Caesars commits to $400m towards Atlantic City resorts by 2023
Caesars Entertainment announced it will invest $400m towards its three Atlantic City by 2023.
The investments will improve Caesars, Harrah’s and Tropicana Atlantic City. The company plans to remodel room towers, enhance casino gaming floors and expand dining options among other advancements.
“Building on our rich, 40-year legacy in the market, we are excited to introduce the new Caesars Entertainment to Atlantic City through our $400 million investment and development plan,” said Anthony Carano, President and Chief Operating Officer of Caesars Entertainment. “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. We remain bullish on Atlantic City, and this commitment will further position us for long-term growth and success.”
Caesars will begin the first phase of the project this summer, a $170m renovation of guestrooms and suites at Caesars and Harrah’s.
Rooms at Caesars will be designed with a modern Roman aesthetic and include local Atlantic City scenery, while Harrah’s designs will reflect the “upscale, yet accessible brand of hospitality” the resort is known for.
The investment announcement comes as Atlantic City casinos continue to struggle to bring in pre-Covid-19 like crowds. In February, the city’s nine brick-and-mortar casinos reported revenue of $148m, down 32% year-on-year.
New Jersey Gov. Phil Murphy commended Caesars’ commitment, which he said will improve Atlantic City’s future.
“This $400 million 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,” Murphy said.
Atlantic City Mayor Marty Small, Sr added, “”This year marks a new era for the City, and we appreciate Caesars’ dedication to the market as the largest employer in Atlantic County. Their three-year reinvestment plan doubles down on this commitment, which will undoubtedly reinvigorate Atlantic City.”
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