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Harrah's Stops Spending Money Like Drunken Sailor, Delays Caesars Expansion

Go To The Hotel's Web Site Where: 3570 Las Vegas Blvd S [map], Las Vegas, NV, United States, 89109
January 13, 2009 at 9:43 AM | by | Comments (0)

We'd been hearing whispers about some Vegas developments moving full speed ahead, recession be damned, what with all this nonsense about a company in talks to build the world's largest hotel right on the Vegas strip (with a planned 6,745 rooms) and such.

But reality seems to be hitting even the most attractively over-the-top escape-the-economy casinos in Vegas now: Trump International Hotel and Tower is giving up its second tower and the MGM Mirage is having issues with their planned Project CityCenter. At one point, the CEO of Harrah's even admitted that "one of the challenges that has plagued the casino industry for a long time is that we spend money like drunken sailors."

Well, no more: according to the AP, the opening of the 23-story Octavius Tower at Caesars Palace has been delayed until things start looking up. The tower, which was topped off in October, was scheduled to open its 665 rooms this summer as the latest phase of the property's $1 billion expansion. The second floor of Octavius was supposed to be "lined with pool suites overlooking three new swimming pools that will rim an expanded outdoor whirlpool spa retreat, a poolside cafe and a nearby garden wedding venue." Now that demand is low, they're planning on waiting for a better time to open all those lavish spaces:

The company planned to finish the exterior of the building on schedule but leave the interior unfinished. It did not set a new timetable for opening the rooms, but said they would be prepared to open within months of whenever demand improves.

Sad, but probably a good move for Harrah's. Now is not the time to be spending like a drunken sailor.

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