Harrah's Entertainment Announces $1 Billion Expansion of Caesars Palace in Las Vegas

20.07.2007, Lesen Sie hier den Bericht über «Harrah's Entertainment Announces $1 Billion Expansion of Caesars Palace in Las Vegas».

Luxury Hotel Tower, Convention/Catering Facilities, Pools and Lavish Suites Highlight Resort Expansion LAS VEGAS, July 19 /PRNewswire-FirstCall/ -- Harrah's Entertainment, Inc., (NYSE: HET) today announced an approximately $1 billion expansion of Caesars Palace in Las Vegas, a key initiative in the development of the company's renowned Caesars brand. This expansion is another project in the extensive growth portfolio announced in the past 24 months by Harrah's, including: London Clubs International, Margaritaville Casino & Resort in Biloxi, Miss., The Pier at Caesars(R) Atlantic City, a new hotel tower at Harrah's Atlantic City, a new hotel at Harrah's New Orleans, and a substantial expansion to the Horseshoe Casino in Hammond, Ind.

The center piece of the expansion is the luxurious new 665-room hotel tower -- the Octavius Tower. The Octavius Tower will be located adjacent to a new 263,000-square-foot meeting and convention center. Three new luxurious pool villa suites will be built along the second floor of the new tower and will overlook three new swimming pools that will rim an expanded outdoor whirlpool spa retreat, a poolside cafe and nearby garden wedding venue. This expansion is slated for completion in early 2009.

"This billion dollar investment in our flagship property, Caesars Palace in Las Vegas, is an important part of our comprehensive global growth strategy," said Gary Loveman, chairman, chief executive officer and president of Harrah's Entertainment, Inc. "From the United Kingdom to Las Vegas and beyond, we will continue to enhance our network of branded properties to deliver unforgettable guest experiences and provide good jobs for our nearly 100,000 team members around the world."

"With 2006 operating income up 63% over the prior year and impressive increases in customer service scores during the same period, Caesars Palace hasn't just gotten bigger since the 2005 opening of the Augustus Tower, it's gotten better," said Tom Jenkin, president of the Western Division of Harrah's Entertainment, Inc. "Our expansion plans in Las Vegas are a reality thanks to the hard work of a great employee team." Octavius Tower The heart of the Caesars Palace expansion is the Octavius Tower, located along Flamingo Road on the southeast corner of the Caesars property. The new Octavius Tower will include:

• 665-room, 23-story hotel tower rising 350 feet; • 594 hotel guest rooms (floor plans from 600 square feet); • 19 1 1/2-bay suites; • 41 two- or three-bay suites; • 4 four-bay suites; • 3 five-bay suites; • 1 six-bay suite; and • 3 lavish pool villa suites.

Named for the great-nephew of Julius Caesar, who later changed his name to Augustus, the $375 million Octavius Tower will adjoin and resemble the resort's Augustus Tower that opened in August 2005 with a new hotel registration lobby and VIP check-in lounges. In addition to convenient access from the hotel lobby and VIP reception areas, Octavius guests also will enjoy panoramic views and direct entry to swimming pools and gardens. In addition to the new Octavius Tower, the resort's existing 512-room Forum Tower will undergo a major refurbishment. A regal new front entrance and expanded valet parking will open to expansive new casino interior decor, inviting guests to a remodeled buffet restaurant, redesigned Cypress Street Marketplace casual restaurant and enlarged Race & Sports Book.

Internationally acclaimed designer Wilson & Associates will create Octavius Tower interiors. Spacious guest rooms will offer the finest entertainment amenities, including large, flat-panel televisions and bedside clock radios with iPod(R) docking stations. Beds will be dressed with premium linens and bolster pillows; fashion-forward matlasses (mat lah SAYS) will replace traditional duvets. Luxurious marble bathrooms will feature generous dual-head showers and whirlpool tubs, with televisions above double vanities. Bathrooms will be bathed in natural light through doors that open into the bedrooms. With a nod to the resort's Greco-Roman heritage, guest room entry doors will be customized with Greek key patterns, where electronic doorbells and electronic "do not disturb" features will ensure guest privacy. Floors 21 through 23 will be comprised exclusively of suites; special key cards will be required to access these levels. Scheduled to open in the first quarter of 2009, the Octavius Tower will increase the Caesars Palace room/suite offering from 3,348 to 4,013.

"Our guests have been thrilled with the Augustus Tower and its associated upscale services and amenities," said Gary Selesner, president of Caesars Palace. "This new expansion opens an exciting new chapter in the renaissance that began with opening of The Colosseum, and continues with the February 2008 debut of Bette Midler's all-new production, which will be presented a minimum of two years. With a spectacular new show, new guest rooms, suites and more, Caesars Palace will be well positioned to continue to welcome the world's most discriminating clientele."

