Gary Loveman, chief executive of Las Vegas-based casino operator Caesars Entertainment Corp, has told Bloomberg News that a Japan gaming resort would require at least a US$5 billion investment and that Caesars would have no problem financing such a project.
“You can typically finance a very substantial portion of that value through the debt market,” said Mr Loveman, adding that Caesars “will have no trouble raising the finance for a world-class facility in Tokyo.”
Caesars’ corporate debt stood at more than US$23 billion as of March 31. The company, rated nine levels below investment grade by Standard & Poor’s, has sold assets, transferred properties between units, refinanced some debt and sold equity to stay solvent.
Caesars is the largest operator of U.S. casinos, but did not bid for a Macau gaming licence. In the years following Macau’s revenue takeoff, that coincided with the liberalisation of outbound visas for mainland Chinese tourists, Caesars has been linked with a number of proposed or existing Asian casino jurisdictions.
Oct 17, 2019Macau VIP baccarat gross gaming revenue (GGR) fell by 22.5 percent year-on-year in the third quarter, according to government data released on Wednesday. The rate of VIP annual decline was offset...
”Although we have decided not to pursue an integrated city resort in Osaka at this time, we wish the city the very best and look forward to following its continued success. Wynn Resorts is currently focused on the Kanto area”