Filed under: Real Estate Developments
Another Las Vegas Strip hotel is cutting back. We first heard about Caesar's Palace's billion-dollar expansion back in 2007. The plans included an overhaul of the Forum tower, new meeting and convention space, three pool villa suites overlooking three swimming pools and the 660-room Octavius Tower, named in honor of Julius Caesar's heir, the emperor Augustus (the resort already has an Augustus Tower, Octavian was the name he had before he ascended to power). Harrah's Entertainment has decided to delay the opening of the Octavius Tower simply because the demand for rooms isn't there.The villas, convention space and expanded pool area will open as planned. The company will open the tower once demand picks up again. The news follows the report that CityCenter, MGM Mrage's monster project is now down one 400-room hotel. For the past few years the answer to making more money as a resort operator in Las Vegas was to have more rooms but with travel and convention spending down a new plan is needed.