Caesars evaluating spend in Korea project: CFO

Caesars Entertainment Corp CFO Eric Hession said the company is “currently evaluating” its spend for its Korea IR project, named “Caesars Korea”.

Hession made the comments during a Q3 earnings call on Wednesday. 

According to the Caesars Korea website, Caesars Korea is a joint venture project formed through the partnership of Caesars Entertainment Corporation and a leading Asian real estate developer and owner of luxury hotels and resorts. 

Once built, the project will be Caesar’s first branded integrated resort in Asia, complete with a luxury hotel offering 720 rooms, suites and villas, a conference centre, foreigners only casino, multiple live entertainment venues, F&B establishments, spa, fitness center and indoor-outdoor pool. 

According to the Caesars Korea website, total investment is over KRW850 billion, and is expected to open in 2021. 

On Wednesday, the company posted a 2.3 percent increase in net revenue in 19Q3, driven by increased consumer demand, and its hotel business in Las Vegas. 

In August, Caesars Entertainment Corp officially pulled out of the race for a Japanese casino license and said it will focus instead on its current plans and commitments, including a merger with Eldorado Resorts. 

SHARE
Previous articleGalaxy Q3 beats consensus on solid mass
Next articleMGS welcomes 150 exhibitors to its 2019 show

Related Articles

Japan clouds Korea’s IR-hub aspirations

South Korea wants to turn the area near Incheon International Airport into a version of Manila’s Entertainment City, but its vision is at risk from competition from Japan.

Caesars hit with US$926 million net loss in Q3

Caesars Entertainment has recorded a net loss of US$926 million in the July-September period. Net revenues came in at US$1.4 billion, a decrease of 34 percent on a same-store basis versus the comparable prior-year period.

Caesars agrees to sell Tropicana Evansville for US$480 million cash

Caesars Entertainment, Inc. said it agreed to sell Tropicana Evansville to Gaming and Leisure Properties and Twin River Worldwide Holdings for US$480 million in cash, subject to a customary working capital adjustment.

Caesars announces that loyalty program grew 20% post-merger

Caesars Rewards, the largest gaming loyalty program in the world, has recently grown by 20 percent and 18 properties thanks to the merging of Caesars Entertainment and Eldorado Resorts in July.

Incheon casino construction remains stalled over financing difficulties

Both Caesars Korea and Mohegan’s Inspire Resort have suspended construction of their facilities in Incheon for months, with no word on when the building will continue. The outlook for the Caesars IR is particularly cloudy.
Caesars offers to buy William Hill for GBP2.9b

Caesars offers to buy William Hill for GBP2.9b

Caesars Entertainment says it’s in advanced talks to buy William Hill for GBP2.9 billion ($3.7 billion) to position itself to take full advantage of the expanding U.S. sports betting market.

Incheon IR development plans hitting roadblocks

Ambitious plans to build a cluster of IRs near Incheon Airport are beginning to hit roadblocks as Covid-19 disrupts financing options, according to the Korean media. There are three major facilities in the area: Paradise City, which is already open and operating; the under-construction Inspire Entertainment Resort led by Mohegan Gaming & Entertainment, and the […]

Nearly all Caesars properties have reopened across the U.S.

Caesars Entertainment Inc has opened 51 out of 54 properties across the U.S. since mid-May 2020, with only three in Las Vegas remaining closed amid the coronavirus pandemic.  The closures understandably affected the company’s second-quarter operating results, but CEO Tom Reeg said that demand trends since reopening have been stronger than expected.  “Our second-quarter operating […]

Caesars merger creates largest US casino company

The effective takeover of Eldorado Resorts of Caesars Entertainment to create a new, merged company under the Caesars name has created the largest casino company in the United States. The blockbuster US$17.3 billion deal was first announced in June 2019, but now all of the regulatory and other hurdles have been overcome. The combined company […]

Caesars requires masks-on at all times at its properties

Caesars Entertainment Corp has implemented a universal mask policy across all of its properties starting Wednesday, June 24, 2020, according to a company announcement.  The mask policy will require that everyone indoors at its properties across the Caesars network will be required to wear masks at all times, except when eating or drinking.  It applies […]