Upgrades Coming to Caesars’ Atlantic City Casinos
There is good news for those who enjoy visiting Atlantic City’s casinos. Caesars Entertainment (NASDAQ: CZR) has announced plans to invest $400 million in its resorts in the city by 2023.
Caesars Entertainment runs the Caesars, Harrah’s Resort, and Tropicana Atlantic City casinos in Atlantic City, and all three are set to receive upgrades. The first stage of the project will involve $170 million being spent on improvements to the guestrooms and suites at Harrah’s Resort Atlantic City and Caesars Atlantic City.
The upgrades are due to be unveiled this summer but the work will include renovating roughly 600 guestrooms and suites in the Caesars’ Centurion and Ocean Towers, as well as Harrah’s Atrium Tower.
These exciting plans over the next three years will revitalize Caesars’ brand of hospitality, and will continue to position Harrah’s, Tropicana, and Caesars Atlantic City as leading resorts in the market. We remain bullish on Atlantic City, and this commitment will further position us for long-term growth and success.
New Jersey Governor Phil Murphy welcomed the news. He said that the investment supports Atlantic City’s focus on growing the economy and creating jobs. He added, “I applaud Caesars Entertainment for leading the recovery effort.”
Following the acquisition of Caesars Entertainment Corporation by Eldorado Resorts last July and the subsequent merger, the Caesars, Harrah’s Resort and Tropicana Atlantic City now operate under the Caesars Entertainment umbrella.
Last year’s deal created the largest casino and entertainment business in the country. It was announced in June 2019 and Eldorado agreed to pay $17.3 billion to acquire Caesars.
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The latest news comes in the same week that Caesars completed the acquisition of British operator William Hill following approval from the High Court of Justice in England and Wales. That deal was agreed in September last year when William Hill opted for Caesars’ £2.9 billion offer over a rival bid from Apollo Global (NYSE: APO).
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