In 2016, Caesars Palace will celebrate its 50th anniversary. Despite the current crisis, the announcement was made that $ 75 million will be invested for the renovation of the establishment. As a reminder, this decision comes at a time when the Caesars Entertainment Operating CO group very recently launched bankruptcy proceedings for the management of its several billion debts.
It must be said that the establishment will mark its 50th anniversary in 2016. However, what surprises observers is the situation the group is currently experiencing. The Caesars Palace is still the casino of Vegas as we like to call it yet its situation has known a real setback since 2008. Indeed, since this date the debts accumulate for the casino.
Today this debt worries, not by its value, but by the way in which it is rising fairly quickly. Therefore, the only way out for the casino was to go bankrupt in January 2015. This renovation is not the first for Caesars Palace . This is the sixth time since 1975. Today, the casino includes a hotel with 3,300 rooms, games areas with a total surface area of 12,000m2. It also includes various shops and restaurants.
This time around, the renovation with a total value of $ 75 million will be allocated to hotel rooms. It is also the Roman tower which will be called Julius Tower . 20 more rooms will be integrated into it. The 587 rooms of the tower will undergo a makeover. As for the deadline for the renovation, the casino is hoping it will be successful in 2016.
But with bankruptcy, questions arise. However, we have to see it clearly. If the casino has put itself in this situation, it is mainly because of the creditors who are putting the pressure. Indeed, the debt being on the rise, they have decided to call the Caesars Palace to account.
The casino thus decided to go bankrupt, because the creditors wanted to limit the sometimes extravagant expenses of the casino. It must be said that it is one of the largest casinos in the world. Its turnover is around $ 8 and $ 9 billion. For this large complex, the situation is not yet alarming, particularly for its 65,000 employees who work there to make it work.