![]() Caesars was, and still is, probably the best-known gaming brand in the world Caesars and high rolling were synonymous in the world of wealthy gamblers. ![]() In November 2010, the company changed its name to Caesars. The company even considered spinning off its database into a separate company and selling it to reduce its debt load. The debt-laden Harrah’s cut its budget for maintaining and updating its properties from $250 million a year to $50 million. Previously, Harrah’s had been noted for its upkeep, regularly updating and reinvesting in its properties. The debt and the recession forced Harrah’s to change its culture even more. The private buyout was highly leveraged the company entered the recession with $25 billion in debt. In 2006, Harrah’s received an offer to buy the company and take it private, the deal closed in January 2008, just as the Great Recession was gaining traction. In 2003, Gary Loveman became CEO of Harrah’s in 2005 the company acquired Caesars Entertainment. Slots, on the other hand, were stable and predictable, especially if you kept them filled with loyal players. Under his leadership the casino company was not interested in high rolling blackjack or baccarat players. Gary Loveman changed the culture of Harrah’s.
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