World’s Largest Casino Entertainment Company Opens Spain’s First Large-Scale Casino Resort As Part of Master Plan El Reynaud’s Development.
The third international development, announced this month, highlights Harrah’s expansion of its brand to a major global location.
Harrah’s Entertainment, Inc. (NYSE: HET – News) has signed an agreement with El Reino de Don Quijote de La Mancha in S.A. to develop the Caesars Casino Resort in the community of Master Plan El Reynaud in Ciudad Real, Spain, 118 miles south of Madrid. Under all appropriate government approvals, Caesars will be Spain’s first large casino resort to complement El Reino de Don Quijote’s other attractions, which include hotels, golf courses, spas, and entertainment, retail and residential development.
“Over the years, Europeans have traveled thousands of miles to immerse themselves in a unique Caesars entertainment experience. Therefore, it is exciting and an honor for us to be able to bring Caesars to them,” said Gary Loveman, president and CEO of Harrah’s Entertainment. “We look forward to working with El Reino to develop a differentiated resort that can further increase the workforce in this wonderful area.”
Caesars Resort in Spain is expected to include many of the featured elements that have made Caesars Palace in Las Vegas a leading global name in premium gaming. Guests will be able to enjoy all world-class gaming, dining, spa, and entertainment options that provide luxurious amenities related to the Caesars experience. The prospective project range includes an 850-room luxury hotel, a 50,000-square-foot casino, a 3,000-seat Colosseum Theater, a conference center, a 30,000-square-foot spa, a number of restaurants, lounges, and bars. In addition, the Lakeside Forum Shop Retail Center will be developed adjacent to Caesars Casino Resort.
The announcement amounts to a month of development for new international Caesars and Harrer. Earlier in November, Harrer signed a letter of intent with Bahama Resorts Inc. and Starwood Hotels and Resorts Worldwide to collaborate on a joint development for Caesars to build a 1,000-acre beach resort that would become the largest casino in the Bahamas. On Tuesday, Harrer announced he had signed a memorandum of understanding with Hit Group, Slovenia’s largest casino operator, to push ahead with the development of a luxury casino resort that would also offer spa, entertainment and retail amenities in Nova Gorka, Slovenia, just across the Italian border. 온라인경마
Harrah’s is pursuing other potential developments that could further expand its brand to top destinations around the world. Notable among these proposals are pending bids with international partners for the site of Singapore’s Marina Bay Integrated Resort, which will include luxury accommodation, convention facilities, a cultural museum developed by Centre Pompidou, and exciting dining and entertainment offerings.
The agreement, signed today in Ciudad Real, Spain, between Gary Loveman and Aurelio Alvarez, president of S.A.’s El Reyna de Don Quizote de la Mancha, establishes a joint venture that owns 60 percent and owns 40 percent of El Reyna to develop casinos, hotels, conference centers, spas, and related entertainment facilities on 29 acres in El Reynaud. Once certain requirements are completed, the development is expected to begin in late 2006. Hara and El Reynaud expect to invest around $670 million in the project.
The development is part of El Reynaud’s first phase. Certain infrastructure improvements have already been implemented, including upgraded roads, water and sewage, and one of three planned golf courses. Master plans for El Reynaud’s development include additional spa hotels, other accommodations, sports facilities, destination shopping, and entertainment attractions.
El Reino is located near Ciudad Real, the capital of the province of Ciudad Real in Spain’s Casty-La Mancha region. It is a fast-growing region with numerous excellent transport links, including stops for the high-speed AVE railway between Madrid (50-minute distance) and Seville (1 hour and 45-minute distance). The region, including Madrid and Toledo, has more than 9 million adults. In addition, the Caesars Casino Resort is expected to attract visitors from all over Europe.
Harrah’s Entertainment, Inc. is the world’s largest branded casino entertainment provider. Since its inception 68 years ago in Reno, Nevada, Harrah’s Entertainment has grown through the development, expansion, and acquisition of new properties. Harrah’s Entertainment focuses on building loyalty and value with customers through a unique combination of excellent service, superior products, unmatched distribution, operational excellence, and technical leadership.