Caesars Entertainment Corp., the world's largest casino operator bared plans to build a 1,000-room luxury resort called Caesars Palace Longmu Bay in Hainan, a province in China estimated to cost $470 million .
Associated Press said in its report that Caesars is opening a non-gambling property in the Asia-Pacific to take advantage of the high demand in developing countries.
This is the first step in the development of our Caesars brand in China and India, Ceasars CEO Gary Loveman told The Associated Press.
Loveman told AP that Hainan is similar to Hawaii and expressed hopes that the project will attract loyal Chinese customers. The latest hotel offering of Caesars is scheduled to open in 2014.
Gaming is only legal in a small number of places in the world.This brings the Caesars brand to places where gambling is not permitted but where the brand is held in high regard, he said.
AP quoted Loveman as saying that he targets to develop 25 hotels and resorts in China during a five year period.
Caesars Global Life, the recently created unit to develop branded luxury hotels, restaurants and other lifestyle amenities in resort destinations around the world, will handle the Hainan project.
PTW Architects of Australia designed the Caesars Palace Longmu Bay project, which is a partnership between Caesars and Guoxin Longmu Bay Investment Holding Co. Ltd., a subsidiary of Jiangsu Guoxin Investment Group Limited.
Jiang Xushen, vice president of Jiangsu Guoxin Investment said the group wants to develop a landmark that will attract tourists wordwide to China's sunset beach.
Caesars Entertainment brings extensive experience in worldwide tourism, entertainment, hospitality and management, AP quoted Xushen from a company statement.
Caesars' resorts operate primarily under the Harrah's®, Caesars® and Horseshoe® brand names. Caesars also owns the World Series of Poker® and the London Clubs International family of casinos.
Caesars last month announced that it is expanding its presence to India through Caesars Global Life.