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
Richard Broome, 702-407-6476, Dubai Media Contact; Tim Falconer, Teneo Strategy, + 971 (0) 4 818 9200
