Clairvest Neem Ventures K.K. (CNV) announced the participation of Caesars Entertainment, Inc., in its development and operating consortium for a Wakayama Marina City-based integrated resort in Japan. Caesars, which joins with no capital commitment, re-enters the Japanese market after pulling out in 2019 amid a takeover bid by Eldorado Resorts that was completed in July 2020.
A news release put out by CNV said the combination aligns CNV, “one of the most experienced integrated resort development and management teams in the world, with Caesars Entertainment, one of the gaming industry’s best-known brands and an elite casino operator.”
CNV was selected by the prefecture in June 2021 as its development and integrated operating partner to obtain a national license.
The announcement comes the same week as Osaka Prefecture and Osaka City announced a consortium comprising MGM Resorts and Japanese finance giant ORIX Corp. as their preferred partner to develop an integrated resort.
“Caesars and CNV share a common vision for Japan’s national integrated resort program,” said Eddie Woo, representative director of CNV. “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.”
Caesars CEO Tom Regg said his company, as an iconic brand, is proud to partner with CNV to bring the Wakayama IR to Japan.
“We believe our experience blends perfectly with CNV’s and look forward to creating something special with them for the Kansai region,” Reeg said.
Brendan Bussmann, director of government affairs for Global Market Advisors said Caesars, though it will have no financial investment, will play the role of the operator. Caesars has a strong international database that it can pull from that will help Clairvest, he said.
CNV touted Caesars as having 80 years of experience working with municipal and state governments and the surrounding communities to provide the highest level of service and experiences to its customers. Caesars operates more than 50 properties across its portfolio.
“As one of the largest and most dynamic casino and resort operators in the world, Caesars creates world-class gaming and entertainment experiences,” the CNV release said. “In addition to its breadth of experience in operations and development, Caesars Entertainment prides itself on a reputation for responsible gaming.”
“The combined experience of the parties, coupled with the dynamic location and supportive regulatory policy, will allow CNV to develop what will be the next major global integrated resort destination,” the release said.