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Serial Case C7-73 Calculate breakeven and margin of safety after hotel renovation (Learning Objective 2) This case is Caesars Corporation serial case a continuation of the Entertainment that began Chapter 1: Refer to the introductory story in chapter 1 (see page 43) for ad ditional background. (The components of the Caesars serial case can be completed in any order) Caesars made headlines when it undertook a 75 Palace Las Vegas $million renova tion In mid-September 2015, the hotel closed its then-named Roman Tower, which was last updated in 2001, and started a major renovation of the 567 rooms housed in that tower. On January 1, 2016, the newly renamed Julius Tower reopened, replacing the Ro- man TowerIn addition to renovating the existing rooms and suites in the former Roman Tower20 guest rooms were added to the Roman Tower. With the renovation completed, Caesars expects the Julius Tower room rate to average around $149 per night. This in crease, a $25 or 20.2% increase, reflects, in part, the room improvements. Assume that the annual fixed operating costs for the Julius Tower in Caesars Palace Las Vegas will be $5,000000. This amount represents an increase of $200,000 per year compared to pre-renovation. Also assume that the variable cost per hotel room night after the renovation is $27; before the renovation, the variable cost per room night was $20. The average hotel occupancy rate, in 2014, for Caesars Entertainment Corporation was 91.2%, according to its 2014 Form 10-K. By comparison, the average hotel occu pancy rate in Las Vegas overallfor that same time period, was 86.8%, according to Stastia.com Requirements 1. What cost types, associated with a hotel room in the Julius Towerare variable with re spect to hotel room occupancy? What cost types are fixed with respect to hotel room occupancy? 2the , many room to break even in . Before renovationhow hotel nights were needed the original Roman Tower (now Julius Tower) ? Using Caesars' occupancy ratewhat was the margin of safety in units before the renovation? What is the margin of safety in units if the Las Vegas hotel occupancy rate is used instead of Caesars' occupancy rate? 3. After the renovation, how many hotel room nights are needed to break even in the Julius Tower? Using Caesars' occupancy rate, what is the margin of safety in units after the renovation? What is the margin of safety in units if the Las Vegas hotel oc cupancy rate is used instead of Caesars' occupancy rate? Which hotel occupancy rate estimate is more appropriate in this case? Why