Caesars to be part of team opening Las Vegas hotel

Associated Press

LAS VEGAS (AP) — Caesars Entertainment Corp. is teaming up with the Gansevoort Hotel Group and nightlife owner Victor Drai to open a boutique hotel on the Las Vegas Strip.

Gansevoort Las Vegas will have 188 guest rooms, including 19 suites, along with some retail stores, a 40,000 square-foot casino, a restaurant and Drai's Beach Club and Nightclub. The beach club and nightclub will include a rooftop pool and indoor/outdoor nightclub. There will also be the Drai's After Hours club.

The hotel is expected to open early next year.

Casino and entertainment company Caesars Entertainment has 52 casinos in 13 U.S. states and seven countries. Its properties operate under the Caesars, Harrah's, Bally's and Horseshoe brands among others. Last month the company reported a fourth-quarter loss as it took a large impairment charge.

Caesars shares finished at $16.93 per share on Friday after rising to a 52-week high of $17.12 earlier in the day. They traded as low as $4.52 in mid-November.