Thursday, Sept. 4, 2003 | 11:17 a.m.
Caesars Palace resort on the Las Vegas Strip will launch a multimillion dollar advertising campaign to tout the property's renaissance.
The "Live Famously" campaign will highlight the old casino's recent facelift that includes new restaurants, an expanding shopping mall and A-list performers, such as Celine Dion and Elton John, whose name will adorn the hotel's marquee in 2004.
The improvements are part of a strategy by Park Place Entertainment Corp. to use the flagship casino to drive companywide profits. The company also hopes to capitalize on the casino's popularity by changing its corporate name next year to Caesars Entertainment Inc.
Caesars Palace President Mark Juliano said Wednesday that the national print campaign begins this month and could last three years. Ads will run in upscale leisure magazines, such as Los Angeles Confidential and Hamptons. Television commercials will begin airing next year.
"Our new ad campaign and its 'Live Famously' tag line are intended to deliver a simple and compelling message: Caesars Palace once again is the most exciting place to experience all that Las Vegas has to offer," Juliano said.
The 37-year-old Roman-themed casino once was regarded as the luxurious destination on the Strip, but has faded in recent years behind the newer megaresorts of Bellagio, Mandalay Bay and The Venetian.
Caesars has invested heavily in revamping the property. Park Place built Dion a $95 million theater called the Colosseum for her "A New Day ..." show, which Concerts West produced for $30 million.
Gambling analysts are watching to see whether the Caesars Palace investments totaling about $250 million will pay off.
"They've certainly pumped a lot of money into Caesars Palace Las Vegas," Bear Stearns gambling analysts John Mulkey said.
Mulkey warned that in the past Caesars Palace has not gotten an "attractive return on invested capital."
"Historically, their returns have been unimpressive," he said. "But I believe they may be turning the corner with a rebounding economy that should help them drive better results for the rest of the year."
Those returns are linked to the Colosseum. The theater already has hosted Jerry Seinfeld and Mariah Carey when the Canadian superstar has been on vacation, and soon will play host to Elton John.
John has signed a deal worth more than $50 million to perform at the Colosseum beginning in February, according to a source familiar with the details of the contract.
The singer will perform at Caesars five times a week for five weeks a year, the source said. Elton John's run is expected to last for three years. Park Place has scheduled an Oct. 21 news conference to announce the deal.
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