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Strategic shift designed to propel growth in region
Caesars Entertainment Corp. is seeking to set up shop in parts of Asia where gambling isn't allowed by lending its brands to hotels that don't have casinos, The Wall Street Journal reports. The move by Caesars comes as the company remains shut out from gaining gambling licenses to operate in the two Asian gambling markets that have the highest growth prospects in the world—Macau and Singapore—and its U.S. markets remain sluggish.
"There's so much dynamism in Asia, that you have to find a way to participate,” ceo Executive Gary Loveman told the Journal. "In gaming, you can't go where the politicians don't allow you to go, so you have to find something else you do that's less controversial."
Loveman says the "non-gaming luxury hotels" would primarily be situated in underserved markets in Asia, particularly India, China and southeastern parts of the continent. The hotels would operate under brand names owned by the company, including Caesars and Flamingo, which Loveman says are widely recognized in Asia.
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