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Caesars Entertainment

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BUSINESS
June 14, 2005 | By Suzette Parmley INQUIRER STAFF WRITER
Harrah's Entertainment Inc. completed its $10.4 billion acquisition of Caesars Entertainment Inc. yesterday to create the world's largest gambling company, with 43 properties on two continents. The newly formed company also becomes the largest gambling operator in Atlantic City, controlling 40 percent of the resort's gambling space, hotel rooms and slot machines. Harrah's will own four of the city's 12 casino hotels: Showboat, Caesars and Bally's on the Boardwalk, and Harrah's in the Marina.
BUSINESS
January 10, 2013 | By Suzette Parmley, Inquirer Staff Writer
  The departure of Don Marrandino, since 2009 eastern division president for Caesars Entertainment Inc., comes as all five of the company's regional casinos are bleeding revenue. Marrandino resigned on Friday, according to the company, which owns four casinos in Atlantic City and Harrah's Philadelphia in Chester. He had held the job for three years after returning to Atlantic City from Las Vegas, where he ran the Flamingo Casino for Harrah's Entertainment Inc. before Harrah's Entertainment was acquired by Caesars Entertainment in June 2005.
BUSINESS
May 3, 2012 | Suzette Parmley
Caesars Entertainment Inc. announced Wednesday that its Harrah's Chester Casino and Racetrack property in Delaware County will be renamed Harrah's Philadelphia, effective May 12. The new name coincides with the unveiling of the casino's most recent expansion that includes several new restaurants and 200 new slot machines to bring its total inventory to about 3,000 slots. Last month, the casino reported the largest decrease in slots revenue — minus 7.6 percent — among Pennsylvania's 11 gambling halls.
NEWS
July 14, 2010
The Las Vegas-based Harrah's Entertainment confirmed Tuesday that "discussions have opened up again" over its role in the Foxwoods Casino project in South Philadelphia. In a statement, the company said it was not at liberty "to discuss the substance" of those talks at this time. On Sunday, The Inquirer reported that the gaming giant was in negotiations to become a partner in the struggling Foxwoods project. Harrah's holds a promissory note of $67 million for the 16-acre parcel from a group of local investors, including family foundations for lawyer Lewis Katz and developer Ron Rubin.
NEWS
June 27, 2014 | BY CHUCK DARROW, Daily News Staff Writer darrowc@phillynews.com, 215-313-3134
ATLANTIC CITY - As rumors swept through this beleaguered gambling resort that casino titan Steve Wynn is poised to rescue Revel Casino-Hotel from almost-certain extinction, about 2,100 employees at Showboat Atlantic City found themselves on the brink of unemployment. According to a union official, workers at the 27-year-old gambling den on the Boardwalk's eastern end will receive letters today stating the intention of corporate parent Caesars Entertainment of Las Vegas to close the Showboat by summer's end. The notices are required under a federal law that mandates businesses with more than 500 employees give such information at least 60 days in advance.
BUSINESS
July 16, 2004 | By Suzette Parmley INQUIRER STAFF WRITER
Harrah's Entertainment's blockbuster acquisition of Caesars Entertainment, announced yesterday, would create the world's biggest gambling company, one that would control about half of the Atlantic City market. If the deal is approved by state regulators, five of the city's 12 casinos would share the same owner. Harrah's-Caesars would control nearly half of the slot machines in Atlantic City, nearly half the city's total gaming space, and nearly half of its 13,000 hotel rooms. Harrah's Entertainment Inc. said yesterday that it would purchase Caesars Entertainment Inc. for $5.2 billion in cash and stock.
BUSINESS
May 25, 2005 | By Suzette Parmley INQUIRER STAFF WRITER
The New Jersey Casino Control Commission unanimously approved Harrah's Entertainment Inc.'s $9.4 billion acquisition of Caesars Entertainment Inc. yesterday. Also, the five-member commission that regulates Atlantic City casinos did not impose any restrictions on future expansion by Harrah's on the four casinos it will control once the purchase of Caesars is completed next month. An expert who testified at a public hearing Monday in Atlantic City had recommended that the commission impose "boundary conditions" to prevent Harrah's from expanding on land around Caesars, Bally's and the Showboat Casino Hotel.
