Caesars Palace Hotel Tower To Get $75M RenovationStrip Property To See Upgrades Despite Operating Unit's Bankruptcy |
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Despite an ongoing Chapter 11 bankruptcy process that has Caesars Entertainment Corporation’s casino operating unit up for sale, a hotel tower of the Caesars Palace property in Las Vegas is set to get a $75 million update, according to a report from the Associated Press.
The hotel’s original Roman Tower of rooms, which currently has 567 rooms, will get 20 more rooms and a new name. It will be called the Julius Tower. The tower has been closed since mid-September.
The entire property has nearly 4,000 rooms spread across six towers, the report said.
The complexity of the bankruptcy for Caesars’ operating unit was highlighted in a report this week from Reuters, which pointed out that Caesars Palace’s Octavius Tower for high rollers is not owned by Caesars Entertainment Operating Company, but by another unit of the parent company, Caesars Entertainment Resort Properties.
CEOC owns and operates 38 of the parent company’s 50 casinos. The operating unit has overall debt of $18 billion, but is trying to shed $10 billion of it.
Caesars Interactive Entertainment, another one of the parent’s subsidiaries, owns the World Series of Poker brand and the company’s online gambling operations.
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