The plan by Harrah's Entertainment to redevelop a
large section of the Center Strip in Las Vegas is taking a little longer to sort
out than expected. The casino gaming empire had announced they would be
revealing the details of their large-scale plan to build an enormous (and
expensive) complex of multiple casinos, condominiums, hotels, restaurants and
shops that would make up a unified complex branded as a single Harrah's entity
by the end of September. However, with September coming to a close, many of the
plan's finer details are awaiting confirmation.
Harrahs' tentative plan has yet to be named, and is
being compared to MGM Mirage's Project CityCenter. Considering what Harrah's has
at their disposal, most investors and gaming insiders are predicting the project
to exceed the $7 billion apportioned by MGM to build Project CityCenter. There
is no doubt hat several land acquisitions are in the picture, as well as casino
acquisitions and demolitions.
Several of the more costly steps along the way will
include spending millions of dollars in property purchases along Koval Lane (not
to mention directly behind Harrahs' casino properties, Flamingo and Imperial
Palace), possibly gutting out Imperial Palace for expansion purposes, buying the
Barbary Coast Casino and Resort from Boyd Gaming (which will undoubtedly come
with a very large price tag), demolishing the older of Bally's two hotel towers
and replacing it with a more unified resort, and renovating Caesar's Palace in a
way that would make better use of the frontage property it has on the Strip.
All of this will undoubtedly call for billions of
dollars, no to mention the costs in building high-rise condominiums and time
shares, all of which will need to be accommodated with parking garages to
account for the increased traffic. Harrahs' most certainly has the assets to
make the Center Strip their own. However, depending on how dealings go with Boyd
Gaming and the Barbary Coast Casino, there is still a possibility that the
Harrah's project could not be as cohesive and unified as originally imagined.
Perhaps that is part of delay for the revealing of the proposed project.