Park Place Entertainment Corporation (NYSE: PPE), the world’s largest gaming company, today announced plans to build a 29-story all-suites hotel tower at Caesars Palace in Las Vegas. The project, estimated to cost between $450 million and $475 million, was announced by Thomas E. Gallagher, president and chief executive officer of Park Place Entertainment, at the company’s annual stockholders’ meeting.
Located in the heart of the Las Vegas Strip at the corner of Flamingo Road and Las Vegas Blvd., the new tower will feature approximately 900 suites and mini-suites, increasing Caesars Palace’s total number of room accommodations to approximately 3,350.
The tower complex will include approximately 50,000 square feet of retail space and 70,000 square feet of meeting areas, as well as new restaurants and a spa. Construction, to begin immediately, is scheduled for completion in 2004.
“This project is a perfect example of Park Place’s strategy of developing our brands while creating venues that provide strong returns on investment,” Gallagher said. “The tower will enhance Park Place’s leading presence at the busiest four corners of Las Vegas and will assure the total resort entertainment experience that epitomizes Caesars.”
John Shigley, president of Caesars Palace, said, “The public has long recognized Caesars Palace as the ‘gold standard’ of the hotel and casino industry. This tower is a major step in the master plan that is designed to build upon the great legacy we enjoy throughout the world. It complements the new entertainment, dining and other venues we have planned.”
Park Place recently announced plans to erect a new entertainment venue at Caesars Palace. The Colosseum, a 4,000-seat facility designed to resemble the Colosseum in Rome, is set to open in early 2003 at an estimated cost of between $65 million and $75 million.
In addition, the resort has recently completed new facades for three of its original hotel towers, constructed a 49,000-square-foot interim event/exhibit pavilion, launched two new restaurants, remodeled 600 existing guest rooms and enhanced interior casino design elements. In the coming months, the famed casino will also complete construction of two new lavish poolside villa suites (measuring 10,000 and 11,000 square feet respectively), and open a new high-limit gaming salon.
Caesars Palace is a wholly owned subsidiary of Park Place Entertainment Corporation, the world’s largest gaming company which owns, manages or has an interest in 28 gaming properties operating under the Caesars, Bally’s, Paris, Hilton, Grand and Flamingo brand names, with a total of 2 million square feet of gaming space, more than 28,000 hotel rooms and 57,000 employees worldwide.