Caesars World Inc - 1978-80 dated Casino and Hotel Operator Stock Certificate - Originally Lum's Restaurants
Inv# ET1017 Stock
Stock printed by American Bank Note. Caesars World Inc. operated as a hotel and casino entity, originally founded as Lum's Inc., which owned a chain of restaurants.
In 1956, brothers Stuart and Clifford Perlman purchased a hot dog stand in Miami Beach called Lums, subsequently expanding to additional locations and taking the company public in 1961. In collaboration with Ken Chivers, they initiated a franchise model in 1965, rapidly increasing from 15 to 90 restaurants within a few months. During the late 1960s, Lum's engaged in aggressive acquisitions, including a meat packing company, a chain of army-navy stores, and the Cove Haven honeymoon resort in the Poconos, culminating in the purchase of Caesars Palace in 1969 for $58 million.
The company transitioned into the gaming sector with the acquisition of Caesars Palace on the Las Vegas Strip in 1969, divesting its restaurant operations and rebranding itself. Over the years, Caesars expanded to encompass eight casinos and resorts, but underwent multiple ownership transitions starting in 1995, ultimately being integrated into Park Place Entertainment in 1999.
In 1971, the company refocused on its Las Vegas property, selling off 350 restaurants—almost the entirety of its chain—to John Y. Brown, the owner of Kentucky Fried Chicken, for $4 million, and officially rebranding as Caesars World.
A stock certificate is issued by businesses, usually companies. A stock is part of the permanent finance of a business. Normally, they are never repaid, and the investor can recover his/her money only by selling to another investor. Most stocks, or also called shares, earn dividends, at the business's discretion, depending on how well it has traded. A stockholder or shareholder is a part-owner of the business that issued the stock certificates.
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