Caesars Entertainment, one of the world’s largest gaming operators, has been selected by Clairvest Neem Ventures as their casino operator for the Wakayama IR project. Through this project, Caesars will step into Asia’s gaming market for the first time.
Clairvest Neem Ventures, the consortium selected by Wakayama’s prefecture to develop the city’s integrated resort (IR) project in June, has named US casino giant Caesars Entertainment, Inc as its casino operator.
The Clairvest announcement came last week on Thursday, and based on a briefing released by Caesars on the same day, the US casino bigwig has officially joined the Clairvest operating consortium. However, Ceasars disclosed that it has ‘no capital commitment’ in the arrangement.
In light of the new team-up, Caesars Entertainment CEO Tom Reeg voiced his enthusiasm in a briefing saying in part:
Quote“Caesars is an iconic brand, and we are proud to partner with Clairvest to bring it to Japan. We believe our experience blends perfectly with Clairvest’s and look forward to creating something special with them for the Kansai region.”
Similarly, Eddie Woo, the Representative Director of Clairvest Neem Ventures, also expressed his excitement at the prospects of the Caesars Ent. partnership as follows:
Quote“We are thrilled to partner with Caesars Entertainment. 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 Entertainment Finally Enters Asia After Several Misfires
With the Wakayama partnership under Clairvest, this is the very first time that Caesars will have a gaming presence in the Asian market. The company has previously missed or intentionally let go of gaming opportunities that presented themselves in different parts of the Asian continent.
Back in 2001, the US gaming juggernaut famously missed out on a lucrative opportunity to seek a Macau gaming license, a move that Gary Loveman, the then-Caesars CEO, later said was his most devastating career failure.
Several years after the Macau mistake, Caesars had set its sights on being part of Japan’s IR race in Hokkaido, Yokohama, and Osaka. However, come August 2019, the company shelved its plans for a Japanese entry to solely focus on completing its $17 billion-plus ‘merger of the century’ with Reno-based Eldorado Resorts Inc.
Additionally, in February 2021, Caesars also decided to sell the 50% equity that it had in an IR development project planned for Incheon, South Korea.
Now that the company is locked on the Wakayama IR venture, its Asian gaming dream will finally be a reality. Caesars brings aboard over 8 decades of experience working with different US municipalities and state governments, offering one of the best gaming services in its 50+ properties.
The Clairvest Consortium Team is Packed with Industry-Leading Individuals and Entities
Clairvest Neem Ventures Limited was one of the earliest IR developers that expressed interest in the Japan IR race, even before the 2018 national IR development act was ratified. Following meticulous planning by its top brass, the company selected Wakayama as its ideal entry into Japan, a strategic location it considered the ‘last remaining major IR market’ globally.
Besides Caesars, the Clairvest IR development team comprises several renowned industry pros and entities, which include:
Given that Yokohama recently bowed out of the Japan IR venture, Wakayama and Osaka are indeed among the most coveted cities for constructing an integrated resort in Japan. So, while federal officials haven’t chosen the cities that will receive Japan’s three initial gaming licenses, Wakayama is uniquely positioned to win one of the three permits for sure.
The Clairvest Neem Ventures consortium recently disclosed that it was ready to pour up to over $4.3 billion into the Wakayama IR endeavor. This figure is nearly twice as much as the $2.5 billion range that the city had hoped to secure.
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