Caesars could raise more debt for Japan venture: Loveman
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.
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