Harrah´s continues aggressive expansion into international markets

30.11.2005, Lesen Sie hier den Bericht über «Harrah´s continues aggressive expansion into international markets».

After announcing new casino resorts in Europe

(US).- Harrah’s Entertainment officially announced that it signed a memorandum of understanding with Hit Group, a premier Slovenian company that operates nine casinos, to form a joint venture to develop a large-scale casino resort in Nova Gorica, Slovenia, a city on the border with Italy.



Subject to all appropriate regulatory and governmental approvals and the completion of definitive documentation, the proposed development would be Slovenia’s first full-amenity casino resort with a luxury hotel, conference center, spa, and first-class dining, entertainment and retail attractions.

"The unique nature of the luxury casino resort experience represents a perfect fit for the fast-growing Slovenian gaming and tourism market," said Gary Loveman, chairman, chief executive officer and president of Harrah’s Entertainment. "Nova Gorica is the right place, and this is precisely the right time, for this venture with our partners at Hit. We’re excited about introducing a resort destination of exceptionally high caliber to this vibrant region."

The preliminary proposal is for an investment of approximately US$700 million through a proposed 50/50 partnership of Harrah’s and Hit. The project scope is anticipated to include an 800-1,200-room luxury hotel, a 50,000 square-foot casino with 1,500 slots and 70 table games; a 50,000 square-foot of convention space, a 3,000-seat theater, spa facilities, and a full complement of retail, restaurant, bar and nightclub facilities.

Slovenia has a well-established gaming market, and draws substantial visitation from nearby countries including Italy and Austria. Nova Gorica is located approximately 150 kilometers from Venice. There are currently 14 casinos in the country, eight of which are operated by Hit, and most are limited-service operations. The proposed joint venture would be the largest casino in the region, and the only area casino resort to offer destination attractions and amenities.

The announcement marks an ambitious new phase of Harrah’s planned international expansion. Earlier in November, Harrah’s signed a letter of intent with Baha Mar Resorts, Ltd. and Starwood Hotels and Resorts Worldwide, Inc. to partner in a joint development to create a 1,000-acre destination beachfront resort with the largest casino in the Bahamas, to be operated under the Caesars brand.

Harrah’s is pursuing a number of other potential developments that would further expand its brands to premier destinations around the world. Notable among those proposals is a pending bid with international partners for the Marina Bay integrated resort site in Singapore, which would include luxury accommodations, world-class convention facilities, cutting-edge entertainment venues and a new cultural center to be developed by Centre Pompidou.

Harrah’s expansion into international destination markets will add a variety of new options for customers who are already familiar with its network of nearly 40 casinos in North America, and introduce the world’s largest casino entertainment company to millions of new guests worldwide. More than eight million adults live within 250 kilometers of Nova Gorica, and another 26 million live within 250 kilometers to 500 kilometers. The area is laced with an excellent transportation network serving Italy, Austria and the Eastern European nations. In addition, Slovenia attracted 1.9 million foreign gaming visits last year.

The memorandum of understanding announced yesterday in Nova Gorica, Slovenia, by Gary Loveman and Branko Toma, president of the management board of Hit, commits each company to a year of exclusive negotiations to complete the joint venture. Each company will own 50 percent of the proposed joint venture, which is considering several potential development sites in the immediate Nova Gorica area. All negotiations are subject to appropriate governmental approvals for the project, and no construction timeline has been established.

Über Harrah's Las Vegas Hotel and Casino:

Das Casino gehört zu Caesars Entertainment. Caesars Entertainment Inc. wurde 1937 als Harrah's gegründet und wurde 2010 in Caesars Entertainment umbenannt. Besitzer sind die Investment-Firmen Apollo Global Management, TPG Capital und The Blackstone Group.

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