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Thursday, Jan. 14, 2010 | 3:26 p.m.
A gaming industry analyst says he believes Harrah’s Entertainment has begun soliciting bids to complete construction on the Octavius Tower at Caesars Palace.
But a Harrah’s spokesman said today that the company hasn’t made any moves to restart work on the 23-story tower that was the centerpiece of a $1 billion expansion at the company’s showcase Strip property.
“We believe that Harrah’s Entertainment has begun to solicit bids from general contractors in order to finish the mothballed 665-room Octavius Tower at Caesars Palace,” said gaming analyst Bill Lerner of Las Vegas-based Union Gaming Group in his daily “Heard on the Strip” newsletter.
Harrah’s spokesman Gary Thompson said the company hasn’t approached any contractors about completing the work, adding that the company is still awaiting signs of a market rebound.
Responding to an e-mail query, Lerner said he received the information from contacts within the industry.
Lerner’s report suggested that Harrah’s has “very prudently managed (its) balance sheet by pushing out maturities, while at the same time ‘creating’ cash flow by cutting costs and managing (capital expense) budgets over the past 12-plus months.”
He added that Harrah’s needs fresh high-end room product to compete with MGM Mirage’s CityCenter opening and relatively new product at Wynn Resort’s Encore and Las Vegas Sands’ Palazzo.
“The completion of Octavius would give Harrah’s this fresh product to offer to its database,” the report said. “At the mid-level, we see the same reasoning with Harrah’s possible acquisition of Planet Hollywood – which would allow the company to offer fresh mid-level room product to its database (much fresher than any of its contiguous product), which happens to be at the center of gravity on the Strip across from CityCenter.”
Lerner said he believes the project would take six to 12 months to complete once started.
Harrah’s announced plans to build the 350-foot tower in July 2007 and topped it off in October 2008. But when the economy faltered and credit markets collapsed, the company followed others by shutting construction down, announcing the stoppage Jan. 12, 2009.
Some 110,000 square feet of convention space, three 10,000-square-foot villas and an expanded Garden of the Gods pool and garden area opened in the summer as planned.
Transport yourself to the opulent and excessive Roman Empire at Caesars Palace. But the ever-changing Caesars Palace is far from ancient. The hotel and casino is constantly raising the bar for what visitors can expect in a Vegas resort experience.
Caesars Palace features 3,348 rooms and suites in five towers, including the new luxury boutique Nobu Hotel and Restaurant, which opened Feb. 4, 2013, in the totally remodeled Centurian Tower. Caesars features 129,000 square feet of gaming space, including the Strip’s largest poker room and a 250-seat sports book. Other amenities include about two dozen restaurants, a four-level shopping mall, four pools, a spa, Pure and Poetry nightclubs and Pussycat Dolls.
Dining options include restaurants from world-renown chefs Guy Savoy, Wolfgang Puck, Bobby Flay, Gordon Ramsay and, on Feb. 4, 2013, Nobu Matsuhisa.
You never know what characters you’ll run into at Caesars with regular performers like Jerry Seinfeld, Bette Midler, Elton John and maybe even the emperor himself.
Please finish this tower.... Ceasars could use an upgrade!! The tower looks less interesting than Palace and the other 2005 built one...
For goodness sake also...IMPLODE THE TOWERS BUILT BEFORE THE 1998 PALACE TOWER!! Someday... Ceasars will have 2,500 more rooms and even more condos!! Dont forget to REMOVE THE 60'S TOUCHES!!!
If the job starts up, I'm just concerned about the effect on our union construction workers, who will be confused and conflicted after their 99 weeks collecting unemployment insurance, drinking beer and eating $1 hot dogs.
They'll be older, even less agile, scratching their balding heads. The costs for the restart will have to include retraining and overtime for stewards to monitor them at noontime, limiting their drinks to 3 maximum.
Plus they will need to be sure to make their contribution to the Steve Ross Worship Center. Really a rough patch...
Too many rooms in Vegas already..
A project like this could at least help stop a few foreclosures,let's hope this report is accurate.
Jobs Jobs Jobs we need more than the interior finished at Ceasars but it is a start
Does this report by Lerner mean that Harrah's is being less than truthful...it will not be the first or last time for Harrah's. By the way, how come all of these casino consolidations did not get the attention of the Anti-trust Division of the Justice Department.
"By the way, how come all of these casino consolidations did not get the attention of the Anti-trust Division of the Justice Department."
They did but you would have had to pay attention to know that. They found that there was many other casinos to keep them from holding a monopoly in this state.
Las Vegas will be a ghost town by the year 2012
"Does this report by Lerner mean that Harrah's is being less than truthful...it will not be the first or last time for Harrah's. By the way, how come all of these casino consolidations did not get the attention of the Anti-trust Division of the Justice Department."
There is MGM Grand, Harrahs, Boyd, Isle of Capri, Stations, Golden Nugget (Landrys), Marnell, and others in the Las Vegas Valley alone. That doesn't constiture a monopoly, son.
nednougat........I'm still laughing.
Do Harrah's have proper permits to finish their Caesars Tower? Or is it going to be fly by night setup like the Rio, Harrah's & Imperial Palace?
gperson-
"Las Vegas will be a ghost town by the year 2012"
Are you an ignorant idiot or what?!!!!!
Everyone knows that Las Vegas will be a ghost town by the year 2013
Nednougat:
This is the comment section, not your own personal peanut gallery to bash union's based on cluelessness. Ceasar's or anyone else for that matter, can hire who they wish. This is a right to work state, is it not? Employer's consistently choose Union Contractor's because we are the best at getting the job done, right, the first time. Just because the SCAB's don't pay unemployment benefit's to the State for their worker's doesn't mean their better off doing the job. Jose A and Jose B don't spend their money here if you didn't happen to notice, but every nickel I earn here supports the local economy, something your rhetoric does not.
Nednougat: Your the one we locked in the portta-john on the job that day, get over it.
scotturb, lighten up a**hole. Do you not have a sense of humor? While Ned is satirizing a situation (correctly, at that) you must be feeling some guilt at his spot-on analysis since you feel the need to defend unions in a right-to-work state, then attack non-union "scabs" as not paying unemployment benefits. You obviously don't have enough education (did you complete the 6th grade yet or just pay someone to get you a GED certificate?) to understand that EVERYONE pays unemployment benefits through their employer, union and non-union, as it is federally mandated. Any job that doesn't follow this mandate deserves what they get. Get off your soapbox and wake up.
(by the way I know you're racist too, but that's for another discussion)
And foziebear, although your post is somewhat amusing, get back to work cleaning the sh*t out of the porta-pottys like you were told, or you will be docked $49.50/hr and owe some more union dues.
Nednougat - I thought that was clever and hilarious. Union jobs is why stuff is so expensive in the US. Just ask Detroit what happens when Unions have too much power.
S711
nednougat...the union monkeys will get you for your truthful comments.
gdperson...if you don't like it here in Vegas, don't let anything short of fear or stupidity keep you from leaving!
unions =
"capitalism is evil...well, it's not evil as long as you buy union made products even if they cost more...so you have less money...to buy union made products".
idiots.
"Union jobs is why stuff is so expensive in the US. Just ask Detroit what happens when Unions have too much power."
Considering that union workers are but a fraction of the work force, and that non-union workers by far outnumber them, I'd say that non-union workers are the reason "stuff is so expensive."