Caesars Entertainment plans China move
by Pete Hayman | 03 Oct 2011
Las Vegas, US-based Caesars Entertainment Corporation (CEC) has confirmed it is to make its first move into the Asia Pacific region with a new resort in Hainan, China.
The Caesars Palace Longmu Bay development is the "first major venture"of Caesars Global Life, which is a new non-gaming division created to build and manage branded properties.
CEC is aiming to build 25 hotels and resorts in China over the next five years and has signed an agreement with Guoxin Longmu Bay Investment Holding Co on its first Chinese project.
Guoxin Longmu Bay Investment Holding Co will be responsible for developing the area as a new tourist destination, with the first phase to cover a 5sq km (1.9sq mile) area.
The PTW-designed Caesars Palace Longmu Bay represents a RMB3bn (£303m, EUR352m, US$471m) investment in the total RMB36bn (£3.6bn, EUR4.2bn, US$5.6bn) scheme.
Facilities at the 1,000-room resort, which is due to open in 2014, will include a spa and "36 holes of Championship golf", as well as a marina on China's sole west-facing shoreline.
CEC chief executive officer and president Gary Loveman said: "Caesars Palace Longmu Bay will set a global luxury standard in China and build a foundation for Caesars' expansion throughout the Asia-Pacific region, where our brands and reputation are already our most valuable assets."
Guoxin Longmu Bay Investment Holding Co chair Jiang Xushen added: "We have the confidence and capability to develop Caesars Palace Longmu Bay into a new landmark for world coastal tourism at the most beautiful sunset beach in China."
Image: Courtesy of PTW
Las Vegas, US-based Caesars Entertainment Corporation (CEC) has confirmed it is to make its first move into the Asia Pacific region with a new resort in Hainan, China. The Caesars Palace Longmu Bay development is the "first major venture"of Caesars Global Life, which is a new non-gaming division created to build and manage branded properties. CEC is aiming to build 25 hotels and resorts in China over the next five
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