Caesars' Big Vegas Gamble: A 550-Foot Ferris Wheel

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April 28 (Bloomberg) –- Caesars Entertainment CEO & Chairman Gary Loveman shows off the company’s newest attraction on the Vegas Strip. But will the new “High Roller” draw shoppers and gamblers? Bloomberg’s Trish Regan has the details. (Source: Bloomberg)

14 states and today they will bid for the first casino in new york.

Act on the vegas strip, caesars is fighting the hardest to attract gamblers.

Ceo gary loveman gave me a tour of the 550-foot ferris wheel appropriately named the high roller.

Take a look.

How many people can use it in one of these?

38 people, about 2200 an hour . how much does it cost to ride in one of these?

." -- $32 during peak, but other times it can be discounted.

You will be able to see all of vegas?

Give off and everyone to get on.

-- less than one minute.

It moves at one foot per second.

There is a net.

If you fall off, we can retrieve you.

You could have your bachelorette party.

We've had weddings here already.

Corporate event, bloomberg event.

You can have mr.

Bloomberg here telling you things.

You can program your own party music, videos, training event, family reunion.

You could have bloomberg on the screen.

[laughter] how did you come up with the idea of a ferris wheel?

We try to solve a specific problem.

We are asking our guests to come 1200 feet off the beat.

You have to have an attraction than hits several different dimensions.

It has to move a lot of people.

It has to be open every day.

It has to be attracting all hours.

It cannot just be a nightclub or a shopping destination.

That has to be something to get a lot of people interested and can generate 2200 passengers per hour so we started looking around.

We looked at the london eye, the roller coaster at the stratosphere.

We came to the view that if we could do this properly, we could have a modern version of that experience and generate the visitation we want for this area.

Why do you need people to get back in the middle?

As we are leaving the station, everything you see here we own and operate.

Harrah's, we own.

The quad.

Caesar's palace is right here.

This is all you.

We have 362 acres of land around here including this underdeveloped land behind us.

We meant to get the customers of our competitors do have an interest in coming in the flamingo-las vegas boulevard intersection and have things of interest for them to do here.

What is there to do?

What is in the wake of a series of affordable retail options.

The bowling alley, unique experiences, the yard house, sprinkles cupcakes, some boutique experiences.

We have that in new york.

As retail has developed in being , a number of louis vuitton and dior stores, everything in the link is more affordable, accessible, outdoor-indoor open 24/7. why affordable?

Many think vegas you think extravagant and luxury.

By affordable important to you?

If you look at the 20 million some odd people, not all of them are going to buy a $2200 louis vuitton bag.

The vast majority of them are not going to buy a 2203 vuitton bag.

They want to have fun and have an experience they cannot get on home.

They have money to spend.

This is the type of experience that needs to be offered here.

You get them all here and get them near your casinos.

Ideally they go in and play.

They drink, eat, shop.

They spend money.

You have this whole new area of retail development.

How tough is it to get people to your spot?

It's really tough.

If i were to run to the list of things you could do to entertain yourself this evening, it's a remarkable list of things.

It's really what keeps vegas vibrant, or competition, we are adding new things to the offer list all the time.

It worked -- it's what keeps the place vibrant.

Production show, entertainment, dining.

The recent boom in nightclub experiences, seven or eight of the top 10 grossing nightclubs in the united states are in vegas.

At every level, the competition is intense and that's why we have to keep trying to come up with distinctive offerings.

You mentioned it took three years to build this and it was $500 million.

This and the linked together, all of it.

That's a lot of money at a time and is a lot of uncertainty about the economy.

You and caesars are dealing with debt issues.

How did you convince people this was the right thing to do?

This has been the easiest thing to convince people of since the financial crisis.

People really got the idea that if you put a new attraction in the middle of the strip with the kind of traffic we have coming north and south on the strip with this type of attraction at its core, it was likely to do well and the economics are not too daunting.

This text has been automatically generated. It may not be 100% accurate.

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