Harrah's soon to become Caesars

April 9, 2008 7:08:26 PM PDT
Gambling giant Harrah's Entertainment has approved a plan to change its name to Caesars Entertainment Corporation, the company said Wednesday. 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.

Las Vegas-based Harrah's acquired Caesars Entertainment Inc. through a megamerger in 2005, creating the world's largest casino company by revenue.

The company 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 said Harrah's will continue to be 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.

It has recently scaled back plans for expansion into foreign markets by pulling out of joint ventures in Slovenia and the Bahamas.