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Caesars Entertainment Corporation formerly The Promus Companies and Harrah's Entertainment is an American gaming hotel and casino corporation founded in Reno, Nevada and based in Paradise , Nevada that owns and operates over 50 properties and seven golf courses under several brands. Caesars's largest operating unit filed for Chapter 11 bankruptcy protection on January 15,   which led to the foundation of Vici Properties as a result. The company's background can be traced to October 29, , when Bill Harrah opened a small bingo parlor in Reno, Nevada , a predecessor to Harrah's Reno.
Harrah's Inc. Bill Harrah died at the Mayo Clinic Hospital in Rochester, Minnesota, at the age of 66, during a cardiac surgery operation to repair an aortic aneurysm. Liquidation of Harrah's collection of almost 7, antique automobiles reportedly returned the full purchase price of the company to Holiday Inn. The late s and early s saw a rapid increase in gambling markets with the growth of Indian gaming and legalization of riverboat casinos.
In , Promus decided to spin off its non-gaming hotel businesses, in part because they had been undervalued by investors due to perception of the company as a risky gaming stock. Harvard Business School professor Gary Loveman joined Harrah's as chief operating officer in ,  and would go on to serve as chief executive officer from to In , the company moved its headquarters from Memphis to Las Vegas. Harrah's made its largest single expansion in , when it acquired Caesars Entertainment, Inc.
Harrah's began to push for a larger international presence in , announcing joint venture agreements to build casinos in Spain, Slovenia, and the Bahamas, and applying for a license to build a major resort in Singapore,  though none of these projects would come to fruition. From to , the company consolidated control of a long stretch of the east side of the Las Vegas Strip, acquiring the Bourbon Street ,  Imperial Palace ,  Barbary Coast ,   and Planet Hollywood  casinos, along with large tracts of land behind the Strip properties.
Loveman at some point sought advice from private equity tycoon David Bonderman about the possibility of spinning off ownership of Harrah's Entertainment real estate as a separate real estate investment trust REIT , hoping to attain the higher price-to-earnings ratios at which hotel companies traded, compared to gaming companies.