BUSINESS
March 26, 2005 | By Suzette Parmley INQUIRER STAFF WRITER
Gary DiBartolomeo, the former casino president who lost his gaming license four years ago because he lied to regulators about his gambling problem, was hired this week as executive director of customer development at Bally's Atlantic City. "He's obviously thrilled to be back to work in the casino business," said his attorney, Lloyd Levenson, who spoke on DiBartolomeo's behalf. "He's also very happy to be back in the Caesars family. " Bally's is owned by Las Vegas-based Caesars Entertainment Inc., which also owns Caesars Atlantic City casino, where DiBartolomeo last worked before a gambling problem cost him his license in 2001.
NEWS
March 26, 2015 | By Jonathan Lai, Inquirer Staff Writer
Stockton University announced Tuesday that Trump Entertainment was seeking to block the transformation of the shuttered Showboat Casino into an "island campus" for the university - a move touted as a game-changer for the embattled local economy and the school. Trump Entertainment will use a 1988 legal covenant with Caesars Entertainment - Showboat's former corporate parent - to prevent Stockton from reopening the property as a school and hotel, according to the university. The covenant would prevent the property from being used as anything other than a first-class casino-hotel, the school said.
NEWS
June 29, 2014 | BY CHUCK DARROW, Daily News Staff Writer darrowc@phillynews.com, 215-313-3134
THE SHOWBOAT is headed for dry dock after a 27-year voyage. Caesars Entertainment of Las Vegas yesterday made official its plans to close the Atlantic City hotel-casino Aug. 31. In a statement, Gary Loveman, the company's chairman and CEO, said: "While we regret the impact that this decision will have on our Showboat associates, we believe this is a necessary step to help stabilize our business in Atlantic City and support the viability of our...
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NEWS
September 20, 2015 | By Jonathan Lai and Amy S. Rosenberg, Inquirer Staff Writers
Stockton University's $22 million sale of the former Showboat casino in Atlantic City to developer Bart Blatstein will not make the university financially whole, its president said Friday. Legal issues continue to trouble the property, and the sale proceeds will not cover the university's Showboat-linked costs, which will total millions more. Stockton paid $18 million to buy the property from Caesars Entertainment in December; a $26 million deal to resell it fell through. School and local officials praised Friday's announcement, calling it a big step toward ending a months-long roller-coaster ride for the school.
NEWS
September 18, 2015 | By Jonathan Lai and Amy Rosenberg, Inquirer Staff Writers
GALLOWAY TOWNSHIP - Stockton University has agreed to sell its troubled Showboat property, its interim president said Wednesday, after the school's trustees approved the deal. The Inquirer this week reported that Bart Blatstein, the Philadelphia-based developer credited with sparking redevelopment in Northern Liberties and elsewhere, was in talks with the university on buying the Showboat. On Wednesday, Harvey Kesselman, Stockton's interim president, would not reveal the buyer's identity, the selling price, or other details, citing a due-diligence period that is to end Thursday.
NEWS
September 16, 2015 | By Jonathan Lai, Inquirer Staff Writer
Developer Bart Blatstein is poised to buy the former Showboat casino property in Atlantic City from Stockton University, potentially ending a political and legal mess that has dogged the school for months. The Philadelphia-based Blatstein is finalizing an agreement with Stockton for a price greater than the $18 million the school paid for it last December, a person with knowledge of the deal said. Details of the agreement remained murky Monday evening, with Stockton's president and Blatstein both declining comment.
