Caesars Entertainment pouring $400M into Atlantic City properties
Caesars Entertainment Inc. is set to pour hundreds of millions of dollars into its three Atlantic City properties in an effort to bolster the city’s position as a Las Vegas-style destination and revitalize the city’s boardwalk.
The $400 million investment will be phased over the next three years and will go toward remodeling room towers, fresh interior designs, gaming floor enhancements, new dining concepts and more, according to a Wednesday news release. The first project, a $170 million guestroom and suite renovation project at Caesars Atlantic City and Harrah’s Resort at Atlantic City, is set to begin this summer.
“These exciting plans … 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 in the release. “We remain bullish on Atlantic City, and this commitment will further position us for long-term growth and success.”
Creating a ‘premier tourist destination’
New Jersey Gov. Phil Murphy said his administration has teamed up with corporate, community and government partners to reestablish Atlantic City as “a premier tourist destination” in the state.
Caesars’ investment in the city “supports our focus on growing the economy, continuing to support Atlantic City, and creating jobs in our state,” Murphy said in the release.
Atlantic City Mayor Marty Small Sr. added that he believes 2021 “marks a new era” for the city.
“We appreciate Caesars’ dedication to the market as the largest employer in Atlantic County,” he said in the release. “Their three-year reinvestment plan doubles down on this commitment, which will undoubtedly reinvigorate Atlantic City.”
The state saw about 116.2 million visitors who spent a collective $46.4 billion in 2019, according to state data. About 27 percent of that spending was on lodging, which includes casino revenues at its nine Atlantic City properties.
The state’s gaming market has contracted in recent years as new competition has popped up across the Northeast and Mid-Atlantic, but casino revenue is on the rebound. New Jersey’s gaming industry brought in nearly $3.5 billion in gross gaming revenue in 2019, up 19.5 percent from the year prior, largely because of the state’s sports betting and online gaming growth, according to a report from the American Gaming Association.
Summer renovations
The $170 million remodeling project kicking off this summer includes about 600 guest rooms and suites at Caesars Atlantic City and Harrah’s Resort at Atlantic City.
The refreshed designs at Caesars will features a modern Roman aesthetic, according to the release. Design inspiration was drawn from local Atlantic City scenery, such as the beach, ocean and boardwalk, and will feature hues of blue and cream accent colors paired with contemporary furniture.
The designs at Harrah’s will feature “rich elements that are fun, lively and vibrant playing off the resort’s sophisticated Marina District locale,” the release said.
Additional details on the renovations will be revealed in the coming months.
Contact Bailey Schulz at bschulz@reviewjournal.com. Follow @bailey_schulz on Twitter.
