Caesars Entertainment

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American gaming, casino, hospitality, sports betting, and entertainment company

Last updated October 14, 2026

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First read: Nov 4, 2026
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Overview

Caesars Entertainment is an American gaming and hospitality company whose portfolio combines casino resorts, hotels, restaurants, live entertainment, sports wagering, iGaming, loyalty marketing, and branded destination experiences. The company is headquartered in Reno, Nevada, while its corporate and operational presence extends across numerous gaming jurisdictions in the United States. Its properties include large destination resorts in Las Vegas and regional casinos, racinos, and casino hotels in states such as Nevada, New Jersey, Louisiana, Mississippi, Missouri, Indiana, Illinois, Iowa, Ohio, Pennsylvania, Maryland, and other regulated markets. The present company traces its corporate lineage to the Eldorado Hotel in Reno, which opened in 1973 under investors including Don Carano and members of the Carano family. Eldorado expanded through the development of Silver Legacy Resort Casino, the acquisition of regional casino businesses, and a 2014 reverse merger with MTR Gaming Group that created the publicly traded Eldorado Resorts, Inc. During the following years, Eldorado pursued an acquisition-led strategy. It acquired or added interests in properties associated with Hollywood Casino, Circus Circus Reno, Silver Legacy, Isle of Capri Casinos, Grand Victoria Casino, and Tropicana Entertainment. These transactions broadened the company from a regional operator into a significant multi-state gaming group. A decisive turning point came in 2020, when Eldorado Resorts acquired Caesars Entertainment Corporation. The transaction brought together Eldorado's regional casino platform and Caesars' much larger collection of iconic properties and brands, including Caesars Palace, Harrah's, Horseshoe, Flamingo, Paris, Planet Hollywood, The LINQ, and related resort and entertainment operations. After the transaction closed in July 2020, Eldorado adopted the Caesars Entertainment name. The combined company retained Caesars Rewards as its principal customer-loyalty platform and became one of the largest casino and hospitality operators in the United States. Following the merger, Caesars continued to reshape its portfolio to address regulatory requirements, reduce leverage, and concentrate on selected markets. It sold or transferred various properties and operating businesses, including assets in Missouri, Indiana, Louisiana, Nevada, and other jurisdictions. It also expanded into digital wagering through the acquisition of William Hill's U.S. business in 2021, subsequently developing Caesars Sportsbook as a national online and mobile sports-betting brand where permitted by law. The European and African operations associated with the former London Clubs International business were later divested, leaving the company more heavily focused on North American gaming and digital markets. Caesars' business model spans several related activities. Casino resorts generate revenue from gaming, hotel rooms, food and beverage, retail, meetings, conventions, and entertainment. The company also uses Caesars Rewards to connect play and non-gaming spending across its properties and digital products. Caesars Sportsbook and Caesars iGaming provide online sports wagering and casino products in jurisdictions that authorize them, often through market-access agreements with tribes, casinos, and other local partners. Branded events and entertainment offerings, including the World Series of Poker before its 2024 sale, have helped extend the company beyond traditional casino operations. The company remains a major operator of regulated gaming and hospitality venues, with Caesars Palace serving as its most internationally recognizable property brand. Its positioning combines large-scale casino resorts, established hospitality brands, loyalty benefits, entertainment programming, and an increasingly integrated retail-and-digital wagering ecosystem. Operations are subject to extensive licensing, responsible-gaming, consumer-protection, advertising, data-security, and…

