Announced today, Caesars has joined an operating consortium led by Clairvest Neem Ventures K.K to develop an integrated resort and casino in Wakayama, Japan. The two hope their combined experience will aid in the production of a ‘world-class’ property.
"We are thrilled 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 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."
In a statement, Caesars confirmed that it has joined the consortium in full compliance with Japanese law and with no capital commitment.
"Caesars is an iconic brand, and we are proud to partner with CNV to bring it to Japan," said Tom Reeg, CEO of Caesars Entertainment. "We believe our experience blends perfectly with CNV's and look forward to creating something special with them for the Kansai region."
Clairvest Neem Ventures, a Canadian private equity firm, has experience in over 30 land-based properties throughout Canada, the United States, and Latin America. The group also heads NIP, an international esports company.
Recently, Caesars released the results of an early settlement of its previously announced tender offer. The offer, by its indirect wholly-owned subsidiaries, Caesars Resort Collection, LLC and CRC Finco, Inc., together referred to in the related documents as the “issuers,” is to purchase for cash up to $1.2 billion of the issuers' outstanding 5.250% Senior Notes due 2025.
The International casino operator’s sports betting division, Caesars sportsbook, has also recently become the shirt sponsor for the Washington Capitals.