NV - Gaming giant Park Place Entertainment has postponed plans
to build a new tower at Caesars Palace, citing economic uncertainty
after the terrorist attacks in New York and Washington on
Entertainment chief executive Thomas Gallagher said in a prepared
statement on September 17 that postponing construction of
the $475 million tower will keep the company financially flexible
and was "the prudent thing to do.''
Palace on the Las Vegas Strip has some 2,400 rooms in four
towers; the tallest is 30 floors. The new 29-story tower had
been expected to open with 900 rooms in early 2004.
continues on the Colosseum, a $75 million, 4,000-seat entertainment
center at Caesars, Gallagher said, and is scheduled to open
in March 2003.
LaPorta, Park Place chief financial officer, said the company
has suspended plans for other projects and was considering
leaving some vacant employee positions unfilled.
Las Vegas Strip hotels, weekend occupancies were reportedly
at half their usual level as guests stayed home or were grounded
by airline restrictions. Las Vegas Convention and Visitors
Authority researcher Kevin Bagger said there was no way to
estimate the financial effect of the week's events.
owns, manages or has an interest in 29 casino properties under
the Caesars, Bally's, Paris, Flamingo, Grand Casinos and Hilton
brand names. It employs about 60,000 people in Las Vegas,
Reno, Lake Tahoe, Atlantic City, Mississippi, Australia, Uruguay