Caesars Palace president Gary Selesner participated in a Facebook chat recently. He mentioned that the Octavius Tower will likely be open by the end of the year, and updated the status of the new Nobu Hotel.
"Well, first of all, the Augustus Tower, Palace Tower and Forum Tower have all been recently remodeled and match the best rooms on the Strip. But I'm really excited to say that we're in the process of completing our all-new 650-room Octavius Tower, which we hope to have open by Christmas, and we are transforming the Centurion Tower, one of our older towers, into the world's first Nobu Hotel. So we'll have a hotel within a hotel at Caesars Palace. Guests will be able to enjoy all that Nobu is known for at a Nobu restaurant, and retire to a East-meets-West Nobu style room in the tower right above the restaurant. Our best guess is that we will have this open at some point next summer, but all of us can't wait!"
Source: Caesars Facebook Chat.