Caesars World

[1] 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.

[4] 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.

[8] A $150-million, 2,000-room resort called the Mark Anthony was planned for the site, but Caesars was unable to find financing,[9] and sold the property four years later for $9 million to a group led by banker E. Parry Thomas.

[10] The company moved its headquarters from Miami in 1973 to be closer to Caesars Palace, but chose Century City in Los Angeles over Las Vegas, because of its proximity to financial centers.

[15] By 1983, the subsidiary was losing money, and Caesars sold it to Visual Technology, Inc. (Tewkesbury, MA), a maker of computer terminals, for a $9.5 million convertible note.

In the early 1970s, the company had entered into a series of deals with Miami lawyer Alvin Malnik, who was identified by federal law enforcement officials as a close associate of mobster Meyer Lansky.

[22] When the New Jersey Casino Control Commission (NJCCC) completed its full review of the Perlmans' applications, however, their permanent gaming licenses were denied, due to their dealings with Malnik and Cohen.

[20] Analysts speculated that the company might sell the Atlantic City property,[24] but ultimately, Caesars World itself agreed to buy out the Perlmans' 18 percent stake for $98 million in 1980.

[30] Sosnoff raised his bid to $32 and then $35 a share,[30] but after a court ruling that his offer exceeded federal limits on the amount of debt used in a takeover, he dropped his plan.

[37] Trump dropped his plan and sold off his shares a few months later at a profit of $3.3 million, due to his concerns about heavy competition in the Las Vegas market.

[48] ITT Corporation, a conglomerate whose other assets included Sheraton Hotels and Resorts and the Desert Inn, bought Caesars World in 1995 for $1.7 billion,[49] and was then acquired in 1998 by Starwood.

[50] Starwood head Barry Sternlicht opted to sell off ITT's gaming businesses, preferring the stable cash flow of upscale hotels to volatile casino winnings.