Akihabara News (Tokyo) — In an entirely unexpected move, Caesars Entertainment has joined the project of the Clairvest Group, giving heft to the proposed Wakayama Integrated Resort, including a casino that Caesars would operate.
“We are thrilled to partner with Caesars Entertainment,” said Eddie Woo, representative director of Clairvest Neem Ventures. “Caesars and Clairvest Neem Ventures share a common vision for Japan’s national IR program. Not only will it serve to enhance the economic recovery from the Covid 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.”
Tom Reeg, CEO of Caesars Entertainment, added. ”Caesars is an iconic brand, and we are proud to partner with Clairvest Neem Ventures to bring it to Japan. We believe our experience blends perfectly with Clairvest Neem Ventures’ and look forward to creating something special with them for the Kansai region.”
It was previously mooted that France’s Groupe Partouche would be the casino operator for the Wakayama IR. According to journalist Muhammad Cohen, who broke the story at ICE365, Caesars has now “replaced” Partouche within the consortium, although none of companies involved have yet confirmed that information.
Other players such as William Weidner’s AMSE Resorts Japan and esports entrepreneur Mario Ho are believed to still be members of the Wakayama IR consortium.
The press release does clarify that Caesars will have “no capital commitment” at the initial stage of its entry into the Wakayama consortium. However, since it is the largest casino entertainment company in the United States that is now affiliating with relatively tiny partners, it invites speculation that Caesars may ultimately buy out the Clairvest and others’ stakes some years down the road.
The move into Wakayama represents a major reversal of policy for Caesars Entertainment, which officially announced its withdrawal from the Japan IR market in August 2019.
While the firm had built up a strong Japan-based team in the two years before that date, including a campaign launched in September 2018 called the “100 Year Partnership for Japan,” this all came to a sudden stop when the company was acquired in a blockbuster US$17.3 billion merger with Eldorado Resorts.
There was no specific reason why Caesars ended its efforts in Japan, except that the new leader of the gargantuan company, Tom Reeg, felt that all efforts should be focused on the US market. Not only did Caesars give up its hunt in Japan, it also pulled out of a major project in Incheon, South Korea, that was in the process of construction.
Caesars reemergence in Asia now is the first time that the company under Reeg’s leadership has authorized a return to international expansion.
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