Last $13.17 USD
Change Today +0.48 / 3.78%
Volume 2.4M
CZR On Other Exchanges
As of 8:10 PM 12/18/14 All times are local (Market data is delayed by at least 15 minutes).

caesars entertainment corp (CZR) Snapshot

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02/28/14 - $26.74
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10/14/14 - $8.51
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caesars entertainment corp (CZR) Details

Caesars Entertainment Corporation owns, operates, or manages casino entertainment facilities. Its casino entertainment facilities include land-based casinos, riverboat or dockside casinos, and managed casinos, as well as casinos combined with a thoroughbred racetrack and a harness racetrack. The company operates its casinos primarily under the Caesars, Harrah’s, and Horseshoe names. It also operates hotel and convention space, restaurants, and non-gaming entertainment facilities. In addition, the company owns and operates an online gaming business that provides various real money games in Nevada, New Jersey, and the United Kingdom; offers ‘play for fun’ offerings to customers internationally; and provides social games on Facebook and other social media Websites, and mobile application platforms. Further, it owns and operates the World Series of Poker tournament and brand; and owns the London Clubs International family of casinos. As of December 31, 2013, the company owned, operated, or managed 52 casinos in 5 countries, as well as in the 13 states of the United States. Its facilities had an aggregate of approximately 3 million square feet of gaming space and approximately 42,000 hotel rooms. The company was formerly known as Harrah’s Entertainment Inc. and changed its name to Caesars Entertainment Corporation in November 2010. Caesars Entertainment Corporation was founded in 1937 and is based in Las Vegas, Nevada.

68,000 Employees
Last Reported Date: 03/17/14
Founded in 1937

caesars entertainment corp (CZR) Top Compensated Officers

Chairman, Chief Executive Officer, President ...
Total Annual Compensation: $1.9M
Chief Financial Officer and Executive Vice Pr...
Total Annual Compensation: $700.0K
Global President of Destination Markets
Total Annual Compensation: $1.2M
Chief Regulatory & Compliance Officer, Execut...
Total Annual Compensation: $800.0K
Compensation as of Fiscal Year 2013.

caesars entertainment corp (CZR) Key Developments

Caesars Entertainment Operating Company, Inc. Files Complaint against Caesars Acquisition Company, Caesars Growth Partners, LLC, Caesars Entertainment Corporation, Caesars Entertainment Resort Properties, LLC and Caesars Enterprise Services, LLC

On November 25, 2014, UMB Bank, solely in its capacity as Indenture Trustee under that certain indenture, dated as of February 14, 2012 (8.5% Indenture), governing Caesars Entertainment Operating Company Inc.'s 8.5% Senior Secured Notes due 2020 (8.5% Senior Secured Notes) (Plaintiff), and derivatively on behalf of CEOC, filed a lawsuit in the Court of Chancery in the State of Delaware against Caesars Acquisition Company, Caesars Growth Partners, LLC, Caesars Entertainment Corporation, CEOC, Caesars Entertainment Resort Properties, LLC, Caesars Enterprise Services, LLC, Gary Loveman, Jeffrey Benjamin, David Bonderman, Donald Colvin, Kelvin Davis, Fred J. Kleisner, Eric Press, Marc Rowan, David Sambur, Lynn C. Swann, Christopher J. Williams, Jeffrey Housenbold, Michael Cohen, Eric Hession, Ronen Stauber, and Steven Winograd (Defendants). The lawsuit alleges claims for actual and constructive fraudulent conveyance and transfer, insider preferences, illegal dividends, declaratory relief, breach of contract, intentional interference with contractual relations, breach of fiduciary duty, aiding and abetting breach of fiduciary duty, usurpation of corporate opportunities, and unjust enrichment. The lawsuit seeks (1) imposition of a receiver for CEOC; (2) avoidance and/or rescission of certain transfers and the release of CEC's guarantee of the 8.5% Senior Secured Notes; (3) return of assets transferred in those transfers and release; (4) imposition of a constructive trust for the benefit of the assets transferred; (5) declaratory judgment that (i) no release has occurred and any such release is rescinded, (ii) CEC has breached the 8.5% Indenture by declaring the release, (iii) CEC remains liable on account of the CEC guarantee, (iv) certain transfers constitute a default under the 8.5% Indenture, and (v) CEC and the CEC board of directors intentionally interfered with the Plaintiff's and the holders of the 8.5% Senior Secured Notes' (the 8.5% Noteholders) contractual relations with CEOC; (6) reinstatement of the CEC guarantee (if and to the extent it has been terminated); (7) an injunction preventing Defendants from (i) further fraudulent transfers, fraudulent conveyances, and affiliated party transactions involving the assets of CEOC or its subsidiaries, (ii) receiving illegal dividends from CEOC or its subsidiaries, and (iii) conducting further transactions outside the ordinary course of business or transfers of assets from CEOC or its subsidiaries to or for the benefit of CEC, CERP, Growth Partners, CAC, CE Services, or CEC's two private equity sponsors, Apollo Global Management, LLC and TPG Global, LLC, as well as an injunction against further interference by CEC and the CEC board of directors with the 8.5% Noteholders' contractual relations with CEOC; (8) declaratory judgment that (i) CEOC is insolvent, (ii) due to CEOC's insolvency and Defendants' misconduct, Defendants must now manage CEOC principally for the benefit of all of its constituents, including its creditors, and (iii) CEOC was insolvent at all times relevant to Plaintiff's claims and that during such times Defendants should have been managing CEOC principally for the benefit of all of its constituents, including its creditors; (9) compensation from Defendants for CEOC's alleged losses and damages; (10) disgorgement by CEC, CERP, CAC, Growth Partners, and CE Services of monies and/or other assets allegedly improperly obtained (or that they may obtain in the future) from CEOC; and (11) an award to Plaintiff of the costs of this action, including attorney's fees.

Caesars Entertainment Corporation to Lay Off Several Hundred Workers

Caesars Entertainment Corporation has already started notifying several hundred employees facing layoffs. The layoffs would affect fewer than 680 people across the entire company and its divisions. The company has been struggling with mounting debt and losses. The company has been negotiating with some of its creditors and bank lenders to relieve the financial pressure.

Caesars Entertainment Corporation Announces Management Changes

Caesars Entertainment Corporation announced the appointment of Eric Hession, the company's senior vice president and treasurer, as Chief Financial Officer, effective January 1, 2015. Hession will succeed Donald Colvin, who is retiring from the company effective December 31, 2014. Hession's appointment is subject to regulatory approval. As CFO, Hession, 40, will be responsible for Caesars' finance functions and will report to Loveman. In his current capacity, Hession is responsible for financial planning, treasury and investor relations. He joined the company in 2002 after four years with Merck & Co.


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