Caesars Entertainment has taken a good look at its Atlantic City casinos and has decided that it does not like the look of them. It does not take an eagle eye to note that Caesars’ properties in New Jersey are not as flashy or as appealing as those in their Las Vegas portfolio. They need a tune-up. Unsurprisingly, Caesars has seen the Covid-19 Pandemic as the ideal time to spruce up their Atlantic City casinos and has opted to invest over $400 million doing so.
More Vegas-Like in Appearance
Caesars is believed to be prepared to shell out up to $400 million renovated and revamping the Atlantic City casinos in its portfolio. To begin with, around $170 million is set to be spent transforming some guestrooms and suites at the Harrah’s Resort AC and Caesars AC. These should be fully completed in time for the summer. These funds will also go to remodelling hotel rooms, bolstering the gaming floor’s selection, and creating new interior designs. Some of this work is expected to take up to three years to complete.
Big Plans on the Horizon
Caesars has earmarked the rest of the pot (over $230 million) for further upgrades. Some of the casinos that have been touted for a lick of paint and other renovations include Caesars Atlantic City, Tropicana, Harrah’s and more. Caesars’ Chief Operating Officer and President, Anthony Carano, recently commented that the work would bring about long-term growth and success.
Caesars seem to have the cash to burn. Recently, Caesars forked out $3.7 billion acquiring UK sportsbook and betting company William Hill. This will see Caesars branch out its sport betting operations at a time when many US states are starting to open their markets. One such deal could see Caesars operate New York mobile sports betting, although no definition decision has been made on which company will be awarded that contract.
The sportsbook move is particularly well-timed, as Caesars recently signed a deal to sponsor the Superdome, home of the New Orleans Saints. This is coupled with the $1 billion sponsorship deals announced between the NFL and sports betting options, including DraftKings, FanDuel and Caesars itself. With revenue such as this coming in, it is no surprise Caesars has decided to splash the cash renovating its Eastern properties and ensuring that its name continues to be at the top of the gambling industry pyramid in years to come.