Advertisement
 

Terror Acts Prompt Caesars to Delay Plans for 5th Tower

Commercial Real Estate

September 18, 2001|From Associated Press

LAS VEGAS — The world's largest casino company has postponed plans to build a 29-story tower at Caesars Palace, citing economic uncertainty after last week's terrorist attacks in New York and Washington.

Park Place Entertainment Chief Executive Thomas Gallagher said Monday that postponing construction of the $475-million tower will keep the company financially flexible and is "the prudent thing to do."

Caesars Palace on the Las Vegas Strip has about 2,400 rooms in four towers; the tallest is 30 floors.

Building continues on the Colosseum, a $75-million, 4,000-seat entertainment center at Caesars, Gallagher said. It is scheduled to open in March 2003.

Scott LaPorta, Park Place's chief financial officer, said the company has suspended plans for other projects and is considering leaving some vacant jobs unfilled.

At some Strip hotels, weekend occupancies were reportedly at half their usual level as guests stayed home or were grounded by airline restrictions.

Advertisement
Los Angeles Times Articles
|
|
|