Caesars to Rebrand Harrah’s New Orleans in $325 Million Makeover
(Bloomberg) -- Caesars Entertainment Inc. plans to rebrand its Harrah’s casino in New Orleans with its namesake Caesars brand, an indication of where the company is heading since its recent merger with Eldorado Resorts Inc.
The casino operator will spend $325 million on the property, including building a new 340-room hotel tower in the front and additional restaurant and entertainment options inside, Caesars said in a statement Tuesday.
The Louisiana location, originally opened in 1999, is the only land-based casino in the city of New Orleans proper. To win the license, Harrah’s had to agree to terms put in place by local businesses, including no hotel and limited dining options. As a result, the casino struggled for a number of years, but remained a marquee property in one of the nation’s biggest tourism and convention destinations.
Caesars received an extension of its New Orleans license in June 2019, permitting the expansion and letting it operate the casino until 2054.
Eldorado, once a single property in Reno, Nevada, completed its $17 billion merger with Caesars in July. The largest casino operator in the U.S. has been paring its portfolio in recent months, selling off casinos and even the Bally’s brand, and Chief Executive Officer Tom Reeg is looking to focus on fewer, stronger brands.
Caesars shares were up 0.1% to $74.93 at 3:32 p.m. in New York. The stock is up 26% this year.
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