Case Study Harrah’s Entertainment: Hitting the Crm Jackpot

Topics: Harrah's Entertainment, Las Vegas Strip, Holiday Inn Pages: 13 (3464 words) Published: August 23, 2013
Company History|
Harrah's Timeline
1937: Bill Harrah opens his first bingo parlor in Reno, Nevada.

1946: Bill Harrah opens Harrah's Club at its present location on North Virginia Street in downtown Reno.

1955-56: Harrah's purchases several clubs at Lake Tahoe in Stateline, Nevada, beginning what would become today's Harrah's Lake Tahoe.

1959: Harrah's begins expansion of Lake Tahoe facility, including the world famous South Shore Room. 1962: Harrah's constructs 400-room hotel tower in Reno.

1966: Headliner Room opens at Harrah's Reno.

1971: Harrah's begins public trading with issue of 450,000 over-the-counter shares.

1972: Harrah's is listed on the American Stock Exchange.

1973: Harrah's becomes first Casino Company listed on the New York Stock Exchange.

1973: Harrah's opens a 250-room hotel tower at Lake Tahoe.

1978: Harrah's founder, William F. Harrah, dies.

1978: The board of directors of Holiday Inns, Inc. of Memphis, Tennessee, approves proposal to build and operate a hotel/casino in the marina area of Atlantic City, New Jersey.

February 1980: Holiday Inns, Inc. acquires Harrah's hotel casino company. Holiday Inn at the time has 1,600 hotels and interests in two casinos: a casino under construction in the marina district in Atlantic City, New Jersey, and a 40 percent ownership interest in River Boat Casino, Inc., a casino adjacent to the Holiday Inn hotel on the Las Vegas strip.

November 1980: The under construction marina casino in Atlantic City opens as Harrah's Marina hotel/casino.

April 1981: Michael D. Rose, president of Holiday Inns, Inc. elected chief executive officer.

January 1983: Holiday Inns, Inc. acquires the remaining 60 percent interest in River Boat Casino, Inc. in Las Vegas. Harrah's assumes management of the casino and hotel.

May 1985: Holiday Inns, Inc. shareholders approved a new corporate name, Holiday Corporation. The new umbrella organization reflects the growing diversity of the company's products - Harrah's Casinos, Holiday Inn hotels, Embassy Suites hotels, and Hampton Inn hotels.

July 1987: Bill's Casino opens in Lake Tahoe, Nevada, next door to Harrah's.

1988: Harrah’s Laughlin opens.

August 1989: Holiday Corporation's board approves acquisition of the Holiday Inn hotel business by Bass PLC.

January 1990: Holiday stockholders approve transfer of Holiday Inn hotel business to Bass PLC and the spin-off of Holiday Corporation's remaining brands {Harrah's, Embassy Suites, Hampton Inn, Homewood Suites} and assets into The Promus Companies.

February 1990: The Promus Companies Incorporated common stock begins trading on the New York Stock Exchange under the ticker symbol PRI.

February 1991: Philip G. Stare named president and chief operating officer for Promus.

February 1992: Harrah's announces its first riverboat casino project in Joliet, Illinois, to launch in spring, 1993.

April 1992: Conversion of Holiday Casino in Las Vegas to Harrah's Las Vegas completed.

May 1993: Harrah's Joliet opens.

November 1993: Harrah's Vicksburg and Harrah's Tunica open.

April 1994: Harrah's Shreveport opens.

April 1994: Philip G. Stare is named Promus chief executive officer. Michael D. Rose continues as chairman.

September 1994: Harrah's North Kansas City opens.

December 1994: Harrah's Ak-Chin casino opens near Phoenix. It is the first Indian gaming operation for Harrah's.

June 1995: The Promus Companies Incorporated spins off its hotel brands {Embassy Suites, Hampton Inn, and Homewood Suites} into a new corporation. The remaining company, which consists of the Harrah's brand, all Harrah's assets and a majority of the Promus headquarters assets and people, is then renamed Harrah's Entertainment, Inc., returning the Harrah's name to the New York Stock Exchange for the first time since 1980. Harrah's stock symbol is HET. Michael Rose remains as chairman and Philip Stare remains as president and CEO.

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