Regardless the current economic downturn, Las Vegas Hotel and Casino operator, Harrah's Entertainment Inc. celebrated the topping of its 23-story tower at the CaesarsPalace this morning. The 665-room OctaviusTower is the sixth at the Caesars property and is part of a $1 billion expansion initiated in 2004. The rest of the expansion will include a 250,000 square feet of convention space and new pools with a waterfall, pool-side gambling and dining. The ceremony also marked the development of the Garden of the Gods complex, which includes a new convention facility and a new outdoor wedding venue, all expected open in summer 2009.

“This is all about the future. We're building our capacity for the turnaround that will come, whether it's one, two or three years down the road Sure, there are some difficult economic conditions right now, but this tower is going to be around for 30, 40, 50 years. We're building for the future. We are as confident as possible about our ability to fill this new tower and all of CaesarsPalace next year but this is really more about two or three years down the road." said Gary Selesner, president of CaesarsPalace.

Wilson Associates will be in charge of designing the OctaviusTower interiors. Caesars Palace General manager, John Unwin said the OctaviusTower will feature a modern and colorful design without losing Caesars’ stylish and classic atmosphere. Wilson Associates' previous work includes Four Seasons in Hawaii and Disney World resorts in California.

Harrah's, the world's largest gambling company by revenue, owns or manages 50 hotels and casinos worldwide, including several properties in Las Vegas such as the Rio All Suite Hotel and Casino, Bally’s Hotel and Casino, Paris Las Vegas and Flamingo Las Vega

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"Caesars Palace has lead four decades of changes…The essence of Caesars has not changed; we've only grown to give more experiences for our guests." general manager John Unwin said.