Caesars Entertainment Jumps 4.5%

What's in a name? For Caesars Entertainment (CZR Quote), a 4.5% gain.

On Tuesday, Caesars Entertainment officially changed its company name from Park Place Entertainment and began trading under the ticker "CZR" on the New York Stock Exchange. Company management, flanked by a pair of actors playing Caesar and Cleopatra, rang the opening bell on the NYSE to mark the occasion. By the day's end, shares had risen 51 cents, to $11.76.

"Today marks a major milestone in the history of our company as we adopt the name Caesars," said Wallace R. Barr, company president and chief executive.

The world's largest casino operator made the change to highlight its signature Caesars Palace properties in Las Vegas and Atlantic City, as it attempts a domestic and international expansion. Specifically, the company plans to develop a Caesars resort in the Catskill Mountains in New York, with other ventures planned for southern California and the Chicago area.

With the change, Caesars jettisoned the Park Place moniker it has used for the last four years, since Hilton Hotels (HLT Quote) spun off its casino properties.