Caesars Entertainment plans to expand on The Strip
May 19, 2017 1:20 PM
by Robert Mann
Caesars Entertainment Corp. CEO Mark Frissora has offered up more information to Bloomberg TV about the company’s plans on the Las Vegas Strip. He says Caesars wants to develop more than 90 acres the company owns in Las Vegas, including land rights in front of Caesars Palace, after its largest unit emerges from bankruptcy later this year.
“We have a lot of real estate that’s underutilized,” Frissora said in an interview with Bloomberg TV Thursday. “We have plans to basically develop all of that very valuable center-strip property as soon as we emerge. Those assets will have a very high-return, low-risk profile.”
Caesars remains the largest owner of casinos in the U.S. but has been weighed down under major debt since a $30 billion leveraged buyout in 2008. In January of 2015, the company put its largest division, Caesars Entertainment Operating Co., into bankruptcy.
The Las Vegas-based company has seen recent accelerated growth in sales and profit over the past two years, attributed, in part, to a strategy of renovating hotel rooms and searching for cost savings and new profit centers such as its recent implementation of a parking charge for visitors.
Caesars also announced Thursday it would soon begin a $90 million room renovation project at its Flamingo property of the Las Vegas Strip.