Caesars Entertainment Inc. has signed onto a partnership with Clairvest Neem Ventures (CNV) in its development and operating consortium for a Wakayama Marina City-based world-class integrated resort (IR).
In a Sept. 29 news release, the gaming and entertainment company said it 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," Caesars Entertainment CEO Tom Reeg said in the release.
The partnership pairs CNV— a leading integrated-resort development and management team – with Caesars – a top brand in gaming and casino operations.
"We believe our experience blends perfectly with CNV's and look forward to creating something special with them for the Kansai region,” Reeg added.
CNV representative director Eddie Woo said the team is thrilled to partner with Caesars, citing a shared 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,” Woo said in the release.
With business operations spanning more than eight decades, Caesars currently operates more than 50 properties, making it one of the largest casino and resort operators in the world, the release states.
According to the Department of Integrated Resort and Tourism Management at the University of Macau, an IR can be best defined as a resort combining a hotel with a casino, convention centers, shopping and entertainment facilities.
While Caesars is currently regarded as the United States' largest casino and entertainment company, the company prides itself on a reputation for responsible gaming, the release states.
Given the combined experience of the two companies, the goal of the new partnership is to allow CNV to develop what would be the next major IR destination globally.