Caesars Palace turning 50, getting $75 million upgrade

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By KIMBERLY PIERCEALL
THE ASSOCIATED PRESS

Caesars Palace on the Las Vegas Strip is getting a $75 million upgrade for its 50th birthday.

Caesars Entertainment Corp. is expected to announce Friday that it’s overhauling its original Roman Tower of rooms, last re-done in 2001. The 567-room tower that’s been closed for construction since mid-September will get 20 additional rooms and a new name: the Julius Tower.

Caesars Palace, which opened on Aug. 5, 1966 and became a Hollywood favorite in movies like “Rain Man” and “The Hangover,” has grown to about 3,960 rooms spread across six towers.

“We continue to reinvent Rome . and Las Vegas” said Caesars Palace regional president Gary Selesner in a statement

Renovated rooms are expected to be ready for overnight guests starting January 1 and rented for $149 a night on average, about $20 to $30 more than before.

The iconic Roman-themed property is the only Las Vegas Strip casino owned and operated by the subsidiary of Caesars Entertainment Corp. that’s attempting to shed $10 billion of its total $18.4 billion in debt by restructuring. Caesars Palace was also recently fined $9.5 million by federal and state regulators for not taking steps to prevent money laundering in the casino.

READ MORE: http://www.pe.com/articles/caesars-784215-getting-vegas.html