Park
Place Plans 30-Story Tower
At Caesars Palace
LOS
ANGELES, CA - /Reuters/ - Casino operator Park Place Entertainment
Corp. went before municipal planners February 22 to seek approval
to build a new 30-story, 864-room tower at its Caesars
Palace Resort in Las Vegas.
The
addition of 400-foot-tall tower would bring the total number of
rooms at Caesars
to more than 3,300.
According
to Park Place's application, the new tower would also include 320,000
square feet of space for restaurants, shops, meeting rooms, showrooms
and subterranean parking.
Park
Place Chief Financial Officer Scott LaPorta said the company would
like to start construction on the tower in the second half of this
year, with completion in the first half of 2003.
According
to information filed with the planning commission, the tower and
an associated low-rise building would be on the southeastern portion
of the Caesars property, with frontage on Flamingo Road. It would
connect to existing pedestrian bridges, linking it with Bellagio
and the Flamingo-Barbary
Coast.
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In
January, the Planning Commission previously approved Park Place's
request to add 10 luxury villas within a 90-foot-high, five-story
building with an associated spa on the Caesars
property.
Park
Place acquired Caesars
as part of its 1999 acquisition of Caesars World Inc. for $3 billion.
Before that, the property's previous owner added a 1,134-room tower
in 1997. Since the sale, Park Place has modernized the outside of
the property's 34-year-old tower.
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Hollywood
Casino Corporation Announces
Major Expansion of New Dockside Casino
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DALLAS,
TX - Hollywood Casino� Corporation announced February 26 it
is commencing construction of a major expansion of its Aurora
Casino.
The expansion
includes the construction of a new dockside casino, a new
restaurant and entertainment lounge, and the expansion of
the property's existing buffet. The Company expects to be
under construction by the end of the week, with the expansion
scheduled to open in the summer of 2002. The total cost of
the project is approximately $75 million, which will be funded
from the Company's existing cash balances.
The cornerstone
of the Company's Aurora expansion is the development of a
new 95,000 square foot floating barge. The new barge will
be connected to the property's existing pavilion in a seamless
manner, providing a land-based feel for the property. The
first floor of the barge will contain 53,000 square feet of
gaming space. The dockside casino will replace the property's
existing riverboats, which offer 29,500 square feet of gaming
space spread out on eight floors of the two boats. The new
dockside casino will have a luxurious and richly appointed
interior, and will feature a dramatic forty-one foot atrium
in the center of the casino.
The new
dockside casino has been meticulously designed to be the most
comfortable and highest quality gaming facility in the Chicago
marketplace. The new dockside casino will dramatically increase
the passenger capacity and customer appeal of the Aurora casino.
The passenger capacity for the new dockside casino will be
3,900, which is more than double the 1,875 total passengers
that can currently be served by Aurora's two existing riverboats.
The Aurora
Casino has historically been operating with effectively
less capacity than its competitors in the Chicago market due
to the small size and relative unattractiveness of one of
its two existing riverboat casinos. Aurora's small riverboat
offers 9,950 square feet of gaming space on four floors. The
comfort and spaciousness of the small riverboat is also restrained
by its low ceiling heights, which average approximately nine
feet. (continue page 4)
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