Multi-million dollar developments for Caesars Entertainment

Multi-million dollar developments for Caesars Entertainment

Tuesday, July 17, 2018 Posted by Craig Davies
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Caesars Forum construction begins as Centaur purchase is sealed

Caesars Entertainment Corporation has followed up its signing of definitive purchase and sale agreements alongside VICI Properties Inc, with a duo of announcements related to developments in Las Vegas, where its headquarters are located, and Indiana.

Previously unveiling plans to expand its footprint alongside the famous Nevadan strip, ground has officially been broken on its newest construction plan, the $375m Caesars Forum.

Set to open in 2020, the conference centre project has created 1,000 construction jobs, whilst upon opening 450 temporary position will be filled, as Caesars expands its reach to 2.1 million square-feet of meeting and event space nationwide.

Caesars Forum is to “be the first facility of this size built on one level,” whilst it will also encompass the two largest pillarless ballrooms in the world.

Also to be built during construction is Forum Plaza, a multifunctional space that is the first 100,000 square foot outdoor meeting and event space in Las Vegas.

Mark Frissora, President and Chief Executive Officer for Caesars Entertainment, stated: "Caesars Entertainment has eight properties located in the center of the Las Vegas strip – more than any other competitor.

"With our geographic advantage, and the demand for meetings space exceeding available inventory, this project builds on our strategy to provide a value-add to meeting planners, guests and investors."

On the same day Caesars also detailed the expansion of its Indiana operations, via the purchase of Anderson’s Hoosier Park Racing and Casino and Shelbyville’s Indiana Grand Racing and Casino from Centaur Holdings LLC.

The $1.7bn acquisition, $1.625 billion of which was due at closing with $75 million a deferred consideration, sees Centaur guests able to join Caesars total rewards program.

A total of $50m has been pledged to deliver a number of property improvements and IT updates to heighten guests experiences, whilst table games are also to be introduced at a later date if permitted by the relevant bodies.

Frissora added: "The Centaur acquisition expands our footprint to the attractive central Indiana region with exciting new destinations that are profitable, well-capitalised and highly complementary to our existing portfolio.

"This project is an important part of our growth strategy, which expands our brands, increases revenue and facilitates broad distribution of the Total Rewards program."

Last week Caesars concluded the sales of Octavius Tower, for $507m from Caesars Palace Las Vegas (CPLV), and real estate assets connected to Harrah’s Philadelphia ($82m), with both set to be leased back by VICI under the terms of the deal.

Clarion Gaming is to host ICE Sports Betting USA later this year, 27-28 November 2018, in New York, addressing the opportunities in an ever changing market, particularly with the fall of PASPA in May.

Totally Gaming says: It has certainly been a busy week for Caesars Entertainment, with deals being completed and announcements coming from various parts of the USA. In a bustling city the opening of fresh unique conference space could well be a welcome addition, with its first booking already secured, whilst the acquisition of Centaur adds significant volume to the ever expanding Caesars footprint.

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