Caesar’s Palace owners just announced that it’s going to reopen its Centurion Tower under the new name Nobu Hotel this coming year. One of the tactics that casino companies are using right now is to reenter the market and rebrand themselves. One thing that is not standing still at the amount of competition is coming into the gambling market and making huge changes that companies have to keep up with. Right now they’re so much competition that even companies with great names and that are ready established have to scramble to keep reinventing themselves and bringing people in. Part of the problem is the oversaturation of the market right now and how many new promotions casino companies are coming up with. In addition to land-based gaming competition, online markets are also pushing lesser companies out of the mix. They are also at advantage over land-based companies because they can offer the promotions that their other casinos cannot. A land-based casino has a lot of expenses that are unique to their business model. Rental payments, insurance, utilities, management, parking attendants, housekeeping and security are all expenses that only land-based casinos are in need of. On the other hand online casinos don’t have to worry about any of these expenses they can easily add up to millions of dollars every month. This is why online gambling is giving land-based casinos a run for their money. Land-based casino operators are well aware of this and trying to reinvent themselves consistently to bring in more customers and keep old customers returning.
Caesar’s Palace announced earlier this year that it was partnering up with Nobu Hospitality to change their hotel into restaurant and lounge. It was possibly due to declining numbers that the casino operators decided to make a change and take a shot at turning around their market. Right now the casino has been embarking on a multimillion dollar renovation in coming up with some of the newest innovations in the gambling market to incorporate into their casino gaming floor. You can expect that when the rebranded hotel opens in the summer of 2012 it’s going be one of the best hotels that you find the Las Vegas area thanks to renovation and promotions that are going to be like nothing else before it.