Harrah’s Entertainment, Inc., just announced an approximately $1 billion expansion of one of our all-time favorites, Caesars Palace in Las Vegas. This is a key initiative in the development of the renowned Caesars brand. For all of you vacationers, this expansion is another project in the extensive growth announced in the past few months by Harrah’s, including:, London Clubs International, Margaritaville Casino & Resort in Biloxi, Miss., The Pier at Caesars® Atlantic City, a new hotel tower at Harrah’s Atlantic City, a new hotel at Harrah’s New Orleans, and a substantial expansion to the Horseshoe Casino in Hammond, Ind.

The centerpiece of the expansion is a luxurious new 665-room hotel tower — the Octavius Tower. Three new luxurious pool villa suites will be built along the second floor of the new tower and will overlook three more new swimming pools that will rim an expanded outdoor whirlpool spa retreat, a poolside café and nearby garden wedding venue. We were told the expansion is slated for completion in early 2009.

Gary Loveman, chairman, chief executive officer and president of Harrah’s told me “This billion dollar investment in our flagship property, Caesars Palace in Las Vegas, is an important part of our comprehensive global growth strategy. From the United Kingdom to Las Vegas and beyond, we will continue to enhance our network of superb properties to deliver unforgettable guest experiences and provide good jobs for our nearly 100,000 team members around the world.”