History

Caesars Entertainment's history is rooted in the Eldorado Hotel in Reno, Nevada, which opened in May 1973. The project was developed by investors including Don Carano and members of the Carano family. Eldorado later expanded its Reno presence through the Silver Legacy Resort Casino, opened in 1995 in partnership with Circus Circus Enterprises. In 1996, the Eldorado businesses were reorganized as Eldorado Resorts LLC in connection with a bond offering. The company began building a broader regional portfolio during the 2000s. In 2005, it acquired a controlling interest in the bankrupt Hollywood Casino Shreveport and rebranded the property as Eldorado Casino Shreveport. In 2013, Eldorado agreed to combine with publicly traded MTR Gaming Group through a reverse merger. The transaction closed in September 2014, adding racinos and regional gaming operations in Ohio, Pennsylvania, and West Virginia and establishing Eldorado Resorts, Inc. as the public company in its modern form. Gary Carano became chairman and chief executive officer. Eldorado pursued several significant acquisitions after the MTR combination. In 2015, it bought Circus Circus Reno and the remaining interest in Silver Legacy from MGM Resorts International. In 2017, it acquired Isle of Capri Casinos, adding a substantial group of casinos. In 2018, it purchased Grand Victoria Casino in Illinois and acquired the operating business of Tropicana Entertainment. Real-estate investment trusts and other property owners were involved in several of these transactions, reflecting the increasingly common separation of casino real estate ownership from operating businesses. Eldorado also sold selected properties, including Presque Isle Downs and the operating business of Lady Luck Casino Nemacolin, as it managed its portfolio. In 2019, Eldorado entered discussions to combine with Caesars Entertainment Corporation. Caesars accepted Eldorado's proposal in June of that year. The planned transaction was designed to join Eldorado's regional scale with Caesars' established resort brands and loyalty program. To address debt and competition concerns, Eldorado sold or arranged the sale of several properties before and around completion of the merger. Regulators also required divestitures in certain jurisdictions, including Indiana and Missouri. The Federal Trade Commission approved the acquisition in June 2020, and the transaction closed on July 20, 2020. Although Eldorado was the acquiring corporate entity, it adopted the Caesars Entertainment name after closing. The combined company operated a large portfolio of destination resorts and regional casinos under brands such as Caesars, Harrah's, Horseshoe, Flamingo, Paris, and Planet Hollywood. Caesars Rewards became the principal loyalty framework connecting the portfolio. The post-merger company continued to refine its asset base. In 2021, it completed the acquisition of William Hill and used the U.S. business to develop Caesars Sportsbook. Caesars subsequently sold William Hill's European operations to 888 Holdings and disposed of casino businesses in Europe and Africa associated with the former London Clubs International operations. Other post-merger sales included properties in Indiana and additional regional markets, partly reflecting regulatory conditions and the company's effort to focus capital on priority assets. Caesars also expanded its sports and digital businesses. It entered partnerships with professional sports organizations, including a sportsbook relationship with the Cleveland Cavaliers, and launched or expanded mobile and retail wagering in regulated states. In 2023, the company disclosed a cybersecurity incident involving an outside information-technology vendor. The incident exposed sensitive information associated with a significant number of loyalty customers and led to litigation, although the company reported that its casino and hotel operations were not affected in the same way as its customer-data systems. In 2024, Caesars acquired WynnBet's Michigan iGaming operations and expanded regulated digital-market access. It also announced the sale of the World Series of Poker brand to NSUS Group while preserving a long-term right to host the principal live tournament series at Caesars' Las Vegas resorts. These moves illustrate the company's continuing transition from a primarily property-based casino operator toward a broader gaming, hospitality, loyalty, entertainment, and digital-wagering platform.

