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Caesars Set to Open Octavius Tower

Caesars Palace is set to open its new Octavius Tower extension in early January, which will add 668 new rooms to the popular Las Vegas hotel and casino. Caesars remains one of the top US casinos, and one of the few located on the Las Vegas Strip that has expanded in recent years.

Casinos in Las Vegas continue to struggle with the oversupply of hotel rooms and gambling venues that opened or expanded during the last boom in the mid 2000s before the global recession struck the US and other countries around the world.

While some mega casino projects managed to reach completion (including the massive Las Vegas CityCenter/Aria complex) others remain indefinitely shelved such as the $2.9 billion Fontainebleau Las Vegas project.

Gambling revenues on the Las Vegas Strip have largely stablized but growth is still hard to find, with profits at many casinos largely flat or just slightly higher than in 2010. While some glimmers of hope have been spotted -- including increased convention traffic to Las Vegas -- few analysts expect the boom times t return anytime soon to the Strip.

Caesars Palace is hoping that its Octavius Tower will breathe new life into its venerable Strip casino, as well as giving it more flexibility in pricing options for all its hotel rooms.

Caesars is positioning its new rooms in the Octavius Tower as a more boutique, intimate experience, with a private entrance and lobby, large rooms with custom furniture, and direct pool access.

That intimate feel won't come cheap; standard rooms in the Octavius Tower will cost about $249 a night (and as much as $889 during peak times), compared with $179 for a classic room in Caesars’ Roman or Centurion towers. 

The Octavius Tower construction is part of an $860 million resort expansion, which was originally announced in 2007 but halted in when the economic crisis spread throughout the world.

20-Dec-2011, 04:34

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