Caesars Palace is one of the most iconic and recognizable landmarks in Las Vegas, known for its luxurious accommodations, world-class entertainment, and extensive casino floor. The question of who owns this legendary resort often arises among visitors and locals alike, as its ownership has undergone several changes over the years.
The story of Caesars Palace begins in the early 1960s when Jay Sarno, a real estate developer, had a vision of creating a grand hotel-casino complex inspired by the ancient Roman Empire. With the help of architect Martin Stern Jr. and interior designer Dorothy Draper, Sarno brought his vision to life, and Caesars Palace opened its doors in 1966.
As we delve into the history of Caesars Palace, we will explore the various individuals and entities that have held ownership of this iconic resort, highlighting their contributions and the impact they have had on its legacy.
Who Owns Caesars Palace
Caesars Palace has seen several ownership changes throughout its history, with various individuals and entities leaving their mark on this iconic resort.
- Jay Sarno: Original developer and visionary.
- Wrather Corporation: Acquired in 1969.
- Hilton Hotels: Ownership from 1973 to 1995.
- Park Place Entertainment: Acquired in 1995.
- Harrah's Entertainment: Merger in 2005.
- Caesars Entertainment: Rebranding in 2010.
- Apollo Global Management: Majority ownership since 2020.
- VICI Properties: Real estate investment trust.
Today, Caesars Palace continues to operate under the ownership of Caesars Entertainment, with VICI Properties holding a significant stake in the resort's real estate.
Jay Sarno: Original developer and visionary.
Jay Sarno was a real estate developer with a flair for showmanship and a passion for creating grand entertainment destinations. Born in Chicago in 1922, Sarno's career began in the 1950s when he developed several motels and hotels in Las Vegas, including the Sahara and the Riviera.
In the early 1960s, Sarno set his sights on creating a hotel-casino complex that would transport guests to the grandeur of ancient Rome. He acquired a 15-acre plot on the Las Vegas Strip and enlisted the help of architect Martin Stern Jr. and interior designer Dorothy Draper to bring his vision to life.
Caesars Palace opened its doors in 1966, and it quickly became one of the most popular and iconic resorts on the Strip. Sarno's attention to detail and commitment to luxury were evident in every aspect of the resort, from the opulent décor to the world-class entertainment.
Under Sarno's leadership, Caesars Palace became a playground for celebrities, high rollers, and tourists alike. It hosted legendary performers such as Frank Sinatra, Elvis Presley, and Barbra Streisand, and its casino was known for its high-stakes gambling.
Sarno's legacy as the original developer and visionary behind Caesars Palace is undeniable. He created a resort that set new standards for luxury, entertainment, and hospitality, and his influence can still be seen in the iconic resort that stands today.
Wrather Corporation: Acquired in 1969.
In 1969, just three years after Caesars Palace opened its doors, Jay Sarno sold the resort to the Wrather Corporation, a diversified entertainment company founded by Jack Wrather.
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Expansion and diversification:
Under Wrather's ownership, Caesars Palace underwent significant expansion and diversification. The hotel tower was expanded, and new amenities were added, including a convention center, a shopping mall, and a new casino. Wrather also introduced new entertainment options, such as the Circus Maximus Showroom and the Roman Plaza, which featured live performances and attractions.
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Focus on family entertainment:
Wrather recognized the growing demand for family-friendly entertainment in Las Vegas and made a conscious effort to cater to this market. He introduced new attractions such as the "Festival of Fantasy" parade and the "Circus Circus" midway, which featured games, rides, and live performances. These additions helped to broaden the appeal of Caesars Palace and attract a wider range of visitors.
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Hollywood glamour:
Jack Wrather's Hollywood connections brought a touch of Tinseltown glamour to Caesars Palace. He hosted lavish parties and events that attracted A-list celebrities, and he even had a private bungalow built for his personal use. Wrather's association with Hollywood helped to elevate the image of Caesars Palace and solidify its status as a celebrity hotspot.
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Financial struggles:
Despite the success of Caesars Palace under Wrather's leadership, the company faced financial difficulties in the early 1970s due to the economic downturn and increased competition in Las Vegas. In 1973, Wrather sold Caesars Palace to Hilton Hotels Corporation.
Wrather's ownership of Caesars Palace was a relatively brief but significant chapter in the resort's history. He expanded the resort, introduced new entertainment options, and catered to a wider range of visitors. His contributions helped to solidify Caesars Palace's position as a leading destination on the Las Vegas Strip.
Hilton Hotels: Ownership from 1973 to 1995.
