LAS VEGAS, April 15, 2018 /PRNewswire/ -- Caesars
Entertainment Corporation (NASDAQ: CZR) and Meraas Holdings LLC
have announced that they have entered into a non-binding letter of
intent for Caesars Entertainment to manage two luxury hotels and a
beach club at Meraas' Dubai-based
Bluewaters Island development. In late 2018, Bluewaters Island is
expected to become home to Caesars Palace Bluewaters Dubai and
Caesars Bluewaters Dubai -- both of which will represent Caesars
Entertainment's first non-gaming resorts.
Situated along the beachfront on a man-made island, these two
resort hotels will include 479 5-star rooms. A variety of modern
amenities will be a part of the experience including a beach club,
Caesars Beach Club Bluewaters Dubai, indoor and outdoor pools, a
spa with a dedicated wellness center and space for meetings and
conventions.
"Through our collaboration with Meraas, we anticipate Bluewaters
Island will evolve into the region's top hospitality, dining and
entertainment destination," said Mark
Frissora, President and Chief Executive Officer of Caesars
Entertainment. "This project represents Caesars' ability to focus
on our strengths in hospitality as well as reinforce our commitment
and capacity to establish brands in new global markets."
Caesars Entertainment plans to create a Caesars experience at
the Dubai properties, programming
12 restaurants and bars and bringing the island's entertainment
venues to life. Caesars expects to introduce some of its successful
celebrity chef concepts to Dubai.
"Meraas is dedicated to implementing the vision of our wise
leadership and consolidating Dubai's status as a global tourist destination
in line with the Dubai Tourism Vision 2020," said His Excellency
Abdulla Al Habbai, Group Chairman of Meraas. "We are creating
unique experiences and leveraging strategic partnerships to
showcase the best of what Dubai
can offer to its visitors. The landmark arrangement with Caesars
Entertainment, which aims to establish Bluewaters as a world-class
tourist attraction with exclusive international entertainment
opportunities, is a significant achievement for the emirate's
thriving hospitality and entertainment sectors."
Caesars Entertainment is known globally for its diverse
portfolio of offerings including its proven track record as
trend-setter in the entertainment space. With global superstars
signed to its roster of regular performers, Caesars Entertainment
has become the third largest live entertainment promoter worldwide
and its Planet Hollywood property in Las
Vegas is home to the Zappos Theater – the number one theater
venue in the world.
This development exemplifies Caesars Entertainment's growth
strategy. Among other projects, Caesars is developing an integrated
resort in Incheon, South Korea,
has announced plans to build a meetings and conference center in
Las Vegas and has broken ground on
a new Harrah's-branded facility in Northern California.
With more than 55 million members, Caesars Entertainment's Total
Rewards loyalty program is one the world's largest such programs
and acts as a tourism driver for the cities and destinations in
which It operates. Total Rewards has successfully introduced its
members to new experiences around the world – which will now
include the exciting offerings found in Dubai.
The arrangements between Caesars Entertainment and Meraas are
subject to final documentation.
About Caesars Entertainment Corporation
Caesars Entertainment is the world's most diversified
casino-entertainment provider and the most geographically diverse
U.S. casino-entertainment company. Since its beginning in
Reno, Nevada, in 1937, Caesars
Entertainment has grown through development of new resorts,
expansions and acquisitions and its portfolio of subsidiaries now
operate 47 casinos in 13 U.S. states and five countries. Caesars
Entertainment's resorts operate primarily under the Caesars®,
Harrah's® and Horseshoe® brand names. Caesars Entertainment's
portfolio also includes the Caesars Entertainment UK family of
casinos. Caesars Entertainment is focused on building loyalty and
value with its guests through a unique combination of great
service, excellent products, unsurpassed distribution, operational
excellence and technology leadership. Caesars Entertainment is
committed to environmental sustainability and energy conservation
and recognizes the importance of being a responsible steward of the
environment. For more information, please visit
www.caesars.com.
Forward-Looking Statements
This release includes "forward-looking statements" intended to
qualify for the safe harbor from liability established by the
Private Securities Litigation Reform Act of 1995 relating to the
Bluewaters project described in this release and Caesars' growth
strategy. You are cautioned that the forward-looking statements in
this release are not guarantees that Caesars will brand and manage
the properties described in this release, that such properties will
include the amenities described herein or that Caesars will be able
realize its growth strategy. Among the factors that
could impact the realization of the plans described in this release
is the negotiation and execution of (or failure to execute) final
documentation for the Bluewaters project, Meraas' completion of the
development of the project, Caesars ability to identify and
successfully pursue other similar opportunities and other events,
changes or circumstances that are beyond Caesars' control.
Investors are cautioned to not place undue reliance on these
forward-looking statements, which speak only as of the date of this
communication. Caesars undertakes no obligation to publicly
update or release any revisions to these forward-looking statements
to reflect events or circumstances after the date of this
communication or to reflect the occurrence of unanticipated events,
except as required by law.
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SOURCE Caesars Entertainment Corporation