Today Caesars Entertainment announced it will be closing Bill’s Gamblin’ Hall & Saloon for remodeling on Feb. 4, 2013. The corporation has secured funding for $185 million that will be used to transform the existing Old West-themed resort into a “boutique lifestyle hotel and casino.”

“The renovated property will provide visitors with a sophisticated, upscale experience, including a unique rooftop pool and club, which will have a panoramic view of the Las Vegas Strip,” said Gary Loveman, the chairman, CEO and president of Caesars Entertainment.

Spanning 65,000 square feet, this hip new water world – the pool combined with a dayclub/nightclub venue – will be developed by Drai Management Group. The company currently operates Drai’s After Hours, Bill’s hugely popular ultra lounge that caters to late-night partiers by opening at 1 a.m.

Plans are also in the works for a complete remodeling of the resort’s guest rooms, casino floor and common areas. Plus, a new restaurant will be added on the second floor.

Built by Michael Gaughan and originally opened in 1979 as the Barbary Coast Hotel & Casino, it became Bill’s Gamblin’ Hall & Saloon in 2007 after being acquired by Caesars Entertainment. The renovated resort is expected to be relaunched with a new moniker that better reflects its modern, trendy vibe.

“This project exemplifies our strategy to develop new experiences that will help attract a broader spectrum of visitors to Las Vegas and our properties,” said Loveman.

Scheduled to open in early 2014, the rebranded resort will employ more than 1,000 people.