In 1973, Hilton Hotels Corporation acquired Caesars Palace from the Wrather Corporation, marking a new era of ownership for the iconic resort.
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Expansion and modernization:
Under Hilton's ownership, Caesars Palace underwent significant expansion and modernization. The hotel tower was expanded, and new amenities were added, including a new casino, a shopping mall, and a health club. Hilton also invested in renovating and upgrading the existing facilities to maintain the resort's luxurious and opulent atmosphere.
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Focus on conventions and business travel:
Hilton recognized the growing importance of conventions and business travel to Las Vegas and made a concerted effort to attract this market to Caesars Palace. The resort expanded its convention facilities and introduced new services and amenities to cater to business travelers. This strategic move helped to diversify Caesars Palace's customer base and increase its occupancy rates.
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Continued focus on entertainment:
Hilton continued to invest in entertainment at Caesars Palace, bringing in top-tier performers and introducing new shows and attractions. The resort's iconic Colosseum was built during this time, and it quickly became one of the most popular venues for concerts and live performances in Las Vegas.
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Sale to Park Place Entertainment:
In 1995, Hilton sold Caesars Palace to Park Place Entertainment, another major gaming and hospitality company. The sale marked the end of Hilton's 22-year ownership of the resort.
Hilton's ownership of Caesars Palace was a period of significant growth and expansion for the resort. Hilton's focus on modernization, convention business, and entertainment helped to solidify Caesars Palace's position as a leading destination on the Las Vegas Strip.
Park Place Entertainment: Acquired in 1995.
In 1995, Park Place Entertainment, a gaming and hospitality company founded by William Bennett and Arthur Goldberg, acquired Caesars Palace from Hilton Hotels Corporation for $300 million. This acquisition marked a significant milestone in the history of Caesars Palace, as it brought the resort under the ownership of a company that was solely focused on the gaming and entertainment industry.
Park Place Entertainment was known for its aggressive expansion strategy, and Caesars Palace was a key part of its plans to become a major player in the Las Vegas market. Under Park Place's ownership, Caesars Palace underwent further expansion and renovation, including the addition of new hotel towers, restaurants, and entertainment venues.
One of the most notable changes during Park Place's ownership was the construction of the Forum Shops at Caesars, a high-end shopping mall that connected Caesars Palace to the neighboring Bellagio resort. The Forum Shops quickly became a popular destination for tourists and locals alike, and it helped to transform Caesars Palace into a more comprehensive resort experience.
Park Place Entertainment's ownership of Caesars Palace was relatively short-lived, as the company merged with Harrah's Entertainment in 2005 to form Harrah's Entertainment, Inc., the largest gaming company in the world at the time.
Park Place Entertainment's acquisition of Caesars Palace was a significant event in the resort's history, as it marked the beginning of a new era of ownership and expansion. Park Place's focus on gaming and entertainment, as well as its aggressive expansion strategy, helped to solidify Caesars Palace's position as a leading destination on the Las Vegas Strip.
Harrah's Entertainment: Merger in 2005.
In 2005, Park Place Entertainment, the then-owner of Caesars Palace, merged with Harrah's Entertainment, another major gaming and hospitality company, to form Harrah's Entertainment, Inc. This merger created the largest gaming company in the world at the time, with a portfolio of over 50 casinos in the United States and abroad.
The merger of Park Place Entertainment and Harrah's Entertainment was a strategic move that allowed both companies to expand their reach and improve their competitive position in the gaming industry. For Harrah's Entertainment, the acquisition of Caesars Palace was a major coup, as it added one of the most iconic and successful resorts in Las Vegas to its portfolio.
Under Harrah's Entertainment's ownership, Caesars Palace continued to undergo renovations and expansions. In 2006, the resort opened The Cromwell, a new luxury hotel tower with 188 rooms and suites. The following year, the resort completed a $1 billion renovation of its main hotel tower, which included the addition of new restaurants, bars, and a state-of-the-art spa.
Harrah's Entertainment's ownership of Caesars Palace lasted until 2010, when the company rebranded itself as Caesars Entertainment Corporation. This rebranding marked a new era for Caesars Palace, as it became the flagship property of the newly formed company.
The merger of Park Place Entertainment and Harrah's Entertainment was a significant event in the history of Caesars Palace, as it brought the resort under the ownership of the largest gaming company in the world. Harrah's Entertainment's investment in Caesars Palace helped to further expand and improve the resort, solidifying its position as a premier destination on the Las Vegas Strip.
Caesars Entertainment: Rebranding in 2010.
