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Essay / Research Paper Abstract
This 4 page paper discusses the merger between Harrah's Entertainment Inc. and Caesars Entertainment Inc. and reports some of the comments from analysts who do not understand the purpose of the merger as well as comments from analysts who think the merger makes perfect sense. An underlying question is: will Harrah's be able to manage Caesars given the problems they have had with past acquisitions. Bibliography lists 4 sources.
Page Count:
4 pages (~225 words per page)
File: MM12_PGhar.rtf
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billion, which is the sum of the $1.8 billion in cash, $3.4 billion in stock and assuming Caesars debt of $4.26 billion (Raine, 2004). Prior to this deal, Harrahs was
the 3rd largest hotel and casino company in the world with its prior acquisitions of Harveys Showboat, and the Rio brands (Raine, 2004). Harrahs CEO and president, Gary Loveman, said:
"This acquisition will solidify Harrahs position as the pre-eminent distributor of casino entertainment" (Raine, 2004). Harrahs and Caesars may both have to sell certain locations in order to obtain approval
for the final deal (Raine, 2004). They both have properties in Las Vegas, Atlantic City, Lake Tahoe and Indiana, Mississippi among other places (Raine, 2004). These two corporations reportedly have
rather different corporate cultures and some analysts are wondering how they are going to integrate of balance the diverse styles (Jones, 2004). One executive from a competitor remarked: "Its a
bit of an odd fit, but that doesnt mean they cant make it work" (Jones, 2004, p. ITEM04203044). Another said, "I dont understand the strategic rationale for the deal, if
there is one" (Carrel, 2004). Harrahs offers the consumer about the same type of atmosphere in all of its properties but Caesars creates very different models in each of its
properties (Jones, 2004). If Harrahs tries to force the Caesars property managers to operate like the managers in other Harrahs casinos, this merger may well become a huge problem and
a disastrous failure (Jones, 2004). Caesars also has a myriad of management problems due to other acquisitions and folding very diverse companies into its corporation (Jones, 2004). Harrahs, on the
other hand, has a strong corporate identity that they expect all their hotels and casinos to adopt (Jones, 2004). Harrahs has faced this type of problem in the past (Jones,
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