Caesars Entertainment wants to make its Atlantic City, NJ properties more like Las Vegas, and the company is willing to dish out the cash to make it happen.
Caesars recently announced plans to spend $400 million over the next three years to revitalize its three New Jersey casinos: Caesars Atlantic City, Harrah’s Resort Atlantic City, and Tropicana Atlantic City.
More like Las Vegas casinos
“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,” said Anthony Carano, President and Chief Operating Officer of Caesars Entertainment. “We remain bullish on Atlantic City, and this commitment will further position us for long-term growth and success.”
Phase 1 includes $170 million in guestroom and suite upgrades at Harrah’s Resort AC and Caesars AC, which will debut in the Summer of 2021. Plans also include remodeling hotel rooms, new interior design elements, enhancing the gaming floor, and additional upgrades over the next three years.
It appears the goal is to elevate the properties to Las Vegas resort status while also revitalizing the world-famous AC Boardwalk.
Caesars continues its rise to the top
The company has been on a spending spree as of late. Not only are they investing $400 million in Atlantic City, but UK officials just gave Caesars the green light to complete its $3.7 billion acquisition of UK operator William Hill Sports Betting.
According to Jefferies Analyst David Katz, the transaction was a “strong positive for [Caesars] both strategically and financially.”
Caesars is already the largest casino operator in the US, and the addition of William Hill only strengthens its sports betting portfolio.
According to the company, William Hill comes with industry experience and valuable US technology, giving Caesars the chance to cross-sell 60 million customers in the Caesars Rewards database. From the consumer standpoint, users can expect a unified wallet and customer experience across William Hill online sportsbooks and Caesars online casino.
And let’s not forget the cherry on top
The National Football League (NFL) recently announced a five-year sports betting partnership with Caesars, DraftKings, and Fanduel worth $1 billion combined.
In addition to the NFL deal, Caesars will also sponsor the New Orleans Saints’ Superdome.
The NFL deal comes with massive clout. Caesars will most certainly toss its name in the ring to operate New York mobile sports betting. Should it win that contract, it will easily become one of the top three sports betting operators in the US.