Caesars Indiana about to become Horseshoe Southern Indiana
Estee Lauder launched the trading day on Wall Street in honor of the company's new fragrance, Sensuous.
But it was the same old smell for investors who are trading timidly under the threat of financial stocks and oil prices.
Wall Street traded in a narrow range Tuesday even though oil prices continue to tumble. A barrel of crude oil fell by as much as $5 a barrel Tuesday to just above $136.
The high last week reached above $145 a barrel.
Analysts say much of the decline seems to stem from profit taking by speculators after the recent run up.
Another continuing source of anxiety for Wall Street is the real estate market. Numbers are in for May, and they show home sales continue to struggle.
Pending sales fell almost 5% to 84.7 and that's down 14% from a year ago.
Since levels are lower than predicted, analysts say it's proof the housing slump is far from over.
Friday the ribbon will be cut and Caesars Indiana becomes Horseshoe Southern Indiana. Beyond the slot machines, the backjack tables and the dice, the casino promises customers they will see a big difference.
Rick Mazer, a regional president for Harrah's Entertainment, says, "First aethetically. If you haven't been here in a while it's certain a $53 million investment here has made a dramatic change, it has taken a tired and worn product and really upgraded it."
The Rome that was Caesars is gone. Mazur says the company has limited the Caesars brand to Las Vegas and Atlantic City. In its place you'll find Horseshoe Southern Indiana, where the makeover is nearly complete. Mazur says, "The use of the crystal in the crystal chandeliers is very very important factor. The palates of the golds, the creams, the blacks are all very rich colors and are something that creates a very very nice environment."
Mazur claims the Horseshoe brand is much more than the decor. Horseshoe promises better food, better atmosphere, and for the gambler, Mazur promises better odds of winning: "When we have a high frequency market we do here, where customers keep coming back, the Horseshoe brand is very very aggressive for the customer. It has the highest limits, the best odds, and that's something that basically gives people a better chance to win."
In some markets, like Chicago, Mazur says the makeover brought immediate results for the company. Harrahs feels a $53 million renovation sends a message to the customer: "Unless you're willing to invest that kind of capital in order to make the substantial changes that need to be made, you haven't done anything. You've just put some paper up, maybe some paint, some carpet. Making that kind of substantial investment really tells the customer it's something special, something different, so it's worth the investment."
Horseshoe Southern Indiana employs 2100 people. The makeover becomes official Friday morning at 10:30.