Luxury Hotel Tower, Convention/Catering Facilities, Pools and Lavish Suites
Highlight Resort Expansion
LAS VEGAS, July 19 /PRNewswire-FirstCall/ -- Harrah's Entertainment,
Inc., (NYSE: HET) today announced an approximately $1 billion expansion of
Caesars Palace in Las Vegas, a key initiative in the development of the
company's renowned Caesars brand. This expansion is another project in the
extensive growth portfolio announced in the past 24 months by Harrah's,
including: London Clubs International, Margaritaville Casino & Resort in
Biloxi, Miss., The Pier at Caesars(R) Atlantic City, a new hotel tower at
Harrah's Atlantic City, a new hotel at Harrah's New Orleans, and a
substantial expansion to the Horseshoe Casino in Hammond, Ind.
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The center piece of the expansion is the luxurious new 665-room hotel
tower -- the Octavius Tower. The Octavius Tower will be located adjacent to
a new 263,000-square-foot meeting and convention center. Three new
luxurious pool villa suites will be built along the second floor of the new
tower and will overlook three new swimming pools that will rim an expanded
outdoor whirlpool spa retreat, a poolside cafe and nearby garden wedding
venue. This expansion is slated for completion in early 2009.
"This billion dollar investment in our flagship property, Caesars
Palace in Las Vegas, is an important part of our comprehensive global
growth strategy," said Gary Loveman, chairman, chief executive officer and
president of Harrah's Entertainment, Inc. "From the United Kingdom to Las
Vegas and beyond, we will continue to enhance our network of branded
properties to deliver unforgettable guest experiences and provide good jobs
for our nearly 100,000 team members around the world."
"With 2006 operating income up 63% over the prior year and impressive
increases in customer service scores during the same period, Caesars Palace
hasn't just gotten bigger since the 2005 opening of the Augustus Tower,
it's gotten better," said Tom Jenkin, president of the Western Division of
Harrah's Entertainment, Inc. "Our expansion plans in Las Vegas are a
reality thanks to the hard work of a great employee team."
Octavius Tower
The heart of the Caesars Palace expansion is the Octavius Tower,
located along Flamingo Road on the southeast corner of the Caesars
property. The new Octavius Tower will include:
-- 665-room, 23-story hotel tower rising 350 feet;
-- 594 hotel guest rooms (floor plans from 600 square feet);
-- 19 1 1/2-bay suites;
-- 41 two- or three-bay suites;
-- 4 four-bay suites;
-- 3 five-bay suites;
-- 1 six-bay suite; and
-- 3 lavish pool villa suites.
Named for the great-nephew of Julius Caesar, who later changed his name
to Augustus, the $375 million Octavius Tower will adjoin and resemble the
resort's Augustus Tower that opened in August 2005 with a new hotel
registration lobby and VIP check-in lounges. In addition to convenient
access from the hotel lobby and VIP reception areas, Octavius guests also
will enjoy panoramic views and direct entry to swimming pools and gardens.
In addition to the new Octavius Tower, the resort's existing 512-room
Forum Tower will undergo a major refurbishment. A regal new front entrance
and expanded valet parking will open to expansive new casino interior
decor, inviting guests to a remodeled buffet restaurant, redesigned Cypress
Street Marketplace casual restaurant and enlarged Race & Sports Book.
Internationally acclaimed designer Wilson & Associates will create
Octavius Tower interiors. Spacious guest rooms will offer the finest
entertainment amenities, including large, flat-panel televisions and
bedside clock radios with iPod(R) docking stations. Beds will be dressed
with premium linens and bolster pillows; fashion-forward matlasses (mat lah
SAYS) will replace traditional duvets. Luxurious marble bathrooms will
feature generous dual-head showers and whirlpool tubs, with televisions
above double vanities. Bathrooms will be bathed in natural light through
doors that open into the bedrooms. With a nod to the resort's Greco-Roman
heritage, guest room entry doors will be customized with Greek key
patterns, where electronic doorbells and electronic "do not disturb"
features will ensure guest privacy. Floors 21 through 23 will be comprised
exclusively of suites; special key cards will be required to access these
levels.
Scheduled to open in the first quarter of 2009, the Octavius Tower will
increase the Caesars Palace room/suite offering from 3,348 to 4,013.
"Our guests have been thrilled with the Augustus Tower and its
associated upscale services and amenities," said Gary Selesner, president
of Caesars Palace. "This new expansion opens an exciting new chapter in the
renaissance that began with opening of The Colosseum, and continues with
the February 2008 debut of Bette Midler's all-new production, which will be
presented a minimum of two years. With a spectacular new show, new guest
rooms, suites and more, Caesars Palace will be well positioned to continue
to welcome the world's most discriminating clientele."
