Caesars Entertainment, Inc. Joins Clairvest Neem Ventures in the Future Wakayama Marina City IR Project
On September 29, 2021, Caesars Entertainment (NASDAQ: CZR) announced its partnership with Clairvest Neem Ventures K.K. in developing a world-class integrated resort at Wakayama Marina City, Japan. This collaboration follows Japanese law, requiring no capital commitment from Caesars. The alliance aims to enhance Japan's economic recovery post-COVID-19 through increased tourism and local economic stimulation. Caesars brings over 80 years of expertise in the casino and resort industry, which will support the development of this major global IR destination.
- Collaboration with Clairvest Neem Ventures enhances Caesars' growth opportunities in Japan's IR market.
- No capital commitment requires from Caesars, reducing financial risk while expanding market presence.
- Partnership is expected to stimulate local economy and tourism in Wakayama and Kansai region.
- None.
TOKYO, LAS VEGAS and TORONTO, Sept. 29, 2021 /PRNewswire/ -- Clairvest Neem Ventures K.K. (CNV) today announced the participation of Caesars Entertainment, Inc. (NASDAQ: CZR) ("Caesars") in its development and operating consortium for a Wakayama Marina City-based world-class integrated resort (IR). Caesars joins the consortium in full compliance with Japanese law and with no capital commitment. The combination aligns CNV, one of the most experienced IR development and management teams in the world, with Caesars Entertainment, one of the gaming industry's best-known brands and an elite casino operator.
"We are thrilled to partner with Caesars Entertainment," said Eddie Woo, Representative Director of Clairvest Neem Ventures. "Caesars and CNV share a common vision for Japan's national IR program. Not only will it serve to enhance the economic recovery from the COVID-19 pandemic through increased international visitation, but we are confident that together we can create a resort that provides significant local economic stimulation in Wakayama prefecture, throughout the Kansai region and the rest of Japan."
"Caesars is an iconic brand, and we are proud to partner with CNV to bring it to Japan," said Tom Reeg, CEO of Caesars Entertainment. "We believe our experience blends perfectly with CNV's and look forward to creating something special with them for the Kansai region."
With over 80 years of experience working with municipal and state governments and the surrounding communities to provide the highest level of service and experiences to its customers, Caesars operates more than 50 properties across its brand portfolio. As one of the largest and most dynamic casino and resort operators in the world, Caesars creates world-class gaming and entertainment experiences. In addition to its breadth of experience in operations and development, Caesars Entertainment prides itself on a reputation for responsible gaming.
The CNV team is comprised of a complement of IR industry professionals and operators, including; Mario Ho an Esports and entertainment entrepreneur, director of CNV and Chairman and Co-CEO of NIP Group, a multinational Esports organization; Clairvest Group, a seasoned Canadian private equity firm with experience in 30 different land-based gaming and entertainment resorts in Canada, the United States and Chile; and William Weidner, former president and chief operating officer of Las Vegas Sands Corp. (LVS), and his team comprising of Bradley Stone, former president of global operations and construction at LVS and Garry Saunders, former COO of Melco Resorts & Entertainment and VP of international operations for LVS.
The combined experience of the parties, coupled with the dynamic location and supportive regulatory policy, will allow CNV to develop what will be the next major global IR destination.
About Clairvest Neem Ventures Ltd.
Clairvest Neem Ventures Ltd. is an integrated resort (IR) developer operating in Wakayama prefecture Japan. It was selected by the prefecture in June, 2021 as its development and IR operating partner to obtain a national IR license. The company was one of the earliest participants in the Japan IR race, even before the ratification of national IR development act in 2018. Through thoughtful analysis and meticulous planning by its seasoned principals, it chose Wakayama as its preferred point of entry into what is perceived as the last remaining major IR market in the world.
About Caesars Entertainment, Inc.
Caesars Entertainment, Inc. (NASDAQ: CZR) is the largest casino-entertainment company in the US and one of the world's most diversified casino-entertainment providers. Since its beginning in Reno, NV, in 1937, Caesars Entertainment, Inc. has grown through development of new resorts, expansions and acquisitions. Caesars Entertainment, Inc.'s resorts operate primarily under the Caesars®, Harrah's®, Horseshoe®, and Eldorado® brand names. Caesars Entertainment, Inc. offers diversified gaming, entertainment and hospitality amenities, one-of-a-kind destinations, and a full suite of mobile and online gaming and sports betting experiences. All tied to its industry-leading Caesars Rewards loyalty program, the company focuses on building value with its guests through a unique combination of impeccable service, operational excellence and technology leadership. Caesars is committed to its employees, suppliers, communities and the environment through its PEOPLE PLANET PLAY framework. Know When To Stop Before You Start.® Gambling Problem? Call 1-800-522-4700. For more information, please visit. www.caesars.com/corporate.
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SOURCE Caesars Entertainment, Inc.
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