Caesars Palace tops off sixth tower on Las Vegas Strip

24.10.2008, Casino company Harrah's Entertainment Inc. topped off a 23-story tower at Caesars Palace on Tuesday as part of a USD 1 billion expansion at its flagship Las Vegas Strip resort. The 665-room Octavius Tower is the sixth at Caesars.

The 665-room Octavius Tower is the sixth at Caesars and is part of an expansion the company hopes will help the hotel-casino compete with planned neighboring luxury resorts.

Gary Selesner, president of Caesars Palace, said expansion plans haven't changed, despite difficult economic conditions. "This is all about the future," Selesner said. "We're building our capacity for the turnaround that will come, whether it's one, two or three years down the road."

Average Las Vegas hotel room rates for August were USD 107 per night, down 15.3 % from August 2007. Occupancy was down, too, with 88.3 % of rooms filled in August, down 2.9 % compared with August 2007.

At the same time, some competitors are adding capacity on the Strip even as other projects are delayed or canceled. The largest being built is CityCenter, a six-tower complex being developed by MGM Mirage Inc. in partnership with Dubai World that calls for 4,800 hotel rooms and 2,650 condo-hotel units.

The privately held Harrah's reported losses of USD 285.4 million for the first six months of 2008, compared with profits of USD 422.8 million in the first half of 2007.

Harrah's CEO Gary Loveman addressed the company's plans amid current economic conditions at a private town hall-style meeting at Caesars last week, which a spokesman described as one in a series of regular meetings the company holds quarterly with employees in different cities.

"Loveman stated in that meeting that while we would be watching our capital as a company, the expansion of the flagship property, Caesars Palace, would go forward," Selesner said. "(Caesars General Manager John Unwin) and I are dealing with the same game plan that we started with, finishing this tower and this convention center at the highest standards in this city."

The rest of the expansion calls for an extra 23,225 sqm of convention space and new pools with a waterfall, pool-side gambling and dining. Harrah's, the world's largest gambling company by revenue, owns or manages 50 casinos. Yogonet.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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