2024
Michigan iGaming operations and World Series of Poker transaction
[1]Caesars Entertainmenten.wikipedia.org
Caesars acquired WynnBet's Michigan operations and announced the sale of the World Series of Poker brand while retaining rights to host its major live event in Las Vegas.
2023
Customer-data cybersecurity incident disclosed
[1]Caesars Entertainmenten.wikipedia.org
Caesars reported a ransomware-related compromise involving an external technology provider and sensitive loyalty-member information.
2022
Cleveland Cavaliers sportsbook partnership announced
[1]Caesars Entertainmenten.wikipedia.org
Caesars became the official sportsbook partner of the Cleveland Cavaliers and opened a retail sportsbook at Rocket Mortgage FieldHouse.
2021
William Hill acquisition completed
[1]Caesars Entertainmenten.wikipedia.org
Caesars completed the acquisition of William Hill and developed the U.S. business under the Caesars Sportsbook brand.
2020
Merger closes and Eldorado adopts Caesars name
[1]Caesars Entertainmenten.wikipedia.org
The acquisition closed on July 20 after regulatory approval, and Eldorado Resorts became Caesars Entertainment.
2019
Caesars acquisition agreed
[1]Caesars Entertainmenten.wikipedia.org
Eldorado and Caesars reached an agreement intended to create a major combined casino and hospitality group.
2018
Grand Victoria and Tropicana operations added
[1]Caesars Entertainmenten.wikipedia.org
Eldorado acquired Grand Victoria Casino and the operating business of Tropicana Entertainment.
2017
Isle of Capri Casinos acquired
[1]Caesars Entertainmenten.wikipedia.org
The acquisition expanded Eldorado's regional casino portfolio across several U.S. jurisdictions.
2015
Circus Circus Reno and Silver Legacy interests acquired
[1]Caesars Entertainmenten.wikipedia.org
Eldorado acquired Circus Circus Reno and the remaining interest in Silver Legacy from MGM Resorts International.
2014
MTR Gaming combination creates modern Eldorado Resorts
[1]Caesars Entertainmenten.wikipedia.org
A reverse merger with MTR Gaming Group closed, adding racinos and creating the publicly traded Eldorado Resorts, Inc.
1996
Eldorado businesses reorganized
[1]Caesars Entertainmenten.wikipedia.org
The Eldorado companies were reorganized as Eldorado Resorts LLC in connection with a bond offering.
1995
Silver Legacy Resort Casino opens
[1]Caesars Entertainmenten.wikipedia.org
Eldorado opened the adjacent Silver Legacy Resort Casino in partnership with Circus Circus Enterprises.
1973
Eldorado Hotel opens in Reno
[1]Caesars Entertainmenten.wikipedia.org
The Eldorado Hotel opened in Reno, Nevada, establishing the corporate lineage that later led to Eldorado Resorts and the modern Caesars Entertainment company.

Products and positioning

A large-scale North American gaming and hospitality group combining destination resorts, regional casinos, loyalty marketing, entertainment, and regulated digital wagering.

Gaming and hospitality · 1973
Casino resorts and regional casinos
Caesars operates destination resorts and regional casinos offering slot machines, table games, poker, hotel rooms, restaurants, bars, entertainment, retail, meetings, and convention facilities. The portfolio includes flagship Las Vegas resorts as well as properties serving local and regional customers in multiple regulated U.S. markets. Some properties are operated under leases or management arrangements rather than being held entirely as owned real estate.
Casino resort
Caesars Palace
Caesars Palace is the company's best-known resort brand and a major Las Vegas destination. Its offering combines casino gaming with hotel accommodation, restaurants, retail, shows, nightlife, meetings, and other entertainment. The brand's Roman-inspired identity has made it one of the most recognizable names in the international casino-resort sector.
Loyalty program
Caesars Rewards
Caesars Rewards is the group's customer-loyalty platform. Members earn and redeem benefits across participating casinos, hotels, restaurants, entertainment venues, and selected digital products. The program is designed to link customer activity across the company's geographically dispersed properties and to support cross-selling between physical resorts and online wagering services.
Sports betting · 2021
Caesars Sportsbook
Caesars Sportsbook is the company's U.S. sports-wagering brand, available through mobile applications, online platforms, and selected retail sportsbooks in jurisdictions that permit regulated sports betting. It was developed substantially from the U.S. operations acquired through William Hill and is supported by casino partnerships, market-access agreements, promotions, and the Caesars Rewards ecosystem.
Online casino
Caesars iGaming
Caesars iGaming comprises regulated online casino and related digital gaming offerings. Availability depends on state law and market-access arrangements. The company has expanded this business through platform development, partnerships, and the acquisition of WynnBet's Michigan iGaming operations.
Poker events and brand · 1970
World Series of Poker
The World Series of Poker became one of the best-known poker tournament brands under Caesars' ownership and was associated with the company's Las Vegas casinos. In 2024, Caesars announced an agreement to sell the brand to NSUS Group while retaining a long-term right to host the principal live tournament series at its Las Vegas properties.

