Earlier this year Caesars Entertainment emerged from bankruptcy. However, their plans to generate greater revenue for the company started last year. The first major step to increasing revenue by Caesars Entertainment was to upgrade their hotel rooms around the country and in Las Vegas. The hotel room renovations seem to have worked as hotel room revenue is on the rise in Las Vegas.
Caesars Entertainment isn’t just selling more hotel rooms but, according to their first quarter earnings report customers were paying 10% more on for rooms on an average day. Furthermore, according to Global Gaming Business, the hotel room upgrades have now raised hotel revenues by 17%. Caesars Entertainment’s plan to upgrade almost 90% (88% according to GGB) of their Las Vegas hotel rooms by 2020 is well underway.
Hotel room renovations are a kind of a win-win for the customer and the casino-hotel operators and customers. In this case, Caesars Entertainment will generate greater revenue while customers enjoy nicer hotel rooms. Visitors to Las Vegas don’t seem to mind paying a little more for a room with modern amenities.
Let’s take a look at some of the recent and upcoming expansion plans and hotel room upgrades for Caesars Entertainment’s Las Vegas casinos.
Caesars Entertainment completely reimagined and renovated the original tower of the hotel in 2016. The Roman Tower was renamed the Julius Tower and saw a total facelift. Caesars Entertainment followed that upgrade by renovating all of the rooms in the Palace Tower earlier this year. This is the hotel tower located away from the main casino floor and near the massive pool complex.
Earlier this year Caesars Entertainment announced that they would be renovating nearly 1,300 hotel rooms at the Flamingo. All of the FAB rooms will be receive a facelift and upgrade. The first of the renovated rooms will be available in November 2017. Caesars Entertainment expects the renovations to be complete by the second quarter of 2018.
Last year Caesars Entertainment renovated 600 hotel rooms and 72 suites at Harrah’s. The company says they will renovate another set of hotel rooms at Harrah’s this year. In the past year, Harrah’s has renovated nearly half of their hotel rooms, upgraded the sports book, and added a second Starbucks location near the Carnival Court entrance.
The Cromwell Casino Floor
Renovations of the casino floor at The Cromwell are currently underway. A new restaurant, eatwell, just opened near the north entrance by the Vegas Strip. The old high limits slot area near check-in will become a sports book that will open by football season. Interlude, the center bar, is being renovated. Table games near the entrance for Drai’s are currently being re-arranged. Whew! That’s a lot of changes happening at one of the smallest casinos on the Vegas Strip!
Vacant Land By Caesars Palace & Koval
Caesars Entertainment owns 80-90 acres of unused land around Las Vegas. According to Bloomberg, the first use of this land will be to build a 300,000-square-foot convention center behind Bally’s. The undeveloped land includes about 7 acres in front of Caesars Palace. Expect to see some kind of development in front of Caesars Palace beginning sometime in the not too distant future. Caesars Entertainment has not revealed plans for the rest of the land open land yet.