In 2010, Harrah's Entertainment, the then-owner of Caesars Palace, underwent a major rebranding and reorganization. The company changed its name to Caesars Entertainment Corporation, and Caesars Palace became the flagship property of the newly formed company.
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Focus on luxury and entertainment:
Under Caesars Entertainment's ownership, Caesars Palace underwent a renewed focus on luxury and entertainment. The resort invested heavily in renovations and upgrades to its facilities, including its hotel rooms, restaurants, and casino. Caesars Entertainment also brought in new and exciting entertainment options, such as the "Absinthe" variety show and the "Cirque du Soleil: Zumanity" production.
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Expansion into new markets:
Caesars Entertainment used Caesars Palace as a springboard to expand into new markets. The company acquired several other casinos and resorts in Las Vegas and beyond, including the Flamingo, Harrah's Las Vegas, and the Horseshoe Casino in Baltimore. Caesars Entertainment also began to develop and operate casinos in international markets, such as Macau and the United Kingdom.
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Financial challenges:
Despite its focus on luxury and entertainment, Caesars Entertainment faced significant financial challenges in the late 2000s and early 2010s. The company was heavily burdened by debt, and it was impacted by the economic downturn and the decline in tourism in Las Vegas. In 2015, Caesars Entertainment filed for bankruptcy protection, but it was able to emerge from bankruptcy in 2017.
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Continued ownership:
Despite its financial challenges, Caesars Entertainment has retained ownership of Caesars Palace. The resort remains the company's flagship property and a major tourist destination on the Las Vegas Strip.
Caesars Entertainment's rebranding in 2010 marked a new era for Caesars Palace. The company's focus on luxury, entertainment, and expansion helped to revitalize the resort and solidify its position as a leading destination on the Las Vegas Strip.
Apollo Global Management: Majority ownership since 2020.
In 2020, Caesars Entertainment, the then-owner of Caesars Palace, entered into an agreement to sell a majority stake in the company to Apollo Global Management, a private equity firm. The deal was valued at $3.6 billion, and it gave Apollo Global Management control of Caesars Entertainment and its portfolio of casinos and resorts, including Caesars Palace.
Apollo Global Management is known for its expertise in distressed assets and its ability to turn around struggling companies. The firm has a history of investing in gaming and hospitality businesses, and it saw Caesars Entertainment as an opportunity to acquire a valuable asset at a discounted price.
Since taking control of Caesars Entertainment, Apollo Global Management has implemented a number of changes to improve the company's financial performance. The firm has sold off some of Caesars Entertainment's non-core assets, reduced its debt, and invested in renovations and upgrades to its properties, including Caesars Palace.
Apollo Global Management's ownership of Caesars Palace is a relatively new development, but the firm has ambitious plans for the resort. The firm has pledged to invest $1 billion in Caesars Palace over the next few years, with a focus on enhancing the resort's entertainment offerings and attracting new customers.
Apollo Global Management's ownership of Caesars Palace marks a new chapter in the resort's history. The firm's investment in the resort is a sign of its confidence in the future of Caesars Palace and the Las Vegas Strip as a whole.
VICI Properties: Real estate investment trust.
VICI Properties is a real estate investment trust (REIT) that specializes in owning and leasing casino and hotel properties. The company was formed in 2017 through a spin-off from Caesars Entertainment, and it owns the real estate assets of several casinos and resorts, including Caesars Palace.
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Ownership structure:
VICI Properties owns the land and buildings of Caesars Palace, while Caesars Entertainment leases the property from VICI. This arrangement allows Caesars Entertainment to continue operating the resort without having to own the real estate assets.
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Benefits of REIT structure:
As a REIT, VICI Properties benefits from certain tax advantages, such as reduced corporate income tax rates. This allows the company to generate higher returns for its shareholders.
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Long-term investment:
VICI Properties is a long-term investor in Caesars Palace and other casino properties. The company has a proven track record of investing in and improving its properties, which benefits both Caesars Entertainment and VICI Properties' shareholders.
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Growth potential:
VICI Properties sees significant growth potential in the casino and hospitality industry. The company plans to continue acquiring and developing casino properties, including Caesars Palace, to capitalize on this growth.
VICI Properties' ownership of Caesars Palace is a strategic partnership that benefits both companies. VICI Properties provides Caesars Entertainment with the financial resources and expertise to improve and expand the resort, while VICI Properties benefits from the long-term cash flow generated by Caesars Palace.
FAQ
Have more questions about who owns Caesars Palace? Here are some frequently asked questions and their answers:
Question 1: Who owns Caesars Palace now?
