Online Casino Gambling News - by Gamblers Lodge

Ceasars Entertainment Execs to Remain on Harrah's Board

In a deal that is expected to be finalized by the end of June, 2005, Ceasars Entertainment will be fully acquired by Harrah’s Entertainment, who stated this last Friday that all of their high-ranking executives would keep their jobs with the company. This news comes after the casino gambling company stated previously that it would appoint to its Board of Directors the Ceasars Board Chairmen, William Hilton and Stephen Bollenbach.

Currently, Gary Loveman stands to be chief executive office of Harrah’s, with Charles Atwood serving as chief financial officer and senior VP. The company also plans to continue running its three divisional operations, overseen by Harrah’s current central, east and west division presidents. Loveman was quoted as saying that both Hilton and Bollenbach are "legends within the hospitality industry." He went on to say that many of Cesars casino property managers would stay with the company in their current positions after the deal closed. Harrah’s also stated previously that it would appoint up to two more Ceasars board directors to the newly formed board of directors.

Shareholders from both Harrahs and Ceasars overwhelmingly approved the merging of the casino companies, which is valued at $9.4 billion. As for the Ceasars stockholders, they have the option of cashing out their stock or transferring it to Harrah’s shares, which the company stated is still to be determined.

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