Caesars Entertainment Launches Asia-Pacific Expansion
September 23, 2011
Caesars Entertainment Corporation today announced its Asia-Pacific debut with the groundbreaking of Caesars Palace Longmu Bay in Hainan, China, which has a target opening date of 2014. The flagship 5-star luxury resort represents the first major venture of Caesars Global Life, a non-gaming division created to develop and manage branded luxury hotels, resorts, residences, villas, retail and entertainment destinations around the world. The company’s goal is to develop 25 hotels and resorts in China over the next five years.
For this first effort, Caesars is partnering with Guoxin Longmu Bay Investment Holding Co. Ltd., a subsidiary of Jiangsu Guoxin Investment Group Limited (JSGX), a leading Chinese investment and development company. Guoxin Longmu Bay Investment Holding Co. is developing the area for global tourism, which in the first development phase covers approximately five square kilometers with a total investment of RMB 36 billion (RMB 1 = $US 0.16). Caesars Palace Longmu Bay will be the jewel in the crown with more than RMB 3 billion investment, or about $470 million, planned.
“Caesars Palace Longmu Bay will set a global luxury standard in China and build a foundation for Caesars’ expansion throughout the Asia-Pacific region, where our brands and reputation are already our most valuable assets,” said Caesars Entertainment Chairman, CEO, and President Gary Loveman, in a statement. “We are very pleased to be working with Guoxin Longmu Bay Investment Holding Co. Ltd. on this landmark resort.”
The partners will be aiming high across all aspects of the property. Lead architect PTW will head a team of architects and designers to develop the interiors of the 1,000 room hotel. Celebrity and Michelin-rated chefs will headline the restaurant offerings. For entertainment, A-list celebrity and production shows featured in two uniquely distinct Colosseum entertainment venues are planned. Caesars Palace Longmu Bay will also host 36 holes of championship golf by leading designers and offer a golf school by a legendary pro. The luxury resort will also include a marina, spa, retail and other amenities, all located on China’s only west-facing shoreline, incorporating both water and underwater design features throughout.
“Caesars Entertainment brings extensive experience in worldwide tourism, entertainment, hospitality and management. After significant research and rigorous evaluation, we selected Caesars Entertainment for all those reasons and are honored to partner with them to introduce Caesars Palace Longmu Bay,” said Jiang Xushen, Vice President of Jiangsu Guoxin Investment Group Limited and Chairman of Guoxin (Hainan) Longmu Bay Investment Company Limited. “With support from Jiangsu and Hainan provincial governments and partners in the industry, we have the confidence and capability to develop Caesars Palace Longmu Bay into a new landmark for world coastal tourism at the most beautiful sunset beach in China.”
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