The original main entrance, main casino, and porte-cochere at Caesars Palace are receiving a multimillion-dollar renovation, according to Caesars Entertainment, Inc. (NASDAQ: CZR).
What’s going on: According to the company’s press release, the “primary entry to the property will be completely reconstructed from the ground up, culminating in an arrival experience worthy for a Caesar” — complete with a 15-foot-tall statue of Augustus Caesar welcoming guests.
Two new gaming pits flanking the entryway, as well as a new lobby bar and a refurbishment of the property’s domed table games floor, will be part of the upgrades. Construction is expected to begin this month, with the majority of the work completed by New Year’s Eve.
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Why Does It Matter? Caesars Palace has one of the most colorful histories of all the Las Vegas resorts, having opened in 1966. The complex has 3,980 hotel rooms and suites, and the lobby renovations are the facility’s first substantial refurbishment since the 668-room Octavius Tower opened in 2012.
Las Vegas is trying to woo guests who were unable to travel during the coronavirus pandemic as the United States advances past it. And it appears that the city’s ambiance is being restored: According to the Las Vegas Convention and Visitors Authority, 2.9 million people visited the gambling mecca in May, up 12% from April, and weekend hotel occupancy in May was around 88 percent, similar to the pre-pandemic May 2019 figure of 96 percent.
In May, hotel occupancy in Las Vegas was 63 percent on weekdays, a significant decrease from the 88 percent reported in May 2019. The weekday numbers are still low, according to Michael Massari, chief sales officer for Caesars Entertainment, because trade conferences and conventions have yet to fully begin their Las Vegas gatherings, though he is hopeful this will change soon.
“Demand for future gatherings never slowed down,” Massari remarked. “We’re still concerned about corporations stating things like they’re only going to send seven people (to a conference) when they used to send ten, but I think the rest of the year will be excellent.”
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