften, und ein Schwimmbad-Bereich mit vielen Säulen und Marmor gehören zu dem Komplex.

Caesars Palace is a modern wonderland of luxury and excitement and is widely recognized among the world's greatest hotels. Located at the heart of the world famous Las Vegas Strip.In addition, Caesars Palace is home to the Garden of the Gods, a 4.5-acre pool complex and a world-class 22,000 sq. foot fitness center and spa.

The Forum Shops at Caesars and The Appian Way are two extraordinary collections of exquisite stores, restaurants and family entertainment set in an ancient Roman marketplace. While the hotel itself features 8 restaurants onsite, The Forum Shops offer another 14 restaurants, as well.

Das Casino gehört zu Caesars Entertainment. Caesars Entertainment Inc. wurde 1937 als Harrah's gegründet und wurde 2010 in Caesars Entertainment umbenannt. Besitzer sind die Investment-Firmen Apollo Global Management, TPG Capital und The Blackstone Group.

--- Ende Artikel / Pressemitteilung Park Place now Caesars ---


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