Caesars Partners with Clairvest Neem Ventures to Build Resort in Japan

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Caesars Entertainment Inc. is teaming up with a Canadian private equity management firm to bid on the construction of an integrated beach resort near Tokyo, representatives of the Reno-based casino firm said Wednesday.

Caesars will work with Clairvest Neem Ventures KK, which was approved by Japanese authorities for a project in Wakayama Marina City in July.

“We are delighted 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 Integrated Resort Program,” Woo said in a statement. “Not only will this serve to enhance economic recovery from the COVID-19 pandemic through increased international visits, but we are confident that together we can create a resort that provides significant local economic stimulation in Wakayama Prefecture. , all over the Kansai region and the rest. from Japan.

Caesars CEO Tom Reeg noted in a statement that his company is an iconic brand and that he is happy to partner with CNV.

“We think our experience blends in perfectly with that of CNV and look forward to creating something special with them for the Kansai region,” said Reeg.

The Clairvest Group subsidiary is part of the development team and has worked on 30 different land-based games and entertainment complexes in Canada, the United States and Chile.

The rest of the CNV team includes several experienced industry professionals, including Mario Ho, an esports and entertainment entrepreneur and co-CEO of NIP Group, a multinational esports organization.

It also includes William Weidner, former President and COO of Las Vegas Sands Corp. and his team of Bradley Stone, former president of global operations and construction for Sands, and Garry Saunders, former COO of Melco, based in Hong Kong. Resorts & Entertainment and former vice president of international operations for Sands.

Caesars’ press release on Wednesday comes just a day after a similar announcement by another major casino operator.

On Tuesday, MGM Resorts International announced that its partnership with Orix, a Japanese financial services company, has been selected to move forward in the process of building an integrated resort in Osaka. MGM plans to build a $ 10 billion resort on a packed island.

The MGM-Orix plan was the only proposal submitted for consideration in Osaka. Las Vegas Sands Corp. and Wynn Resorts Ltd. have chosen not to bid.

Casinos Austria was chosen in August to develop a resort in Nagasaki.

Brendan Bussmann, director of government affairs for Las Vegas-based Global Market Advisors, said Caesars brings a strong brand presence to Wakayama’s proposal.

“I think Clairvest saw the need to make sure they had a strong team and to pair the Caesars brand with the leadership skills of Bill Weidner and Brad Stone, as well as Clairvest’s strong track record around the world in gaming matters offer a compelling case, ”Bussmann said in an interview Wednesday.

The Japanese government established the Integrated Resort Implementation Act in 2018 and set deadlines for three resort proposals in the process. Proposals must be submitted to the central government by October and selections must take place in April.

The Review-Journal is owned by the family of Dr Miriam Adelson, majority shareholder of Las Vegas Sands Corp.

Contact Richard N. Velotta at [email protected] or 702-477-3893. To follow @RickVelotta on Twitter.

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