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Another Las Vegas Hotel Halts Construction Of Tower Due To Economy
Posted By Las Vegas Real Estate Agent Bill On January 12, 2009 @ 11:49 pm In Las Vegas Real Estate, Las Vegas News, Las Vegas Construction News | Comments Disabled
Today the world’s largest gaming company postponed approximately 660 new hotel rooms from its scheduled summer completion. The decision was made due to news of less Las Vegas visitors.
Similar to the Harmon Hotel at Project CityCenter the exterior construction will continue until finished. Otherwise, a steel eyesore wouldn’t be good for the property.
Decline of visitors has trended downward for the bulk of 2008. A decline of 3.8 percent to 34.7 million people was recorded for the first 11 months of 2008.
City occupancy during the week was 75.9 percent or almost 8 percent fall. Las Vegas occupancy 7.7 fell in November to 79.2 percent from year to date stats. Hotels have dropped room prices and included incentives to entice sales. The recent opening of Encore Las Vegas and Palazzo over a year ago added over 5,100 rooms.
The Octavius tower is part of a $1 billion expansion within the property. The scheduled summer opening will continue construction of the 110,000 square foot convention and meeting space.
Other expansions and renovation included the luxury villas at 10,000 square feet each, garden area near pool and the Garden of the Gods pool. Caesars Palace has recently completed two penthouse suites and the remodel of the Forum Tower with 500 rooms.
Expansion of the 42 year old hotel casino started 19 months ago to compete with other luxury resorts.
Another Las Vegas hotel halts construction of Tower due to economy.
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