Caesars World, Inc.
|
Formerly called
|
Lum's Inc. |
|---|---|
| Industry | Gaming |
| Fate | Acquired |
| Successor | Park Place Entertainment |
| Founded | 1956 |
| Founder | Clifford S. Perlman |
| Defunct | 1999 |
| Headquarters | Paradise, Nevada, USA |
Caesars World was a casino operator. It began as Lum's Inc., owner of the Lum's chain of restaurants. It shifted into the gaming business with the purchase of Caesars Palace on the Las Vegas Strip in 1969, selling off the restaurants and changing its name. Caesars grew to eight casinos and resorts over the years, until going through a series of ownership changes beginning in 1995, and was ultimately absorbed by Park Place Entertainment in 1999.
In 1956, brothers Stuart and Clifford Perlman bought a hot dog stand in Miami Beach named Lums. They expanded to more locations, and took the company public in 1961. In partnership with Ken Chivers, they began offering franchises in 1965, growing from 15 restaurants to 90 within a few months.
In the late 1960s, Lum's went on a buying spree, acquiring a meat packer, a chain of army-navy stores, and the Cove Haven honeymoon resort in the Poconos. They capped it off with Caesars Palace, bought in 1969 for $58 million. Shifting its focus to the Las Vegas property, the company in 1971 sold 350 restaurants, nearly the entire chain, to John Y. Brown, owner of Kentucky Fried Chicken, for $4 million, and changed its name to Caesars World.
In 1971, the company made a foray into the technology sector, buying 21 percent of Centronics, a maker of printers and gaming control systems, from co-founder Samuel Lang for $1.7 million. Caesars sold part of its stake to Brother Industries in 1974 for $3 million, and then sold its remaining shares in a public offering for $3.5 million.
In 1972, Caesars World bought the Thunderbird casino, up the Strip from Caesars Palace, from Del Webb Corporation for $13.6 million. A $150-million, 2,000-room resort called the Mark Anthony was planned for the site, but Caesars was unable to find financing, and sold the property four years later for $9 million to a group led by banker E. Parry Thomas.
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