VEGAS, Nevada - World's largest casino entertainment
company to open Spain's first large-scale casino resort
as part of the master-planned El Reino development.
international development announced this month highlights
major global expansion of Harrah's brands into premier
Entertainment, Inc. (NYSE:HET - News) signed an agreement
with El Reino de Don Quijote de La Mancha, S.A., to develop
a Caesars casino resort in the master-planned El Reino
community of Ciudad Real, Spain, 118 miles south of Madrid.
Subject to all appropriate governmental approvals, Caesars
will be Spain's first large-scale casino resort, complementing
the other attractions of El Reino de Don Quijote, which
will include hotels, golf courses, spas and entertainment,
retail and residential development.
the years, Europeans have traveled thousands of miles
to immerse themselves in the unique Caesars entertainment
experience. It's therefore a thrill and a privilege for
us now to be able to bring Caesars to them," said
Gary Loveman, chairman, chief executive officer and president
of Harrah's Entertainment. "We look forward to joining
forces with El Reino to develop a resort of distinction
that will further increase the drawing power of this magnificent
Caesars resort in Spain is anticipated to include many
of the signature elements that have made Caesars
Palace in Las Vegas the leading worldwide name in
premium gaming. Guests will be able to indulge in a full
variety of world-class gaming, dining, spa and entertainment
options, all offering the lavish amenities associated
with the Caesars experience. The preliminary project scope
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, and multiple restaurants, lounges,
and bars. In addition, a lakeside Forum Shops retail center
will be developed adjacent to the Caesars casino resort.
announcement caps a month of new international Caesars
and Harrah's developments. Earlier in November, Harrah's
signed a letter of intent with Baha Mar Resorts, Ltd.
and Starwood Hotels and Resorts Worldwide, Inc. to partner
in a joint development to create a 1,000-acre destination
beachfront resort, where Caesars will be the largest casino
in the Bahamas. On Tuesday, Harrah's announced the signing
of a memorandum of understanding with the Hit Group, Slovenia's
largest casino operators, to pursue development of a luxury
casino resort in Nova Gorica, Slovenia -- just across
the border from Italy -- that also will offer spa, entertainment
and retail amenities.
is pursuing a number of other potential developments that
would further expand its brands to premier destinations
around the world. Notable among those proposals is a pending
bid with international partners for the Marina Bay integrated
resort site in Singapore that will include luxury accommodations,
convention facilities, a cultural museum developed by
Centre Pompidou, and exciting dining and entertainment
agreement signed today in Ciudad Real, Spain, by Gary
Loveman and Aurelio Alvarez, chairman of El Reino de Don
Quijote de La Mancha, S.A., creates a joint venture, 60
percent owned by Harrah's and 40 percent by El Reino,
to develop the casino, hotel, conference center, spa and
associated entertainment facilities on 29 acres in El
Reino. Subject to the completion of certain requirements,
the development is expected to begin construction in late
2006. Harrah's and El Reino expect to invest approximately
$670 million in the project.
development is part of the first phase of El Reino. Certain
infrastructure improvements have already been put into
place, including upgraded roads, water and sewer, and
one of the planned three golf courses. The master plan
for the El Reino development includes an additional spa
hotel, other accommodations, sports facilities, destination
shopping and entertainment attractions.
Reino is located near Ciudad Real, the capital of Ciudad
Real province in the Castile-La Mancha region of Spain.
It is in a rapidly growing area, with numerous excellent
transportation links including a stop on the high-speed
AVE rail line between Madrid (50 minutes away) and Seville
(1 hour and 45 minutes away). The area, which includes
Madrid and Toledo, has more than 9 million adults. Additionally,
the Caesars casino resort is expected to draw visitors
from across Europe.
Entertainment, Inc. is the world's largest provider of
branded casino entertainment. Since its beginning in Reno,
Nevada 68 years ago, Harrah's has grown through development
of new properties, expansions and acquisitions. Harrah's
Entertainment is focused on building loyalty and value
with its customers through a unique combination of great
service, excellent products, unsurpassed distribution,
operational excellence and technology leadership.
information about Harrah's is available at its Web site
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as well as other factors described from time to time in
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ability to recover insurance proceeds; financial community
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and structural building conditions relating to our properties;
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Harrah's operations the companies that it acquires, including
with respect to its acquisition of Caesars; access to
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in laws (including increased tax rates), regulations or
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litigation outcomes and judicial actions, including gaming
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incidents; abnormal gaming holds; and the effects of competition,
including locations of competitors and operating and market
forward-looking statements are made pursuant to the Private
Securities Litigation Reform Act of 1995 and, as such,
speak only as of the date made. Harrah's disclaims any
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if no date is stated, as of the date of this press release.