The Caesars Entertainment Corporation has seen the expansion of the casino industry as a threat. The company had to filed for chapter 11 bankruptcy and needing to pay back more than $16,000 billion dollars. The addition of Pennsylvania and Maryland as new states that have legalized casinos, has reduced the number of customers that visit Caesars in New Jersey, once dominated by the Caesars Entertainment Corporation. Even though more states have legalized the casino industry and is a threat to Caesars Entertainment Corporation, the entire industry as a whole is not doing that great. Corporations are seeing a decline in the revenue from gambling. On the other hand, companies are experiencing an increase in revenue from hotel rooms, entertainment, food, and beverages.
Instead of focusing on improving the casino industry, Caesars is looking to expand towards new areas where they can have better revenues such as finding new acquisitions and improving current facilities owned. In order for their new strategy to become a strength, the corporation has hired James Hunt, who previously worked as an executive for the Walt Disney Company to become the chairman of the board at Caesars Entertainment Corporation. It was a good decision to hire someone who has a lot of experience working in the entertainment business because past experiences can help to know how to bring Caesars back to a successful company.
https://www.wsj.com/articles/caesars-entertainment-unit-preparing-to-exit-bankruptcy-1507303087
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