- Caesars Entertainment announces plans for its first non-casino hotel
- The hotel will include many attractions including a rooftop pool deck overviewing the Camelback mountain sunsets
- Caesars hoping the new hotel will pull the company out of its financial gutter
- Caesar’s full-year drop totals to a shocking $1.5 billion.
Last Thursday, Caesars Entertainment announced plans for its first non-casino hotel which will launch in late 2021.
The Las Vegas-based company will open it’s new hotel concept in Scottsdale, Arizona, hoping this will lead the company down new territory.
The project is expected to create new jobs in the area as well become a new point of interest for Arizona’s visitors.
Caesars Republic Scottsdale, Caesars newest non-gaming hotel property
Caesars Republic Scottsdale will comprise of 265 rooms and will house an 11-storey glass tower. Other facilities will include a volume-free ballroom that opens up to a large lawn.
The hotel has been commissioned to be built by HCW, a real estate development company operating out of Arizona.
It is worth mentioning that the company handled projects for over $2 billion in the last two decades.
Management of the hotel will be handled by HCW Hospitality as Caesars is planning to lease the hotel.
Chris Holden, Chief Marketing Officer of Caesars Entertainment said last week, “Our partnership with HCE to create a world-class hotel and dining experience in one of the nation’s most desirable communities is very exciting.”
The Caesars Republic Scottsdale attractions
The hotel will include many attractions including a rooftop pool deck overviewing the Camelback mountain sunsets for its guests.
Food will be served across two restaurants offering a variety of Italian and Mediterranean cuisines.
One of the best features of the new hotel is that Caesars is planning to bring a dab of Las Vegas into Arizona. This is why the space will incorporate modern elements and materials such as stone and faux wood.
Caesars hoping the new hotel will pull the company out of its financial gutter
According to Gambling News, “Caesars Entertainment income, although going up 77% from $100 million not $177 million in the fourth quarter, went down for the fiscal year 16.4% from $739 million to $618 million.”
Gambling News also reported that the company reported a net loss for Q4 from a revenue of $198 million to a loss of $304 million. This means that the full-year drop totals to a shocking $1.5 billion.
This is considered especially bad since Caesars last reported 2018 profits totalled $303 million compared to their big loss now.
Caesars Entertainment has been taking significant measures to cut their loses but financial experts are still expressing a big concern.
“In January 2020, Caesars Entertainment and VICI properties signed an agreement for the sale of Harrah’s Reno for $50 million, with transaction proceeds split 75% to VICI and 25% to Caesars, and Caesars continuing to operate the property.” Gambling News.