Harrah's Entertainment has just announced that its board of directors- which by the way, also features some new faces- has approved a great plan to change the company's name to “Caesars Entertainment Corporation”. Why “Caesar”? Well, because it’s ‘catchy’, manly stuff; it sends you back in time in the luxurious ages and it goes great with the casino industry, which involves strength, taste for competition and strong values.
They also say this cool name was designed to capitalize on the high international name recognition enjoyed by the Caesars brand and to appeal to customers attracted by its connotation of opulence and world-renowned entertainment. Of course, dining and shopping sprees options are integral.
Harrah's Chairman, President and Chief Executive Officer, Gary Loveman said: “Adoption of the name Caesars Entertainment Corporation will provide our company with greater prestige and help attract strategic business partners as we pursue expansion opportunities in new jurisdictions. The change also reflects our evolution into a full-service entertainment company that offers a rich range of gaming and non-gaming amenities to our guests.”
Moreover, the Harrah's name will continue to be part of the three primary casino brands, along with Caesars and Horseshoe. Loveman also added the name change is not going to alter the ‘company's culture’, nor its adherence to a Code of Commitment that governs its relationships with employees, customers and communities: “Our employees will remain dedicated to the innovation, customer-service excellence and corporate citizenship that have been hallmarks of our company for decades. But this re-branding of the corporate name can open exciting new opportunities for us in the future."
With more than 70 years of experience in the background, Harrah's has grown through development of new properties, expansions and acquisitions, and now owns or manages casinos on four continents. That’s pretty impressive, right?
According to a recent press release, during “The CEO Show” with Robert Reiss, Gary Loveman, CEO Harrah’s Entertainment, also spoke about the Customer Loyalty, discussing how Harrah’s reinvests approximately 15% of customer gaming revenues into benefits that are given back to customers in the form of services catering. Loveman also mentioned something about the corporate culture that empowers over 100,000 employees throughout Harrah’s 51 casinos. Loveman explains that when customers are happy, they tend to spend more, and if you know what the customer likes, your business can deliver the desired services while receiving a reasonable return. Could this be his key to success?
You might like to know that Loveman brought his expertise in the science of customer service from Harvard, where he left his position in 1998 to join Harrah’s Entertainment, being named CEO at the start of 2003. Under Loveman’s lead, using a customer relationship management system he pioneered, the organization has become an icon of the industry, increasing its revenues over 250% to $10.6 billion in 2007. Overall, Harrah knows its business strategies very well; it has recently exposed plans for expansion into promising foreign markets, using joint ventures in Slovenia and the Bahamas. Some of you, businessmen out there, could learn something from this!
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