Caesars seeking $400 million to finish tower

Gaming Guru

Caesars seeking $400 million to finish tower

25 February 2011

By Howard Stutz

LAS VEGAS, Nevada -- Caesars Entertainment Corp. said Thursday it is seeking $400 million in financing to complete an unfinished hotel tower at Caesars Palace and develop a retail, dining and entertainment corridor on the Las Vegas Strip.

In a filing with the Securities and Exchange Commission, the company said funds raised would be used for the project's development and to pay various fees and expenses. Caesars said the funds would be secured by the company's assets.

The company had originally planned an initial public stock offering to pay for the completion of the 660-room Octavius Tower at Caesars Palace. The outside of the tower was completed in 2009 but the interior was delayed when the economy slipped and tourism sagged.

Project Linq, a short thoroughfare that runs from the Strip to Audrie Street between the Imperial Palace and Flamingo Las Vegas, would include restaurants, bars and shops along a promenade that leads to a 550-foot observation wheel in the back of the property.