Caesars joins Clairvest consortium for Wakayama casino resort

1st October 2021 9:49 am GMT
Caesars Entertainment

New York-listed casino operator Caesars Entertainment has joined Clairvest Neem Ventures (CNV) in its development and operating consortium for an integrated casino resort in Wakayama, Japan.

CNV was selected by the Wakayama prefecture in June as its development and integrated resort (IR) operating partner to obtain a national IR license.

“We are thrilled to partner with Caesars Entertainment,” said Clairvest Neem Ventures representative Eddie Woo. “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.”

The CNV team is comprised of a complement of IR industry professionals and operators, including Mario Ho, an esports and entertainment entrepreneur; Clairvest Group, a Canadian private equity firm with experience in 30 different land-based gaming and entertainment resorts in Canada, the US and Chile; and William Weidner, former president and chief operating officer of Las Vegas Sands.

“Caesars is an iconic brand, and we are proud to partner with CNV to bring it to Japan,” said Caesars Entertainment CEO Tom Reeg. “We believe our experience blends perfectly with CNV's and look forward to creating something special with them for the Kansai region.”

Earlier this week, Japan’s Osaka Prefecture selected MGM Resorts International and its joint venture partner ORIX as the region's integrated casino resort partner. Casinos Austria International (CAI) has already been selected by the Nagasaki Prefecture, while the Yokohama Prefecture has yet to officially endorse a casino partner.

Shares in Caesars Entertainment Inc (NASDAQ:CZR) closed 0.99 per cent lower at $112.28 per share in New York Thursday.

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