NEWS
July 22, 2015 | By Jonathan Lai, Inquirer Staff Writer
After months of little progress in clearing a complex web of legal restrictions around the former Showboat casino property in Atlantic City, Stockton University may have new hope in the form of legislation to be introduced by two state lawmakers. State Sen. James Whelan and Assemblyman Vincent Mazzeo, Democrats who represent Atlantic County, announced Monday a bill that would remove land covenants from publicly owned property in the Atlantic City Tourism District. Their goal: Clear conflicting restrictions on the Showboat property, freeing Stockton to sell it. "The imposition of deed restrictions is particularly offensive when applied to limit the use and nature of improvements upon public property located in the Tourism District," the proposed bill reads.
NEWS
July 12, 2015 | By Dan McQuade, For The Inquirer
What do 50 Cent, Pauly D, Paris Hilton, Brody Jenner, Lance Bass, and Dennis Haskins have in common? They're all regulars at Harrah's Atlantic City. Each has hosted multiple parties at Pool After Dark, the casino's nightclub. Other hip Atlantic City clubs, such as MIXX at The Borgata and Dusk at Caesars, are booking electronic dance music artists and well-known DJs this summer. Pool After Dark plays Top 40 hits; its party hosts are often celebrities closer to D-list than A-list. On Wednesday, 50 Cent hosted his 40th birthday party at the pool.
NEWS
May 10, 2015 | By Jacqueline L. Urgo, Inquirer Staff Writer
ATLANTIC CITY - Behind closed doors in the mayor's office, parties interested in the fate of the former Showboat casino hotel met Friday to try to resolve a tangled legal impasse. But when the meeting at City Hall was over, no one - including Mayor Don Guardian and Florida developer Glenn Straub - would say what had transpired, citing confidentiality. Also in attendance were representatives of Stockton University, which bought the shuttered Boardwalk casino with a plan to turn it into a campus, and of Trump Entertainment Resorts.
NEWS
April 3, 2015 | By Suzette Parmley, Inquirer Staff Writer
ATLANTIC CITY - Philadelphia developer Bart Blatstein paid a visit to this city Wednesday with his usual swagger as a doer vs. a talker. With more than 30 years as a developer, he boasted, he's done a lot on the other side of the river transforming neighborhoods, such as Northern Liberties, with hip restaurants and new housing behind his company, Tower Investments Inc. Now Blatstein has his sights on a down-on-its-luck, moribund high-end mall -...
NEWS
March 27, 2015 | By Jonathan Lai, Inquirer Staff Writer
Trump Taj Mahal casino's parent company is seeking to block Stockton University's creation of an Atlantic City campus next door to the Taj Mahal because it doesn't want to contend with underage college students trying to gamble, the company said Wednesday. Stockton's president says he still hopes to see the Showboat Casino property turned into a branch campus for thousands of students. Trump Entertainment Resorts "does not think having a college next door to the Taj is good for our company," it said in a statement.
NEWS
March 26, 2015 | By Jonathan Lai, Inquirer Staff Writer
Stockton University announced Tuesday that Trump Entertainment was seeking to block the transformation of the shuttered Showboat Casino into an "island campus" for the university - a move touted as a game-changer for the embattled local economy and the school. Trump Entertainment will use a 1988 legal covenant with Caesars Entertainment - Showboat's former corporate parent - to prevent Stockton from reopening the property as a school and hotel, according to the university. The covenant would prevent the property from being used as anything other than a first-class casino-hotel, the school said.
NEWS
January 2, 2015 | Chuck Darrow, DAILY NEWS STAFF WRITER
NOW WE know what rock bottom looks like. The year just passed saw Atlantic City suffer about the worst 12-month period any municipality has seen since the race-riot days of the 1960s. The numbers are ugly: four casinos - Atlantic Club, Showboat, Trump Plaza and Revel - turned off the lights, erasing some 8,000 jobs. And although a fifth casino, Trump Taj Mahal, escaped a date with the executioner, its fate is hardly settled. Harder to quantify, but no less devastating, was the negative public-relations tsunami that resulted from the casino-biz meltdown.
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