A Close Look at the Rise and Fall of Caesarâ€™s Palace
Caesar’s Palace has become synonymous with the Las Vegas skyline since it was established way back in 1966. Situated on the west side of the strip, the opulent casino aimed to give guests a sense of what life was like during the Roman Empire. You can’t move without spotting statues and other icons that are typical of the way Americans view the times of Julius Caesar, including a huge 20-foot figure of the notorious emperor near the entrance. Performers as varied as Frank Sinatra, Celine Dion, Elton John and Mariah Carey have played at this venue over the years, which just goes to show how much of an attraction Caesar’s Palace is in Sin City.
But things aren’t as rosy as they seem for the Roman-themed icon.
The owner of the casino, Caesar’s Entertainment, has experienced some truly extraordinary twists and turns over the last decade. The 2008 recession hit hard, and the downfall in visitors and the amount that they were gambling meant that Caesar’s lost out on a massive amount of revenue. The fact that people could now take to the internet and easily take part in online casino games was another blow. It didn’t help that the group was already saddled in debt before the recession event hit, thanks to a buyout which didn’t go according to plan.
Perhaps the thing that hurt the most occurred during 17th November 2012, when billionaire businessman and part-owner of Caesar’s Palace David Bonderman threw himself a 70th birthday party. A lavish celebration was planned with star names in attendance, and Bonderman was even going to make a $1,000 donation in the name of each guest to the charity of their choice.
This is the type of event that Caesar’s was made for, except it didn’t take place at Caesar’s at all.
It actually went down at the Wyun Resort, the casino’s biggest rival in Vegas. The fact that the owner would have this extravagant party elsewhere was a massive blow to the image of Caesar’s Palace, and things have been going from bad to worse. In 2014 alone Caesar’s Entertainment lost $2.8billion, which was actually a slight improvement from the year before. This has led to many messy battles in court, as different buyout firms attempt to take control of Caesar’s Entertainment for themselves. It’s a controversial case that has been going on for years, and it shows no signs of abating at the company continues its restructure.
Angry creditors have been trying to force the casino into bankruptcy, while there are other groups who have sued Caesar’s Entertainment. However for now the crown jewel – Caesar’s Palace – remains open and continues to show off its best assets to the public. It’s hard to imagine the Las Vegas strip without the striking allure of this renowned casino, but a lot is going to depend on how the court cases turn out and if anyone will be able to sort out the finances to restore the group back to its former glory.