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Harrah’s Entertainment is seeking to partner with an existing gaming operator in Macau to expand the Caesars Palace brand into the China enclave, CEO Gary Loveman tells Bloomberg News.
Harrah’s, which currently owns of a golf course in Macau, has already held preliminary talks with unnamed Macau operators, Bloomberg reports. Loveman gave an exclusive interview to the wire service last week, in which he also says a Harrah’s IPO is likely in the future, though it is not imminent.
Harrah’s would have to partner with an existing gaming operator in Macau, as China does not plan to issue any further gaming licenses beyond the six it has already awarded. The six Macau gaming license-holders are Stanley Ho’s Sociedade de Jogos de Macau, Wynn Resorts, Las Vegas Sands Corp., Galaxy Entertainment Group Ltd., Melco Crown Entertainment Ltd. and a partnership between MGM Mirage and Pansy Ho Chiu-king.
“There’s nothing immediately active that could lead us there,” Loveman tells Bloomberg. “We’ve made it very clear we would like to see the Caesars Palace brand in Macau. We certainly recognize there are six licensees, and somehow or other it has to fit through that lens.”
MGM Mirage spokesman Alan Feldman tells Bloomberg he is unaware of any discussions between the two Las Vegas-based rivals regarding Macau.
Harrah’s is also busy expanding on the Las Vegas Strip. Late last month, the company filed with Nevada gaming regulators to acquire Planet Hollywood Resort & Casino, which neighbors the Harrah’s-owned Paris Las Vegas Hotel & Casino. Assuming the acquisition goes through, Harrah’s plans to retain the Planet Hollywood branding.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales. She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
