Caesars Entertainment is making a large bet on Atlantic City.
The gaming operator announced Wednesday plans to invest $400 million over the next three years at its properties in the New Jersey resort town: Caesars Atlantic City, Harrah’s Atlantic City, and Tropicana Atlantic City.
Caesars operates the most casino resort properties in the nine-casino Atlantic City market.
“These exciting plans over the next three years will revitalize Caesars’ brand of hospitality and will continue to position Harrah’s, Tropicana, and Caesars Atlantic City as leading resorts in the market,” Caesars President and Chief Operating Officer Anthony Carano said in a statement. “We remain bullish on Atlantic City, and this commitment will further position us for long-term growth and success.”
The plans range from improvements to gaming floors and interior design to new dining concepts with yet-to-be-announced partners.
The project is slated to begin this summer with $170 million in room enhancements by Interior Image Group, an Indiana-based company that specializes in brand, boutique, and mixed-use hospitality projects. Approximately 600 rooms and suites in Caesars Centurion and Ocean Towers, and Harrah’s Atrium Tower, will undergo renovations.
Caesars’ design will borrow from a modern Roman aesthetic, drawing inspiration from the beach, ocean, and Boardwalk in Atlantic City. The design at Harrah’s is inspired by the resort’s “upscale, yet accessible brand of hospitality” using elements from its Marina District location.
“This year marks a new era for the City, and we appreciate Caesars’ dedication to the market as the largest employer in Atlantic County, said Atlantic City Mayor Marty Small, Sr., in a statement. “Their three-year reinvestment plan doubles down on this commitment, which will undoubtedly reinvigorate Atlantic City.”
It’s hoped that the investment will help the city and state revitalize Atlantic City as it continues to struggle with debt.
According to the Press of Atlantic City, Small announced on April 20 the tax rate in the resort will decrease by more than 5 cents under the proposed $199 million 2021 municipal budget. Atlantic City is under state fiscal oversight following the Municipal Recovery and Stabilization Act of 2016, and the budget must be approved by the state’s Department of Community Affairs.
New Jersey Gov. Phil Murphy said his administration teamed up with corporate, community, and government partners in an effort to re-establish Atlantic City as a premier tourist destination in the state.
“This $400 million investment in the city supports our focus on growing the economy, continuing to support Atlantic City, and creating jobs in our state, and I applaud Caesars Entertainment for leading the recovery effort,” Murphy said.
Tropicana ranked fourth in Atlantic City gaming revenues in 2020 with $231 million. Harrah’s was sixth at $166 million, and Caesars was seventh at $152 million.