Controversies

2023
Ransomware-related customer-data breach
Caesars disclosed that an external information-technology vendor had been compromised by a cybercrime group identified in reporting as Scattered Spider or UNC3944. The incident exposed driver's-license information and potentially Social Security numbers associated with a significant number of loyalty customers. Caesars said its casino and hotel operations were not disrupted in the same manner as its information systems and acknowledged paying a ransom. Civil lawsuits followed, alleging inadequate protection of personal information.
Source

2022Cleveland Cavaliers sportsbook partnership
Ohio · United States
Caesars entered a multi-year partnership with the Cleveland Cavaliers and opened a retail sportsbook at Rocket Mortgage FieldHouse, combining sports sponsorship with a physical wagering venue.
Outcome. Expanded Caesars' sports-betting presence through a professional-sports partnership and retail location.
Source
2021Caesars Sportsbook national expansion
United States
After acquiring William Hill's U.S. business, Caesars reorganized and promoted its regulated sports-wagering operations under the Caesars Sportsbook name. The initiative linked mobile and retail betting with the company's casino properties and Caesars Rewards program.
Outcome. Established Caesars Sportsbook as the company's principal U.S. digital sports-betting brand.
Source

Brand decisions

2024
Acquire WynnBet Michigan operationsM&A
Background
Caesars sought to expand its regulated iGaming footprint and strengthen its access to the Michigan market.
Action taken
Caesars acquired WynnBet's Michigan iGaming operations and extended market-access rights connected with the Sault Ste. Marie Tribe of Chippewa Indians.
Aftermath
Caesars initially continued using the WynnBet brand in Michigan while planning a transition toward its own digital platform.
Source
2024
Sell the World Series of Poker brandM&A
Background
Caesars pursued portfolio monetization while seeking to preserve the commercial value of the flagship live poker tournament hosted at its Las Vegas resorts.
Action taken
Caesars announced the sale of the World Series of Poker brand to NSUS Group and retained a long-term right to host the main live series at its Las Vegas casinos.
Aftermath
The transaction separated ownership of the global poker brand from Caesars' continuing role as host of its principal live event.
Source
2021
Acquire William Hill's businessM&A
Background
Caesars wanted to accelerate its participation in regulated U.S. online and retail sports betting by acquiring an established wagering operator.
Action taken
Caesars completed the acquisition of William Hill and used the U.S. operations as the basis for Caesars Sportsbook.
Aftermath
The company expanded its digital wagering platform while later selling William Hill's European operations and concentrating on North American markets.
Source
2020
Complete the acquisition of Caesars Entertainment CorporationM&A
Background
Eldorado Resorts sought to combine its growing regional portfolio with Caesars' destination resorts, brands, and loyalty program. Regulatory approval required portfolio changes and divestitures in certain markets.
Action taken
The transaction closed in July 2020, after which Eldorado Resorts adopted the Caesars Entertainment name and combined the loyalty operations under Caesars Rewards.
Aftermath
The combined company became one of the largest casino and hospitality operators in the United States and began integrating physical properties with digital wagering businesses.
Source