Pool Villas - Villa Corridor - Swimming Pools - Wedding Along the tower's second floor will be three pool villa suites designed to be the industry's most coveted hotel accommodations. Each of the palatial residences will span more than 10,000 square feet. These suites will be connected by a new Villa Promenade to the resort's existing two pool villas (10,000 and 11,000 square feet). New villas will be accessible via a private Octavius Tower entrance at Flamingo Road and by private elevator. Interior decor subtly inspired by the former Roman Empire regions of Spain, France or Greece, will feature exquisite custom furnishings and original works of art. Villa guests will be pampered with private butler service, advanced entertainment systems and private terraces overlooking the resort's Garden of the Gods swimming pools and gardens.

Three new swimming pools will replace the resort's Apollo pool and outdoor spas. The three will be elevated to set them apart from the Temple, Venus and Neptune pools. One (1,600 square feet) will be available only to invited guests and will offer premium amenities and services. Two 1,900-square-foot pools will adjoin the new meeting and convention addition. These pools will be created not only for hotel guest use, but also for private pool parties and catered functions.

Lush classically designed landscaping, replete with the resort's signature fountains and statuary, will surround the pools. Scheduled for completion in the second quarter of 2009, the pool expansion will accommodate added cabanas, chaise lounges and daybeds, along with a new poolside cafe, an expanded outdoor whirlpool spa retreat and a picturesque new garden wedding venue.

Meeting and Ballroom Addition Underscoring Caesars commitment to prized convention and catering clientele, the expansion includes a 263,000-square-foot ballroom and meeting facility, constructed on two levels, and connected to the resort's Palace Tower meeting and convention center.

The 263,000-square-foot building will feature 110,000 square feet of flexible meeting, ballroom and exhibit space with additional breakout areas, grand promenades, banquet kitchens and support facilities. Included will be two regal ballrooms, each expandable to 52,000 square feet, and two executive boardrooms. The upper tier will offer a large terrace overlooking two new swimming pools. The addition will provide an ideal environment for product and entertainment productions, with ceiling heights of 26 and 28 feet and industry-leading audio visual and data systems. Direct access to fiber optics hubs and the perfect positioning for satellite transmission will provide efficient broadcast solutions.

Interiors will be designed by Marnell Interiors, a division of Marnell Corrao Associates of Las Vegas. These will complement the Palace Tower meeting center design. The addition will increase the property's total meeting room offerings from 240,000 square feet to 300,000 square feet. Site improvements including central electrical plant expansion and relocation of power lines along Flamingo Road will take place near the convention addition and along the south property border.

Forum Tower The complete remodel of the 24-story Forum Tower will include: • 452 guest rooms; • 10 two-story suites, which became widely known after the release of the movie "Rain Man"; • 60 two-bay suites; and • 18 executive suites and two penthouses (9,500 and 12,500 square feet).

In-bedroom whirlpool bathtubs will be removed to provide more spacious sleeping and lounging environments. Like the Octavius Tower, guest accommodations will feature blissful bedding, dressed in premium linens and stylish matlasses, as well as large, flat panel televisions, iPod(R) docking stations, electronic doorbells and "do not disturb" messaging. Distinctive in the Forum Tower will be giant, marble, surround showers that can easily accommodate two people. These will be equipped with both rain shower and regular showerhead fixtures and bench seating.

The complete refurbishment of the Forum Tower is scheduled to be completed in January 2008 at a cost of $83 million. The tower's two penthouses will be remodeled by the first quarter of 2008. Renowned design firm Hirsch-Bedner Associates is creating all Forum Tower interiors except the two penthouses, which were created by, and will be remodeled by Wilson & Associates.

Front Entrance - Casino Remodel The existing Caesars Palace front entrance will be expanded in breadth and height, opening to palatial new casino interiors, created by globally renowned design firm Allard & Conversano. The central ellipse will remain, highlighted by new decor and flanked by grand ceiling heights, raised to 20 feet. New interiors will extend to the Casino Cashier and Cleopatra's Barge corridors, inviting guests to explore new dining, entertainment and gaming offerings. During the transformation of the central front entry, Caesars guests will enter and exit through resort entrances a few steps on either side of the central doors. The construction team will be led by long-established builders and architects:

• Marnell Architecture, Executive Architect • Bergman Walls, Architect of Record. • Marnell - Keating, Joint Venture, Contractor

About Caesars Palace Caesars Palace is the world's best known resort-casino, celebrating the glory that was Greece and the grandeur that was Rome in an 85-acre destination location that sets the standard for entertainment, dining and luxury. Reigning at the heart of the Las Vegas Strip, Caesars Palace features 3,348 hotel guest rooms and suites, 25 unique restaurants and cafes, 4.5-acre Garden of the Gods pools and gardens, 50,000-square-foot Qua Baths & Spa and 240,000 square feet of premium meeting and convention space. The 4,100-seat Colosseum sits just steps from celebrity chef restaurants and the acclaimed Forum Shops at Caesars and spotlights world-class entertainers such as Celine Dion, Elton John and Jerry Seinfeld; and debuting February 20, 2008, Bette Midler.

