Octavius Tower scheduled to open next year at Caesars Palace

The Octavius tower at Caesars Palace is the newest addition to the hotel-casino, located on the southwest part of the property, seen on Thursday, Jan. 14, 2010.

Caesars Palace is quietly putting out the word to its rewards club members that after a two-year delay, its Octavius Tower will be completed by Jan. 2 and that room reservations are being accepted.

As was the case with other Strip developments, completion of the $1 billion tower was stalled in 2009 because the economic crash killed demand. Harrah’s Entertainment, now Caesars Entertainment, said it would delay the opening until demand for hotel rooms improved. The expansion was originally announced in July 2007, when Strip construction still was booming.

The company borrowed $450 million this year to finance the completion of Octavius Tower and construction of Project Linq, the company’s half-billion-dollar outdoor restaurant and entertainment district with an observation wheel centerpiece.

Caesars officials declined to comment Friday on Octavius Tower, saying an official announcement is scheduled for next week. But an invitation to reward card holders hit email in-boxes a few days earlier, inviting customers to book a room in the new building. Prices on the company’s website showed rates starting at $219 a night and rising as high as $719 during peak times.

Real Estate

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