With the 50th anniversary of Caesars Palace looming, the company announced that had upgraded its room product in the original tower, the Roman Tower, that will be rechristened the Julius Tower when the room renovations are complete.
The $75 million Las Vegas hotel tower renovation is part of an ongoing brand transformation of the Las Vegas resort that has welcomed millions of visitors from its center Strip vantage point beginning August 5, 1966. Expected to welcome its first guests January 1, 2016 with rates starting at $149, the new 587-room Julius Tower will feature new design-savvy, modern rooms and suites. The Julius Tower is the latest piece of a $1 billion investment, designed to position Caesars Palace as the premier resort at the center of the Las Vegas Strip.
“As we enter into our milestone golden anniversary year, we continue to reinvent Rome… and Las Vegas,” said Gary Selesner, Caesars Palace regional president. “We set the standard of luxury when we first opened our doors almost 50 years ago and are proud to continue to raise the bar for excellence in every way. Caesars Palace has a well-earned reputation for providing guests with impressive accommodations, unmatched culinary offerings, and the best in gaming and entertainment. With this renovation of our original tower, we are proud to continue this tradition and can’t wait for guests to experience the all-new Julius Tower.”
Designed by Michael Medeiros of KNA Design, the classically inspired yet modern interiors of the new Julius Tower rooms are made up of a soothing neutral palette with a pop of freesia yellow and a touch of Aegean blue. The all-new rooms in the Julius Tower combine textured and lightly reflective fabrics, creating a calm respite from the excitement of the casino. The focal point of the room is a custom-upholstered headboard incorporating bronzed framed mirror panels adding sparkle and reflection to the space. Highlights of Julius Tower guest room amenities will include 55” TVs, luxurious Beautyrest Bouvet Island Mattresses, a specially-curated mini bar and English-themed Gilchrist & Soames in-room toiletries and amenities.
But all is, of course, not right with the parent company. With more than $20 billion in debt, Caesars Entertainment is hard pressed to come up with capital improvements. Last week, U.S. Bankruptcy Judge Benjamin Goldgar granted the request of Caesars Entertainment’s largest operating unit for a four-month extension of the deadline for submission of its reorganization plan.
The unit, Caesars Entertainment Operating Company (CEOC), is involved in negotiations with junior creditors whose approval is needed for a restructuring plan hammered out late last year with senior-level creditors. That restructuring plan is central to eliminating enough debt for the company to emerge from Chapter 11 bankruptcy.
CEOC’s reorganization plan has the support of bondholders owning $12 billion of the unit’s $18 billion in debt. The plan would eliminate $10 billion in debt and pay off most of the investments of top-lien creditors. CEOC had until November 15 to win the support of at least half of the junior bondholders for the plan to become official.
The judge granted an extension until March 15 for submission of the plan. “The motion is thoroughly persuasive and will be granted,” Goldgar said of the motion to extend the deadline.