Caesars Leisure Particulars $400M Overhaul of Atlantic Metropolis Casinos
Posted on: April 21, 2021, 01:02h.
Final up to date on: April 21, 2021, 02:31h.
When Caesars Leisure and Eldorado Resorts merged final yr, the New Jersey On line casino Management Fee (CCC) signed off on the union. But it surely added one very large stipulation. The brand new entity should make investments $400 million into its three Atlantic Metropolis casinos over a three-year interval.
Caesars as we speak introduced particulars of that large spend.
The Las Vegas-based on line casino big says part one will embody a $170 million renovation of guestrooms and suites at Caesars and Harrah’s. The properties will open their refreshed rooms this summer season.
“We’re excited to introduce the brand new Caesars Leisure to Atlantic Metropolis by way of our $400 million funding and growth plan,” mentioned Anthony Carano, president, and chief working officer of Caesars Leisure.
The $170 million makeover will start with roughly 600 guestrooms at Caesars’ Centurion and Ocean Towers, in addition to Harrah’s Atrium Tower.
An organization assertion revealed that the Caesars rooms will function a contemporary Roman aesthetic paired with Atlantic Metropolis surroundings, together with the seaside, ocean, and Boardwalk. The design inspiration for the room overhaul at Harrah’s will probably be drawn from water components representing the on line casino’s location within the Marina District.
Caesars Leisure mentioned it would launch extra particulars on the way it plans to spend the remaining $230 million required underneath its CCC merger approval at a later date. However New Jersey Gov. Phil Murphy (D) preferred what he heard relating to the primary funding part.
Together with Caesars and Harrah’s, Caesars Leisure operates Tropicana on the Boardwalk. Every of the three casinos are owned by VICI Properties, Caesars’ actual property funding belief (REIT). Caesars pays VICI annual lease to lease all operations contained in the on line casino properties.
Lengthy Overdue AC Makeover
Throughout the earlier Caesars’ monetary issues, which led to its chapter submitting in 2015, the on line casino firm invested little in Atlantic Metropolis. Because of this, its casinos turned dated and run-down.
“We all know that Atlantic Metropolis and New Jersey have had some difficulties with a scarcity of funding from Caesars, and we perceive why the circumstances are there. We’re completely dedicated to agreeing to the requirement,” Caesars Leisure CEO Tom Reeg informed the CCC final yr.
Together with investing $400 million, a part of the CCC’s approval of the Eldorado takeover of Caesars included the mixed entity promoting off considered one of its Atlantic Metropolis casinos to ease monopoly considerations. The corporate offered Bally’s to Twin River Worldwide Holdings in Rhode Island final yr for simply $25 million. Twin River subsequently modified its firm identification to the Bally’s Company.