Caesars sale finalized
Caesars Tahoe officials arrived to work Thursday morning to the news that Park Place Entertainment had officially completed its $3 billion purchase of Caesars World, Inc. from Starwood Hotels & Resorts.
“Caesars has a fantastic portfolio of outstanding gaming assets, a terrific brand name and great employees,” Geoffrey Davis, Park Place vice president of corporate communications, said of his company’s acquisition of the renowned gaming name.
“This strategic transaction gives us an internationally recognized brand name and a portfolio of first-class gaming assets that enhance our geographic and customer diversification,” said Arthur Goldberg, president and chief executive officer of Park Place, the gaming spinoff from Hilton Hotels Corp.
Along with the close of the sale came the announcement of the resignation of Peter Boynton, president of Caesars World. Boynton has been with the company for 25 years.
Park Place officials declined to comment on any additional changes in store for the Caesars properties.
“We’re reviewing our plans,” Davis said. “It’s premature to speculate right now.”
Earlier this week, Mel Thomas, the executive vice president and general manager of Caesars Tahoe, said he hoped the change in ownership will present the opportunity to renovate the Tahoe property, bringing it closer to the luxury of Caesars Palace in Las Vegas.
Park Place purchased Caesars from Starwood, which acquired the casinos along with a package of hotels in February 1998 but officials never felt comfortable with the volatility of the gaming industry. The agreement to sell to Park Place was announced in April.
“Finalizing this historic acquisition is an exciting way to top-off an outstanding year,” Goldberg said.
“In our first 12 months as an independent company, we have successfully separated from our former parent company, acquired and integrated Grand Casinos, developed and opened Paris Las Vegas and closed the Caesars deal,” Goldberg said.
Park Place is now the world’s largest gaming company. It owns, manages or has an interest in 29 gaming properties operating under Bally’s, Caesars, Flamingo, Grand and Hilton brand names.
Despite the close proximity of several properties on the Vegas Strip, Davis said they are not competing with themselves.
“The customer mix is very different between the properties,” he said. “Each property caters to a different market.”
Support Local Journalism
Support Local Journalism
Readers around the Lake Tahoe Basin and beyond make the Tahoe Tribune's work possible. Your financial contribution supports our efforts to deliver quality, locally relevant journalism.
Now more than ever, your support is critical to help us keep our community informed about the evolving coronavirus pandemic and the impact it is having locally. Every contribution, however large or small, will make a difference.
Your donation will help us continue to cover COVID-19 and our other vital local news.
Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.
User Legend: Moderator Trusted User