Answer 1: Caesars Palace is currently owned by Caesars Entertainment, a gaming and hospitality company. However, VICI Properties, a real estate investment trust, owns the real estate assets of Caesars Palace, while Caesars Entertainment leases the property.
Question 2: Who was the original developer of Caesars Palace?
Answer 2: Jay Sarno, a real estate developer, was the original developer of Caesars Palace. He had a vision of creating a grand hotel-casino complex inspired by the ancient Roman Empire.
Question 3: What company owned Caesars Palace before Caesars Entertainment?
Answer 3: Before Caesars Entertainment, Caesars Palace was owned by several companies, including the Wrather Corporation, Hilton Hotels, and Park Place Entertainment.
Question 4: When did Apollo Global Management acquire majority ownership of Caesars Entertainment?
Answer 4: Apollo Global Management acquired majority ownership of Caesars Entertainment in 2020.
Question 5: What is the relationship between Caesars Entertainment and VICI Properties?
Answer 5: Caesars Entertainment leases the real estate assets of Caesars Palace from VICI Properties under a long-term lease agreement.
Question 6: What are the plans for the future of Caesars Palace?
Answer 6: Caesars Entertainment and VICI Properties have plans to invest in and improve Caesars Palace, including upgrading the resort's amenities and entertainment offerings.
Question 7: Can I buy stock in Caesars Entertainment?
Answer 7: Yes, Caesars Entertainment is a publicly traded company, and you can buy its stock on the Nasdaq stock exchange under the ticker symbol CZR.
We hope these answers have helped satisfy your curiosity about the ownership of Caesars Palace. If you have any more questions, feel free to reach out to the Caesars Palace public relations team or visit the company's website for more information.
Now that you know who owns Caesars Palace, here are some tips for planning your next visit to this iconic resort:
Tips
Here are some practical tips to help you make the most of your visit to Caesars Palace:
1. Plan your visit in advance:
Caesars Palace is a vast resort with many attractions and activities to offer. To avoid feeling overwhelmed, it's a good idea to plan your visit in advance. Decide which attractions and shows you want to see, and make reservations if necessary.
2. Take advantage of the free amenities:
Caesars Palace offers a variety of free amenities for guests, such as the fitness center, the swimming pools, and the casino. Be sure to take advantage of these amenities to get the most value for your money.
3. Explore the resort's dining options:
Caesars Palace is home to a wide range of dining options, from casual to fine dining. Whether you're in the mood for a quick bite or a luxurious meal, you're sure to find something to your taste.
4. Catch a show:
Caesars Palace is known for its world-class entertainment. Check the resort's schedule to see what shows are playing during your visit. From concerts to magic shows, there's something for everyone.
5. Sign up for the Caesars Rewards program:
Caesars Palace is part of the Caesars Rewards loyalty program. By signing up for the program, you can earn points for your hotel stays, dining, and gambling. These points can be redeemed for free rooms, meals, and other rewards.
We hope these tips help you have a memorable and enjoyable visit to Caesars Palace.
Caesars Palace is a truly iconic resort that offers something for everyone. Whether you're looking for luxury, entertainment, or just a fun night out, you're sure to find it at Caesars Palace.
Conclusion
Caesars Palace has had a long and storied history, with various individuals and entities leaving their mark on this iconic resort. From its humble beginnings as a dream of Jay Sarno to its current status as a flagship property of Caesars Entertainment, Caesars Palace has stood the test of time and remains one of the most recognizable and popular resorts in Las Vegas.
Throughout its history, Caesars Palace has been owned by a diverse group of owners, each with their own unique vision and approach. From the lavish expansions of Wrather Corporation to the focus on luxury and entertainment under Hilton Hotels, and from the aggressive growth strategy of Park Place Entertainment to the rebranding and revitalization under Caesars Entertainment, each owner has contributed to the legacy of Caesars Palace.
Today, Caesars Palace is owned by Caesars Entertainment, with VICI Properties owning the real estate assets. This partnership has allowed Caesars Entertainment to continue operating the resort while VICI Properties provides the financial resources and expertise to improve and expand the property.
As Caesars Palace looks to the future, it is poised for continued success. With its iconic status, world-class amenities, and commitment to providing guests with a truly unforgettable experience, Caesars Palace remains a premier destination on the Las Vegas Strip.
Whether you're a seasoned Las Vegas visitor or a first-time guest, Caesars Palace is a must-see destination. Immerse yourself in its rich history, enjoy its luxurious accommodations, indulge in its culinary delights, and be amazed by its spectacular entertainment. Caesars Palace truly has something for everyone, and it's an experience you won't soon forget.