Recent events

Unconfirmed
Reported2026.09.30
Caesars Entertainment shareholders approve $17.6 billion take-private sale to Fertitta Entertainment[3]凯撒娱乐股东批准以176亿美元(含承担债务)向Fertitta Entertainment私有化出售cnbc.com
Caesars Entertainment shareholders last week approved the company's $17.6 billion sale, including assumed debt, to Fertitta Entertainment. The deal would combine Caesars' casino and digital operations with Tilman Fertitta's Golden Nugget casinos, Landry's restaurant group and other hospitality assets. CEO Tom Reeg said operating as a private company would allow management to take a longer view. The transaction remains under an extended Federal Trade Commission antitrust review.
Unconfirmed
Reported2026.09.30
FTC issues second request in extended antitrust review of Caesars Entertainment take-private by Fertitta Entertainment[3]凯撒娱乐股东批准以176亿美元(含承担债务)向Fertitta Entertainment私有化出售cnbc.com
The $17.6 billion take-private of Caesars Entertainment by Fertitta Entertainment is undergoing an extended antitrust review by the Federal Trade Commission, which recently issued a second request for information. Caesars CEO Tom Reeg called the request normal for a transaction of this size, said the markets under scrutiny are not particularly material to the combined company, and suggested a property or two could ultimately be divested.
2024.06.18
Reported2024.06.18
Caesars completes acquisition of WynnBET's Michigan iGaming operations[4]Caesars 完成收购 WynnBET 密歇根州 iGaming 业务运营finanznachrichten.de
Caesars announced that it had closed its acquisition of the operations of WynnBET's Michigan iGaming business. Caesars said it would assume operations on the existing platform under the WynnBET brand, with no anticipated customer interruption.
2021.10.22
Reported2021.10.22
Caesars Entertainment announces Sandra Douglass Morgan board appointment[5]Caesars Entertainment 宣布任命 Sandra Douglass Morgan 为董事prnewswire.com
Caesars Entertainment announced that Sandra Douglass Morgan would join its Board of Directors effective November 7, 2021, subject to required regulatory approvals.
2021.07
Reported2021.08.05
Metropolitan Gaming completes acquisition of Caesars’ European and African casino businesses[6]Metropolitan Gaming完成收购凯撒娱乐在欧洲和非洲的赌场业务igamingbusiness.com
Metropolitan Gaming completed the acquisition of Caesars Entertainment’s European and African casino businesses in July 2021. The acquired portfolio includes casinos in 11 locations across Egypt, South Africa and the UK.
2021.06.04
Reported2021.06.04
Bally’s completes acquisition of Tropicana Evansville casino operations[7]Bally’s 完成收购 Tropicana Evansville 赌场业务pbn.com
Bally’s Corporation completed its acquisition of the Tropicana Evansville casino operations from Caesars Entertainment, including rights to the operations’ sports betting and iGaming skins.
2021.04.15
Reported2021.04.16
NFL announces sports betting partnerships with Caesars, DraftKings and FanDuel[8]NFL宣布与Caesars、DraftKings和FanDuel建立体育博彩合作关系chicago.suntimes.com
The NFL announced deals with Caesars Entertainment, DraftKings and FanDuel to make them official sports betting partners, including rights to use NFL trademarks and official league data and to integrate betting content into league media properties.
2020.12.23
Reported2020.12.23
Bally’s completes acquisition of Eldorado Resort Casino Shreveport[9]Bally’s 完成收购 Eldorado Resort Casino Shreveportpbn.com
Bally’s Corp. completed its $140 million acquisition of Eldorado Resort Casino Shreveport in Louisiana from Caesars Entertainment.
2020.12.09
Reported2020.12.09
Bottle Rocket launches Caesars Entertainment App Clip[10]Bottle Rocket为Caesars Entertainment推出App Clipprnewswire.com
Bottle Rocket announced the launch of an Apple App Clip for its partner Caesars Entertainment. The experience allows on-site guests to locate their hotel room and book restaurant reservations without downloading the Caesars Rewards mobile app.
2020.09.18
Reported2020.09.18
GTG Network partners with Caesars Entertainment[11]GTG Network 与 Caesars Entertainment 建立合作igamingbusiness.com
GTG Network partnered with Caesars Entertainment, which will launch the Pro Football Pick’em online game with GTG. Caesars Rewards customers are to compete for cash prizes by picking professional football games.

Sources19 sources

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