Caesars Entertainment, Inc.

What does Caesars Entertainment own?

The company operates roughly 50 casinos and resorts under brands including Caesars Palace, Harrah's, Horseshoe, Tropicana, Flamingo, Paris, Planet Hollywood, and The Linq, plus the Caesars Sportsbook online betting platform. It owns most of its Las Vegas real estate and leases some properties from VICI Properties.

Is Caesars Entertainment publicly traded?

Yes. It trades on NASDAQ under the ticker CZR and is a member of the S&P 500. The current company was formed by Eldorado Resorts' 2020 acquisition of the legacy Caesars Entertainment Corporation.

Who owns Caesars Entertainment?

The company is publicly held by institutional and retail investors, with no controlling shareholder. The Carano family, founders of Eldorado Resorts, remains a significant shareholder group. Tom Reeg serves as CEO.

Where is Caesars Entertainment headquartered?

The company is headquartered in Reno, Nevada, where Eldorado Resorts was founded, with major operations centered on the Las Vegas Strip.

Does Caesars own Caesars Palace?

Yes. Caesars Palace on the Las Vegas Strip is the company's flagship property, owned and operated directly. Jay Sarno opened it in 1966, and it became part of the current company through the 2020 Eldorado merger.

The company's lineage runs through several storied names. William Harrah opened a bingo parlor in Reno in 1937 and built Harrah's into the first major casino company to market itself beyond gambling, expanding to Lake Tahoe and going public in 1971. Jay Sarno built Caesars Palace on the Las Vegas Strip in 1966 as the city's first themed mega-resort. Harrah's acquired the Rio in 1998, Caesars World in 1999, and took the Caesars name in 2010.

A leveraged buyout in 2008 by Apollo Global Management and TPG Capital loaded the company with more than $25 billion of debt just before the financial crisis. The restructured entity, Caesars Entertainment Corporation, spent years managing around its balance sheet and put its main operating unit through a contested Chapter 11 bankruptcy in 2015, emerging in 2017.

Eldorado Resorts, a regional casino operator founded in Reno in 1973 by the Carano family, acquired the restructured Caesars in a $17.3 billion deal completed in July 2020, taking the Caesars name and the CZR ticker. Tom Reeg, Eldorado's CEO, has led the combined company since.

Since the merger, management has focused on debt reduction and digital growth. The company sold the World Series of Poker brand in 2024 and the LINQ Promenade retail complex, trimming assets while building Caesars Sportsbook into a profitable digital segment. For FY2025 the company reported $11.5 billion of net revenues and a $502 million net loss, the latter driven largely by prior-year asset-sale gains not repeating and by its interest burden.

The 2015 bankruptcy of the company's main operating unit produced years of litigation between the company and its creditors, resolved only when the unit emerged in 2017 with a court-approved restructuring. That episode remains the defining cautionary tale of private equity ownership in the casino industry.

The company also holds licenses across roughly 20 gaming jurisdictions, making compliance a permanent cost center. Its digital unit has received state fines for advertising and responsible-gaming violations in the ordinary course of the industry, including penalties tied to promotional language rules in several states.