About Harrah's Entertainment Harrah's Entertainment, Inc. is the world's largest provider of branded casino entertainment. Since its beginning in Reno, Nevada nearly 70 years ago, Harrah's has grown through development of new properties, expansions and acquisitions, and now owns or manages casinos on four continents. The company's properties operate primarily under the Harrah's(R), Caesars(R) and Horseshoe(R) brand names; Harrah's also owns the London Clubs International family of casinos. Harrah's Entertainment is focused on building loyalty and value with its customers through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership.

For more information about Harrah's, please visit: http://www.harrahs.com. This release includes "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain words such as "may," "will," "project," "might," "expect," "believe," "anticipate," "intend," "could ," "would," "estimate," "continue" or "pursue," or the negative or other variations thereof or comparable terminology. In particular, they include statements relating to, among other things, future actions, new projects, strategies, future performance, the outcomes of contingencies and future financial results of Harrah's. These forward- looking statements are based on current expectations and projections about future events.

Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, the actual performance of Harrah's may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors, as well as other factors described from time to time in our reports filed with the Securities and Exchange Commission (including the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained therein): the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement with TPG and Apollo; the outcome of any legal proceedings that have been, or will be, instituted against the Company related to the merger agreement; the inability to complete the merger due the failure to satisfy conditions to completion of the merger, including the receipt of all regulatory approvals related to the merger; the failure to obtain the necessary financing arrangements set forth in the debt and equity commitment letters delivered pursuant to the merger agreement; risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the merger; the impact of the substantial indebtedness to be incurred to finance the consummation of the merger; the effects of local and national economic, credit and capital market conditions on the economy in general, and on the gaming and hotel industries in particular; construction factors, including delays, increased costs for labor and materials, availability of labor and materials, zoning issues, environmental restrictions, soil and water conditions, weather and other hazards, site access matters and building permit issues; the effects of environmental and structural building conditions relating to our properties; access to available and reasonable financing on a timely basis; the ability to timely and cost-effectively integrate acquisition into our operations, including London Clubs; changes in laws, including increased tax rates, regulations or accounting standards, third-party relations and approvals, and decisions of courts, regulators and governmental bodies; litigation outcomes and judicial actions, including gaming legislative action, referenda and taxation; the ability of our customer- tracking, customer loyalty and yield-management programs to continue to increase customer loyalty and same store sales or hotel sales; our ability to recoup costs of capital investments through higher revenues; acts of war or terrorist incidents or natural disasters; abnormal gaming holds; and the effects of competition, including locations of competitors and operating and market competition.

Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. Harrah's disclaims any obligation to update the forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date stated, or if no date is stated, as of the date of this press release. SOURCE Harrah's Entertainment

CONTACT: Alberto Lopez of Harrah's Entertainment, +1-702-407-6344; or Debbie Munch of Caesars Palace, +1-702-731-7367 Web site: http://www.harrahs.com

Über Caesars Palace:

Das Caesars Palace ist ein Hotel und Casino in Las Vegas USA. Es ist im Stil eines antiken römischen Palastes errichtet.

Das luxuriöse Hotel am Las Vegas Boulevard besitzt 3'348 Gästezimmer und Suiten. Säulen, Statuen und Wasser-Fontänen prägen das Erscheinungsbild. Das im Hotel integrierte Spielcasino belegt eine Fläche von etwa 12'000 Quadratmeter. Die Forum Shops, ein grosses Einkaufszentrum mit exklusiven Geschäften, und ein Schwimmbad-Bereich mit vielen Säulen und Marmor gehören zu dem Komplex.

Caesars Palace is a modern wonderland of luxury and excitement and is widely recognized among the world's greatest hotels. Located at the heart of the world famous Las Vegas Strip.In addition, Caesars Palace is home to the Garden of the Gods, a 4.5-acre pool complex and a world-class 22,000 sq. foot fitness center and spa.

The Forum Shops at Caesars and The Appian Way are two extraordinary collections of exquisite stores, restaurants and family entertainment set in an ancient Roman marketplace. While the hotel itself features 8 restaurants onsite, The Forum Shops offer another 14 restaurants, as well.

Das Casino gehört zu Caesars Entertainment. Caesars Entertainment Inc. wurde 1937 als Harrah's gegründet und wurde 2010 in Caesars Entertainment umbenannt. Besitzer sind die Investment-Firmen Apollo Global Management, TPG Capital und The Blackstone Group.

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