Designed to resemble the Colosseum in Rome, the $65 million facility will add a stunning new landmark to the center of Las Vegas Boulevard, located at the casino entrance near The Forum Shops at Caesars.

The new Colosseum is the latest element in the Park Place master plan to burnish the luster of the Caesars brand and enhance the market position of Caesars Palace. It comes on the heels of a year-long program of improvements to the property, following its acquisition by Park Place — a year marked by a 37 percent increase in the resort’s EBITDA (earnings before interest, taxes, depreciation and amortization). 

“The name ‘Caesars’ has always been synonymous with the word ‘entertainment’ in Las Vegas,” said Thomas E. Gallagher, president and chief executive officer of Park Place Entertainment. “This new venue will mark the Palace’s return to that preeminent position. 

“More importantly, it is the first step in bringing together the four great casinos (Caesars Palace, Bally’s, Paris and Flamingo) we have at the ‘four corners’ as the entertainment bull’s-eye in Las Vegas. It is also dramatic proof that the word ‘entertainment’ is in our corporate name for a reason,” Gallagher said. 

John Shigley, president of Caesars Palace, said, “Caesars guests expect the best shows, the best food and the best service, and we are committed to fulfilling those expectations. The Colosseum will be a major element in our master plan to add terrific new entertainment and dining attractions in new venues throughout our property that will enhance and strengthen the Caesars brand.” 

Master plan elements completed in the year 2000 are: new facades for three of the resort’s original hotel towers, a 49,000-square-foot interim event/exhibit pavilion, 600 redesigned guest rooms, two new restaurants and new casino interior design elements. Two new lavish poolside villa suites will be completed this summer (one measuring 10,000 square feet and the other measuring 11,000 square feet), and a new high-limit gaming salon is scheduled to open by year-end. 

“The new facades, exhibit pavilion, guest rooms, new restaurants and interior casino design elements were all funded under our maintenance capital spending program in 2000, while the new poolside villas and high-limit gaming salon are part of our development program designed to drive incremental revenues,” said Scott LaPorta, Park Place’s chief financial officer. “The cost of these two development projects, the Colosseum and a potential new hotel tower, are part of the company’s previously announced overall development spending plan for 2001 and 2002.” 

Colosseum 

Plans are being presented to Clark County zoning and planning officials for the Colosseum, which will be 100 feet high and constructed on land formerly occupied by the Omnimax movie theater. Replacing the famed Circus Maximus Showroom, the Colosseum will feature a huge stage, spanning 22,000 square feet. 

Poolside Villa Suites 

Scheduled to open this summer are two lavish poolside villa suites. Constructed at a total cost of $24 million, the extravagant new suites are designed to accommodate the Caesars Palace premium casino customer. Spanning 11,000 square feet and 10,000 square feet, respectively, the new pool villas are located above Cafe Lago, overlooking the 4.5-acre Garden of the Gods pools and gardens. 

New Hotel Tower 

The company also confirmed that it is in the design and feasibility stages for an 800-room new hotel tower. The new all-suites tower also will feature meeting space, restaurant and retail venues. Details of the project will be available in coming months, following completion of the design and approval process. 

Park Place Entertainment Corporation is the world’s largest gaming company and owns, manages or has an interest in 28 gaming properties operating under the Caesars, Bally’s, Paris, Hilton, Grand and Flamingo brand names, with a total of 2 million square feet of gaming space, more than 28,000 hotel rooms and 57,000 employees worldwide. 

This press release contains “forward-looking statements” within the meaning of federal securities law, including statements concerning company plans, expectations, anticipated asset sales, market growth, and market and financial projections.