Caesars adds $50 million to financing for Strip projects
Caesars Entertainment Corp. increased by $50 million the size of financing the company is seeking to complete two development projects on the Strip.
A source confirmed Caesars is now seeking to finance a loan of $450 million to finish the 660-room Octavius hotel tower at Caesars Palace and build Project Linq, a retail, dining, and entertainment corridor on the Strip.
According to Bloomberg News, lenders needed to submit commitments by today on the term loan.
Standard & Poor’s rated the loan B and Moody’s Investors Service gave the debt a B3 rating.
The outside of the Octavius Tower was completed in 2009, but development of the interior was halted because of the tanking economy. Once completed, the tower would give Caesars Palace more the 4,000 hotel rooms.
Project Linq, a short thoroughfare that runs from the Strip to Audrie Street between the Imperial Palace and Flamingo Las Vegas, would include 190,000 square feet of restaurants, bars and shops along a promenade that leads to a 550-foot observation wheel in the back of the property.
Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871.