Pool Villas - Villa Corridor - Swimming Pools - Wedding
Along the tower's second floor will be three pool villa suites designed
to be the industry's most coveted hotel accommodations. Each of the
palatial residences will span more than 10,000 square feet. These suites
will be connected by a new Villa Promenade to the resort's existing two
pool villas (10,000 and 11,000 square feet). New villas will be accessible
via a private Octavius Tower entrance at Flamingo Road and by private
elevator. Interior decor subtly inspired by the former Roman Empire regions
of Spain, France or Greece, will feature exquisite custom furnishings and
original works of art. Villa guests will be pampered with private butler
service, advanced entertainment systems and private terraces overlooking
the resort's Garden of the Gods swimming pools and gardens.
Three new swimming pools will replace the resort's Apollo pool and
outdoor spas. The three will be elevated to set them apart from the Temple,
Venus and Neptune pools. One (1,600 square feet) will be available only to
invited guests and will offer premium amenities and services. Two
1,900-square-foot pools will adjoin the new meeting and convention
addition. These pools will be created not only for hotel guest use, but
also for private pool parties and catered functions.
Lush classically designed landscaping, replete with the resort's
signature fountains and statuary, will surround the pools. Scheduled for
completion in the second quarter of 2009, the pool expansion will
accommodate added cabanas, chaise lounges and daybeds, along with a new
poolside cafe, an expanded outdoor whirlpool spa retreat and a picturesque
new garden wedding venue.
Meeting and Ballroom Addition
Underscoring Caesars commitment to prized convention and catering
clientele, the expansion includes a 263,000-square-foot ballroom and
meeting facility, constructed on two levels, and connected to the resort's
Palace Tower meeting and convention center.
The 263,000-square-foot building will feature 110,000 square feet of
flexible meeting, ballroom and exhibit space with additional breakout
areas, grand promenades, banquet kitchens and support facilities. Included
will be two regal ballrooms, each expandable to 52,000 square feet, and two
executive boardrooms. The upper tier will offer a large terrace overlooking
two new swimming pools.
The addition will provide an ideal environment for product and
entertainment productions, with ceiling heights of 26 and 28 feet and
industry-leading audio visual and data systems. Direct access to fiber
optics hubs and the perfect positioning for satellite transmission will
provide efficient broadcast solutions.
Interiors will be designed by Marnell Interiors, a division of Marnell
Corrao Associates of Las Vegas. These will complement the Palace Tower
meeting center design. The addition will increase the property's total
meeting room offerings from 240,000 square feet to 300,000 square feet.
Site improvements including central electrical plant expansion and
relocation of power lines along Flamingo Road will take place near the
convention addition and along the south property border.
Forum Tower
The complete remodel of the 24-story Forum Tower will include:
-- 452 guest rooms;
-- 10 two-story suites, which became widely known after the release of the
movie "Rain Man";
-- 60 two-bay suites; and
-- 18 executive suites and two penthouses (9,500 and 12,500 square feet).
In-bedroom whirlpool bathtubs will be removed to provide more spacious
sleeping and lounging environments. Like the Octavius Tower, guest
accommodations will feature blissful bedding, dressed in premium linens and
stylish matlasses, as well as large, flat panel televisions, iPod(R)
docking stations, electronic doorbells and "do not disturb" messaging.
Distinctive in the Forum Tower will be giant, marble, surround showers that
can easily accommodate two people. These will be equipped with both rain
shower and regular showerhead fixtures and bench seating.
The complete refurbishment of the Forum Tower is scheduled to be
completed in January 2008 at a cost of $83 million. The tower's two
penthouses will be remodeled by the first quarter of 2008.
Renowned design firm Hirsch-Bedner Associates is creating all Forum
Tower interiors except the two penthouses, which were created by, and will
be remodeled by Wilson & Associates.
Front Entrance - Casino Remodel
The existing Caesars Palace front entrance will be expanded in breadth
and height, opening to palatial new casino interiors, created by globally
renowned design firm Allard & Conversano. The central ellipse will remain,
highlighted by new decor and flanked by grand ceiling heights, raised to 20
feet. New interiors will extend to the Casino Cashier and Cleopatra's Barge
corridors, inviting guests to explore new dining, entertainment and gaming
offerings. During the transformation of the central front entry, Caesars
guests will enter and exit through resort entrances a few steps on either
side of the central doors.
The construction team will be led by long-established builders and
architects:
-- Marnell Architecture, Executive Architect
-- Bergman Walls, Architect of Record.
