{"id":266,"date":"2024-06-27T16:33:50","date_gmt":"2024-06-27T13:33:50","guid":{"rendered":"https:\/\/7bitcasinobonuscode.icu\/2024\/06\/27\/caesars-entertainment-returns-to-asia-with-wakayama-bid\/"},"modified":"2024-06-27T16:33:50","modified_gmt":"2024-06-27T13:33:50","slug":"caesars-entertainment-returns-to-asia-with-wakayama-bid","status":"publish","type":"post","link":"https:\/\/7bitcasinobonuscode.icu\/2024\/06\/27\/caesars-entertainment-returns-to-asia-with-wakayama-bid\/","title":{"rendered":"Caesars Entertainment Returns to Asia With Wakayama Bid"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/_FZVr-3kQ4w\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Caesars Entertainment is back in Asia, participating in the competition for a Japanese integrated resort permit. They are aiming to compensate for missed chances.<\/p>\n<p>The biggest casino operator in the United States will be involved in the Wakayama bid, competing for one of the three integrated resort licenses Japan is anticipated to grant next year. Caesar&#8217;s return completely alters the scene of the Japanese integrated resort bidding process, after Caesar&#8217;s, Las Vegas Sands, Wynn Resorts, and Genting Group all previously withdrew.<\/p>\n<p>For Caesar&#8217;s, this is their first international land-based expansion since their $17.3 billion merger with Eldorado Resorts in 2019.<\/p>\n<p>&#8220;Honestly, the opportunity internationally has to be very substantial for us to pursue that direction,&#8221; said Tom Reeg, then CEO of Eldorado, in a June 24, 2019, announcement of the amicable acquisition.<\/p>\n<p>In August 2019, Caesar&#8217;s abandoned their Japanese integrated resort project. Last February, the merged company disclosed they had sold their stake in a casino hotel project in South Korea:<\/p>\n<p>&#8220;We sold it, and got some grilled meat in return,&#8221; said Caesar&#8217;s CEO Reeg. <\/p>\n<p>Presently, Reeg is commending Caesar&#8217;s entry into the Wakayama Consortium and expressing his expectation to &#8220;construct something remarkable for the Kansai area&#8221; collaboratively. This was mentioned in a preliminary announcement disseminated by Caesar on Wednesday at 5 pm (Eastern Standard Time).<\/p>\n<p>The Kansai area holds strategic significance. Kansai, Japan&#8217;s second-largest region with a population of 22.8 million, is centered around Osaka, a city with a population of 2.8 million. Caesar&#8217;s Las Vegas competitor MGM Resorts International and Japanese financial entity Orix are pursuing integrated resort licenses in this region. Wakayama Prefecture, with a population under 1 million, and Wakayama City, with approximately 375,000 inhabitants, are the proposed sites for the integrated resort. Both cities are roughly 40 minutes from Kansai International Airport, in opposite directions.<\/p>\n<p>&#8220;A robust brand will undoubtedly enhance public confidence and acceptance in secondary cities,&#8221; remarked Dominic Carter, chief executive of consumer research firm The Carter Group. &#8220;The objective is not merely to increase awareness, but to establish the competitiveness and track record of large-scale projects &#8211; to be able to promise a truly transformative world-class resort to the local community.&#8221;<\/p>\n<p>Wakayama Governor Yoshinobu Nishizaka maintains that Osaka&#8217;s proximity will not negatively impact Wakayama&#8217;s license application. Proponents contend that Wakayama and Osaka represent the sole potential casino cluster among Japan&#8217;s current bidders. Clusters have proven successful in Macau&#8217;s Cotai and Peninsula centers, Manila&#8217;s Entertainment City, and Singapore (Japan&#8217;s integrated resort model). <\/p>\n<p>Caesars New Associate<\/p>\n<p>Caesar has taken the place of the French Patouche Group as the casino operator for Clairvest Neem Ventures, a specifically formed holding company in Japan, valued at 470 billion yen (US$4.21 billion\/\u20ac3.62 billion\/\u00a33.13 billion).<\/p>\n<p>Clairvest Neem Ventures includes Canadian investment fund Clairvest, esports entrepreneur He Youjun &#8211; the 26-year-old son of the late Macau gambling magnate Stanley Ho, and Angela Leong, chairwoman of SJM Holdings, as well as William Weidner, former president and chief operating officer of Las Vegas Sands. During his time at Las Vegas Sands from 1995 to 2009, Weidner played a vital role in the design and development of the Cotai Strip, the Venetian Macau flagship store, The Venetian Las Vegas, and Marina Bay Sands in Singapore.<\/p>\n<p>Caesar hopes to overcome a series of missteps in Asia by its predecessor, Harrah&#8217;s, which was the US market leader, but failed to bid for a Macau license in 2001, and in 2007, acquired the Cotai golf course for $578 million in a vain hope of securing a new Macau franchise, eventually selling it in 2013 at a loss of $150 million.<\/p>\n<p>Financial Strategy in Asia<\/p>\n<p>Matthew Landry, managing director of Strategic Market Advisors, stated that success in Asia could boost Caesar&#8217;s stock market valuation, but added, &#8220;I do not believe Caesar needs to invest in Asia in the long term.&#8221;<\/p>\n<p>Caesar &#8220;has no capital commitment,&#8221; the announcement said. A former Caesar executive said, &#8220;In Asia, equity is a better option.&#8221; <\/p>\n<p>Its possible to reap some rewards from the management agreement, but if you&#8217;re going to dedicate that much energy, you absolutely desire some degree of control and supervision.<\/p>\n<p>This former executive believes that after &#8220;rectifying the US portfolio within five years&#8230; they will possess a substantial amount of funds, which they can then invest or purchase.&#8221;<\/p>\n<p>This schedule aligns with the potential commencement of the Wakayama integrated resort.<\/p>\n<p>[Editor&#8217;s Note: ICE365 obtained details regarding Caesars joining the Wakayama bid beforehand, based on a confidentiality agreement. The source of this piece was posed inquiries that did not disclose the essence of this article.]<\/p>\n<p>Former US diplomat Mohammed Cohen has been monitoring the Asian gambling industry since 2006, recently contributing to Forbes and Asian Gaming Insider, and penning &#8220;Hong Kong Air,&#8221; a novel set against the backdrop of the 1997 handover, which narrates a tale of television news, affection, treachery, high finance, and inexpensive lingerie.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Caesars Entertainment is back in Asia, participating in the competition for a Japanese integrated resort&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Caesars Returns to Asia: Japan Integrated Resort Bid<\/title>\n<meta name=\"description\" content=\"Caesars Entertainment is back in the game, competing for a Japanese integrated resort license. 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