Caesars Entertainment Inc. said Wednesday it plans spend $400 million by 2023 on its “master plan investment” in Atlantic City, New Jersey, where it owns the Caesars, Harrah’s Resort and Tropicana Atlantic City casinos. The stock rose 2.9% in afternoon trading. The casino operator said its plans include remodeled room towers, new interior design elements, gaming floor enhancements and new dining concepts, and will focus on “revitalizing” the Atlantic City Boardwalk. The first phase of the plan will debut in Summer 2021, and will include $170 million in renovations to guestrooms and suites at Caesars and Harrah’s. “These exciting plans over the next three years will revitalize Caesars’ brand of hospitality, and will continue to position Harrah’s, Tropicana, and Caesars Atlantic City as leading resorts in the market,” said Chief Operating Officer Anthony Carano. “We remain bullish on Atlantic City, and this commitment will further position us for long-term growth and success.” The stock has rallied 24.5% year to date, while the S&P 500 has gained 10.9%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.