Thursday, February 24, 2011

Caesars STILL wants Project LINQ

Caesars Entertainment is looking to take out a $400 million loan to finish the Octavius Tower and complete the Project LINQ street of shopping and restaurants between Flamingo and O'Sheas.

Project LINQ was first mentioned by the company in July 2009. It was put on the back burner for about a year before the company confirmed in July 2010 that it still wanted to pursue the project. In October it was announced that an IPO would be issued to raise the $575 million or so needed for the project, along with completing Octavius. A month later (in November) it was announced that the IPO was canceled and Project LINQ presumably dead.

I'm definitely surprised to see Caesars Entertainment continuing to try to get this thing done. With all the funding issues, along with the wide criticism of the project (especially the Ferris Wheel aspect) I would have thought Caesars would have taken their ball and gone home.

On the other hand, they need to finish Octavius sooner than later and probably figure now is a good time with Celine coming back. As long as they're getting a loan for Octavius, why not build the LINQ also? I'm guessing the Ferris Wheel might get scrapped though. With a reduced budget that has to be the first thing on the chopping block.

UPDATE: August 3, 2011.
Caesars Entertainment was able to secure financing and Project Linq will be built. Clark County has approved the project and new renderings have been revealed. See them here.