Bill’s Gamblin’ Hall & Saloon to be renovated
Caesars Entertainment Corp. has closed on a $187 million finance deal to renovate Bill's Gamblin' Hall & Saloon.
The project will include a rooftop pool and nightclub overlooking the Strip, company spokeswoman Jan Jones said Wednesday.
Lenders include Credit Suisse, JP Morgan Chase and Valtus Capital Group, a Las Vegas-based institutional investment bank.
The renovation would include remodeling the hotel's 198 rooms and 17,200-square-foot casino.
Part of the money will finance development of a new nightclub to be operated by Victor Drai, who owned the Drai's restaurant at the Strip property when it was known as the Barbary Coast. Caesars acquired the casino in 2007.
"It's Caesars partnering with hospitality guru Victor Drai in creating an entirely new hotel experience," said Viney Singal, managing director of Valtus Capital.
"The Drai's financing is consistent with Caesars' more recent transactions of carving out assets or selling assets from Caesars Entertainment to fund (capital expenditures) aimed at revitalizing the company's Las Vegas portfolio of assets," Fitch gaming analyst Michael Paladino said in October.
The renovations will complement Caesars' $550 million Linq development, a 300,000-square-foot retail, entertainment, and dining project under construction between the Flamingo and Imperial Place, which will be renamed The Quad.
The Bill's remodel is scheduled to be complete by the end of 2013 and the club will open by April 2014.
Contact reporter Hubble Smith at hsmith@reviewjournal.com or 702-383-0491.
