Caesars Entertainment Corp. is seeking additional funds to complete two development projects on the Strip.
A source confirmed for the R-J that 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.
To the naked eye, the outside of the Octavius Tower looks complete, but only the fascade was finished back in 2009. Work on the interior was halted because of the bad economy. Once completed, the tower will give Caesars Palace more than 4,000 hotel rooms.
Project Linq is perhaps the more exciting of the two planned jobs. The project would entail adding retail and restaurant establishments down a short thoroughfare that runs from the Strip to Audrie Street between the Imperial Palace and Flamingo. It would include 190,000 square feet of available space along a promenade that leads to a 550-foot observation wheel in the back of the property.