News

GMA quoted in the Las Vegas Review Journal

Global Gaming Expo to showcase latest slots, table games

by Richard N. Velotta

If there ever was a slot machine supermarket, it would be G2E.

Beginning this week, gaming industry professionals will gather at The Venetian Expo to see, hear and touch what gaming manufacturers say will be the next generation of casino gadgetry design to keep players more engaged – and spend more of their entertainment dollar.

Leaders of the American Gaming Association, operators of G2E – the Global Gaming Expo – say quality, not quantity, will be the emphasis of this year’s show.

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GMA quoted in the Las Vegas Review Journal

Acquisition of The Cosmopolitan was shrewd move by MGM Resorts

by Richard N. Velotta

Shrewd move, MGM.

Last week, the largest employer on the Strip made the surprise announcement that it’s acquiring the operations of The Cosmopolitan of Las Vegas for $1.625 billion.

It’s part of a larger $5.65 billion real estate deal for Blackstone with a method in vogue in the gaming industry these days: A group of investors is buying the real estate beneath The Cosmopolitan, and MGM is getting the operations piece.

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GMA quoted in GGB News

Caesars Back In Japan

On September 29, the group chosen to develop an integrated in Wakayama, Japan announced a new member of the consortium: Caesars Entertainment.

Clairvest Neem Ventures, a unit of Vancouver-based Clairvest Group, disclosed that Caesars had joined its partnership, replacing France’s Group Partouche as would-be operator of the US$4.21 billion project.  Together with the local government, they will jointly bid for a license to site, develop and operate an IR at Wakayama’s Marina City.

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GMA quoted in In Park Magazine

Caesars Entertainment returns to Japan with help of Clairvest Neem Ventures

by IPM News

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.”

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GMA quoted in CDC Gaming Reports Inc

UPDATED: Caesars Entertainment joins Clairvest Neem Ventures in the future Wakayama Marina City IR project

by Buck Wargo

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 Casears Entertainment, one of the gaming industry’s best-known brands and an elite casino operator.

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GMA quoted in Forbes

Nevada On Six-Month Hot Streak With $1Billion-plus In Gambling Revenue

by Will Yakowicz

Las Vegas’ luck has not run out yet.

Nevada collected $625.7 million in gambling revenue from casinos on the Las Vegas Strip in August, which is up 20% from pre-pandemic levels in August 2019, according to numbers released Thursday by the Nevada Gaming Control Board.  Sin City’s revenue increase over the same month in 2019 is another sign that Vegas is continuing its recovery from the Covid-19 recession.

“I think we are still in a trajectory of growth,” says Michael Lawton, a senior research analyst for the Nevada Gaming Control Board.  “I’m not going to guarantee a $1 billion again, but the blueprint is there to continue.”

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GMA quoted in the Las Vegas Review Journal

Caesars teams with Canadian company to bid to build resort in Japan

by Richard N. Velotta

Caesars Entertainment Inc. is partnering with a Canadian private equity management firm to bid to build a seaside integrated resort near Tokyo, representatives of the Reno-based company said Wednesday.

Caesars will work with Clairvest Neem Ventures K.K., which was vetted by Japanese authorities for a project at Wakayama Marina City in July.

“We are thrilled to partner with Caesars Entertainment,” said Eddie Woo, representative director of Clairvest Neem Ventures.

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GMA quoted in The Nevada Independent

Caesars rejoins Japanese gaming license hunt a day after MGM wins Osaka approval

by Howard Stutz

Caesars Entertainment said Wednesday it was joining the consortium of developers involved in the proposed Japanese integrated resort project in Wakayama, which includes former Las Vegas Sands executives and Clairvest, a Canadian private equity firm.

The announcement came a day after the city of Osaka endorsed MGM Resorts International’s plans for the country’s first large-scale casino.

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GMA quoted in the Las Vegas Review Journal

Cosmo sold in $5.65B deal; MGM to take over resort operations

by Colton Lochhead

the Blackstone Group is selling The Cosmopolitan of Las Vegas in a $5.65 billion deal that will extend MGM Resorts International’s footprint along the Strip.

MGM agreed to purchase the resort’s operations for $1.625 billion, while the underlying real estate of The Cosmopolitan will be sold to a group of buyers that includes a Blackstone real estate investment trust.

The sale comes seven years after Blackstone purchased the resort for $1.73 billion and marks a major return on the $500 million the company invested into the property to renovate nearly 3,000 guest rooms, complete several high-end luxury suites and upgrade bar and restaurant offerings.

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GMA quoted in The Nevada Independent

Indy Gaming: MGM Resorts finally lands Cosmopolitan of Las Vegas, 13 years and two CEOS later

Somewhere, Jim Murren is smiling.

In 2008, the then-CEO of MGM Mirage was scrambling to finance the remaining costs to build the massive CityCenter complex, which had a price tag of almost $9 billion.  He approached Deutsche Bank with an ides to take the unfinished Cosmopolitan of Las Vegas off the financial institutions hands. Deutsche Bank had acquired the debt-ridden property out of foreclosure.

MGM and joint venture partner Infinity World would assume control over the Cosmopolitan in exchange for ownership shares in CityCenter. Deutsche Bank would also provide the joint venture with a loan of $1.2 billion to complete CityCenter.

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