-- Marnell - Keating, Joint Venture, Contractor
About Caesars Palace
Caesars Palace is the world's best known resort-casino, celebrating the
glory that was Greece and the grandeur that was Rome in an 85-acre
destination location that sets the standard for entertainment, dining and
luxury. Reigning at the heart of the Las Vegas Strip, Caesars Palace
features 3,348 hotel guest rooms and suites, 25 unique restaurants and
cafes, 4.5-acre Garden of the Gods pools and gardens, 50,000-square-foot
Qua Baths & Spa and 240,000 square feet of premium meeting and convention
space. The 4,100-seat Colosseum sits just steps from celebrity chef
restaurants and the acclaimed Forum Shops at Caesars and spotlights
world-class entertainers such as Celine Dion, Elton John and Jerry
Seinfeld; and debuting February 20, 2008, Bette Midler.
About Harrah's Entertainment
Harrah's Entertainment, Inc. is the world's largest provider of branded
casino entertainment. Since its beginning in Reno, Nevada nearly 70 years
ago, Harrah's has grown through development of new properties, expansions
and acquisitions, and now owns or manages casinos on four continents. The
company's properties operate primarily under the Harrah's(R), Caesars(R)
and Horseshoe(R) brand names; Harrah's also owns the London Clubs
International family of casinos. Harrah's Entertainment is focused on
building loyalty and value with its customers through a unique combination
of great service, excellent products, unsurpassed distribution, operational
excellence and technology leadership.
For more information about Harrah's, please visit:
http://www.harrahs.com.
This release includes "forward-looking statements" intended to qualify
for the safe harbor from liability established by the Private Securities
Litigation Reform Act of 1995. You can identify these statements by the
fact that they do not relate strictly to historical or current facts. These
statements contain words such as "may," "will," "project," "might,"
"expect," "believe," "anticipate," "intend," "could," "would," "estimate,"
"continue" or "pursue," or the negative or other variations thereof or
comparable terminology. In particular, they include statements relating to,
among other things, future actions, new projects, strategies, future
performance, the outcomes of contingencies and future financial results of
Harrah's. These forward-looking statements are based on current
expectations and projections about future events.
Investors are cautioned that forward-looking statements are not
guarantees of future performance or results and involve risks and
uncertainties that cannot be predicted or quantified and, consequently, the
actual performance of Harrah's may differ materially from those expressed
or implied by such forward-looking statements. Such risks and uncertainties
include, but are not limited to, the following factors, as well as other
factors described from time to time in our reports filed with the
Securities and Exchange Commission (including the sections entitled "Risk
Factors" and "Management's Discussion and Analysis of Financial Condition
and Results of Operations" contained therein): the occurrence of any event,
change or other circumstances that could give rise to the termination of
the merger agreement with TPG and Apollo; the outcome of any legal
proceedings that have been, or will be, instituted against the Company
related to the merger agreement; the inability to complete the merger due
the failure to satisfy conditions to completion of the merger, including
the receipt of all regulatory approvals related to the merger; the failure
to obtain the necessary financing arrangements set forth in the debt and
equity commitment letters delivered pursuant to the merger agreement; risks
that the proposed transaction disrupts current plans and operations and the
potential difficulties in employee retention as a result of the merger; the
impact of the substantial indebtedness to be incurred to finance the
consummation of the merger; the effects of local and national economic,
credit and capital market conditions on the economy in general, and on the
gaming and hotel industries in particular; construction factors, including
delays, increased costs for labor and materials, availability of labor and
materials, zoning issues, environmental restrictions, soil and water
conditions, weather and other hazards, site access matters and building
permit issues; the effects of environmental and structural building
conditions relating to our properties; access to available and reasonable
financing on a timely basis; the ability to timely and cost-effectively
integrate acquisition into our operations, including London Clubs; changes
in laws, including increased tax rates, regulations or accounting
standards, third-party relations and approvals, and decisions of courts,
regulators and governmental bodies; litigation outcomes and judicial
actions, including gaming legislative action, referenda and taxation; the
ability of our customer-tracking, customer loyalty and yield-management
programs to continue to increase customer loyalty and same store sales or
hotel sales; our ability to recoup costs of capital investments through
higher revenues; acts of war or terrorist incidents or natural disasters;
abnormal gaming holds; and the effects of competition, including locations
of competitors and operating and market competition.
Any forward-looking statements are made pursuant to the Private
Securities Litigation Reform Act of 1995 and, as such, speak only as of the
date made. Harrah's disclaims any obligation to update the forward-looking
statements. You are cautioned not to place undue reliance on these
forward-looking statements which speak only as of the date stated, or if no
date is stated, as of the date of this press release.
SOURCE Harrah's Entertainment
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Related links:
http://www.harrahs.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20070718/HARRAHSLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Alberto Lopez of Harrah's Entertainment,
+1-702-407-6344; or Debbie Munch of Caesars Palace,
+1-702-731-7367
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