Caesars Entertainment has revealed plans to invest $400m into its land-based casino resorts in Atlantic City, New Jersey by 2023.
The operator runs the Caesars, Harrah’s Resort and Tropicana Atlantic City facilities in the city, with all three facilities set to benefit from the new investment.
Phase one of the project will see $170m spent on guestroom and suite upgrades at Harrah’s Resort Atlantic City and Caesars Atlantic City, with the upgrades to be unveiled this summer.
This work will include revamping approximately 600 guest rooms 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,” Caesars’ president and chief operating officer Anthony Carano said.
“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 investment commitment. He said: “This $400m investment in the city supports our focus on growing the economy, continuing to support Atlantic City, and creating jobs in our state, and I applaud Caesars Entertainment for leading the recovery effort.”
The Caesars, Harrah’s Resort and Tropicana Atlantic City now operate under the Caesars Entertainment umbrella, after Eldorado Resorts last July completed its acquisition of, and subsequent merger, with Caesars Entertainment Corporation, in a deal that created the largest casino and entertainment business in the US.
The two operators announced the deal in June 2019, with Eldorado agreeing to pay $17.3bn to take ownership of Caesars.
Earlier this week, it was also revealed that Caesars’ acquisition of British operator William Hill is set to close today (April 22) after the High Court of Justice in England and Wales sanctioned the acquisition.
The deal was agreed in September last year after William Hill chose the £2.9bn (€3.39bn) Caesars bid over a rival offer from Apollo Global.