- Caesars Entertainment has announced a $400 million USD investment in their three Atlantic City properties.
- Ceasars’ primary focus is to revitalize the companies flagship property, Caesars Atlantic City.
- Harrah’s Resort and Tropicana Atlantic City are also slated to receive renovations.
Caesars Entertainment (NASDAQ: CZR) has completed their $4 billion USD acquisition of UK based sports betting company William Hill and has announced that they’re turning their focus toward their US retail properties. Late last week, the company announced a $400 million USD master plan investment in their three Atlantic City properties–Caesars Atlantic City, Harrah’s Resort and Tropicana Atlantic City. The renovations will begin this Summer and are expected to be completed by 2023.
A number of gaming companies have begun to take a renewed look at their retail properties anticipating a boom in travel once the COVID-19 pandemic is in the rear view mirror. Atlantic City should be a beneficiary of that trend and proximity to the major population areas of the Northeastern United States. Caesars hopes that by putting some polish on their three AC properties that they’ll be well positioned to attract plenty of business.
The first order of business will be a $170 million renovation of guestrooms and suites at Caesars and Harrah’s. These are expected to be completed fairly quickly with a late Summer 2021 completion date. In addition, the press release announcing the plan promised more remodeled room towers, fresh interior design elements, casino gaming floor upgrades, new dining concepts with ‘acclaimed restaurant partners’ and ‘many more exciting additions’.
Anthony Carano, President and Chief Operating Officer of Caesars Entertainment, had this to say about the planned upgrades:
“Building on our rich, 40-year legacy in the market, we are excited to introduce the new Caesars Entertainment to Atlantic City through our $400 million investment and development plan. These exciting plans over the next three years will revitalize Caesars’ brand of hospitality, and will continue to position Harrah’s, Tropicana, and Caesars Atlantic City as leading resorts in the market. We remain bullish on Atlantic City, and this commitment will further position us for long-term growth and success.”
The most detailed information about the upgrades focused on the current room enhancement project:
This summer, Caesars Entertainment will unveil $170 million in room enhancements designed by Interior Image Group at Caesars and Harrah’s Resort, beginning with approximately 600 guest rooms and suites in Caesars’ Centurion and Ocean Towers, as well as Harrah’s Atrium Tower. The towers will offer accommodations with spectacular views and fresh design elements in rooms ranging from 450 to 700 square feet per room.
At Caesars, the designs will feature a modern Roman aesthetic, drawing inspiration from the local Atlantic City scenery, including the beach, ocean and famed Boardwalk. The guest rooms and suites will feature rich hues of blue and cream accent colors, contrasting white and gray tones, and contemporary furniture, including modern bathrooms with oversized showers, mirrors, and signature amenities.
At Harrah’s Resort, design inspiration was drawn from the casino’s upscale, yet accessible brand of hospitality with rich elements that are fun, lively and vibrant playing off the resort’s sophisticated Marina District locale.
Caesars promises additional details on ‘new hospitality, entertainment and culinary offerings’ in the coming months.
At the time of publication, James Murphy has a long position in CZR.