Caesars World grew to eight casinos and resorts over the years, until going through a series of ownership changes beginning in 1995, and was ultimately absorbed by Park Place Entertainment in 1999.
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17 Facts About Caesars World
1.
2.
Caesars World sold part of its stake to Brother Industries in 1974 for $3 million, and then sold its remaining shares in a public offering for $3.
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3.
In 1972, Caesars World bought the Thunderbird casino, up the Strip from Caesars Palace, from Del Webb Corporation for $13.
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4.
Caesars World extended its presence in the Poconos, buying the Paradise Stream Resort in 1973, the Pocono Palace in 1976, and Brookdale-on-the-Lake in 1983, which it renamed as Caesars World Brookdale.
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5.
Caesars World had increased its stake to 100 percent by 1980, when it sold 9 percent of Ontel to AEG-Telefunken for $3.
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6.
Caesars World expanded to northern Nevada in 1979, taking over operations of the Park Tahoe casino in Stateline, on the south shore of Lake Tahoe, under a lease agreement with Park Cattle Corp.
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7.
Caesars World bought 400 acres of undeveloped land in North Miami Beach from Malnik and his partner, Sam Cohen, and later made a sale and leaseback of two of the company's Poconos resorts to Malnik and Cohen's sons, funded by a loan from a Teamsters pension fund.
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8.
Analysts speculated that the company might sell the Atlantic City property, but ultimately, Caesars World itself agreed to buy out the Perlmans' 18 percent stake for $98 million in 1980.
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9.
Financier Martin Sosnoff, who had accumulated a 13 percent stake in Caesars World, made an effort to take over the company in 1987, initially offering $734 million for the remaining shares, or $28 a share.
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10.
Caesars World countered with a leveraged recapitalization plan that would have given investors a $26 dividend and left each share with a value of $8.
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11.
Caesars World adopted a poison pill plan to deter any hostile takeover.
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13.
Caesars World received "minute" earnings from the casinos, but considered them good marketing.
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14.
In 1992, Caesars World won out over a dozen other companies to develop and operate a casino with the Agua Caliente tribe in downtown Palm Springs, California.
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15.
Caesars World made a try at the Louisiana market after the state in 1992 authorized its first land-based casino to be opened at the site of the Rivergate Convention Center in New Orleans.
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16.
Under pressure from Governor Edwin Edwards, Hemmeter joined forces with Harrah's and Jazzville, and Caesars World was sidelined from the project, which ultimately opened as Harrah's New Orleans.
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17.
Caesars World partnered with Circus Circus Enterprises and Hilton in a 1993 bid to build and operate a government-owned casino in Windsor, Ontario.
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