Park Place Entertainment announced Tuesday that it intends to change its name to Caesars Entertainment Inc.
The world's largest casino company said in a proxy statement filed with the Securities and Exchange Commission that it will ask shareholders to approve the name change Sept. 10 at a special meeting at Caesars Palace in Las Vegas.
Wallace R. Barr, who took over late last year as company president and chief executive, called Caesars a more powerful name in the international marketplace than Park Place and said market research helped lead to the decision.
"The new name will strengthen our position as a global leader in the gaming industry and drive increased recognition of the company, our corporate objectives and our strategy,"Barr said in a statement.
The name change would become effective in January.
Park Place owns, manages or has an interest in 29 gambling properties under the Caesars, Bally's, Paris, Flamingo, Grand Casinos and Hilton brand names.
It has 14,624 rooms and about 18,000 employees in Las Vegas, and 54,000 employees and 29,000 hotel rooms worldwide.
"Our customers won't see any visible differences at their favorite resorts,"Barr said."The name change is designed to strengthen the parent company, not to in any way change the close relationships that our branded properties have developed over the years with their loyal guests,"Barr said.
Park Place stock was down 15 cents, at $8.80, in trading Tuesday on the New York Stock Exchange.
The company said it intends to change its ticker symbol from PPE to CZR.
On the Net: Park Place Entertainment:http://www.parkplace.com/