Reports suggest Caesars Entertainment will manage the new Australia casino coming to Gold Coast.
According to the latest new reports, one of the world’s largest gambling companies may be spreading its wings to enter the Australian casino market. Caesars Entertainment, famous for its multitude of integrated resorts in the US and UK, may be named operator of the new Australia casino coming to Gold Coast.
The Weekend Australian reported on Saturday that Caesars Entertainment is believed to have reached an agreement with ASF Consortium, the Asian-backed development company funding the multi-billion waterfront casino project. The global gambling and entertainment corporation, based in Las Vegas, inked the deal to further due diligence in becoming the manager of the second casino in Queensland’s famous tourism-driven city.
Continual Setbacks for Australian Casino
The new Australia casino has been in the works for years now. ASF received initial approval on development of the Gold Coast property from the Queensland government in 2013. Due to numerous setbacks, including local protests and concerns over structural boundaries, construction has yet to begin.
Government officials, including Premier Annastacia Palaszczuk, are scheduled to discuss the matter today. Louis Chien, Director for ASF Group, hopes the proceedings will result in forward momentum for the Australian casino plan.
“We will select a casino operator as part of a detailed proposal,” Chien said in a statement. “We’ve got investors here, we’ve got people waiting. Come to the table. We just need clarity.”
Awaiting Official Announcement…
Thus far, no vested interests have been willing to confirm whether or not Caesars and ASF finalized a deal. The Australian reported that Caesars Entertainment visited Gold Coast earlier this month to initiate market assessment.
Steven Tight, President of International Development for the US-based gambling corporation, refused to comment “on rumour or speculation”. However, he did confirm, “It’s accurate to say we are continuing to study the opportunity.”
ASF Working to Shore Up Uncertainty
ASF has been under pressure to solidify a management partner from the Queensland government. Securing an operator—especially one with a successful background in worldwide gambling operations—would provide greater assurance for regulators.
If ASF can substantiate a casino corporation to manage the property, it will give regulators the opportunity to run probes and licence checks. That alone would be a significant boost to the project’s contingency for final approval.
Caesars Entertainment Ups and Downs
It’s worth noting that a division of Caesars Entertainment remains in chapter 11 bankruptcy. The company underwent a vast restructuring of its business earlier this year to get its main operating unit out of bankruptcy.
Caesars now claims it’s prepared to aggressively pursue international expansion. And where better to start than by bringing its globally recognized brand to the Australian casino market?
Caesars Entertainment currently operates casinos in five countries. Its largest operations are in the United States and the United Kingdom. It also operates integrated resorts in Canada, Egypt and South Africa.
Its presence is most keen in North America, with 5 resorts in Las Vegas, more than two dozen operating under their Bally’s, Caesars, Harrah’s and Horseshoe brands, plus a few more scattered throughout the US. Caesars operates 10 casinos in the UK, all formerly operated by London Clubs International.
A few years ago, the Las Vegas corporation attempted to infiltrate the Cotai Strip, spending more than $500 million on a golf course in Macau. The plan was to work a Caesars branded casino into that market. With profits flagging on their home turf, they nixed the project and sold the property in 2013.
If Caesars does pull off its bid to manage the new Australia casino at Gold Coast, it could do wonders for their reputation and help boost their global presence.