Caesars Entertainment Corporation (NASDAQ: CZR, "Caesars Entertainment" or "Caesars"), the world's most geographically diversified casino-entertainment company, announces plans to develop a 550,000 square-foot conference center in Las Vegas, named CAESARS FORUM, featuring the two largest pillarless ballrooms in North America.
"Consistent with our post restructuring plans, Caesars Forum is the first installment of our growth strategy for the benefit of Las Vegas and our employees which will also help meet the increasing demand for group business meetings of all sizes," said Mark Frissora, President and CEO of Caesars Entertainment.
The cost of the conference center is estimated to be approximately $375 million. When completed, it will feature 300,000 square feet of flexible meeting space, equivalent to over five football fields, and will be located east of the Las Vegas Strip with bridge connections to Harrah's, LINQ and the LINQ Promenade.
As part of a series of transactions with VICI Properties, Caesars Entertainment recently announced its intention to acquire 18.4 acres of land as part of its plans to develop this new conference center.
"We are excited to be investing in the meetings business in Las Vegas as we continue to see this industry as a strong driver for Caesars Entertainment and our city," said Bob Morse, President of Hospitality with Caesars Entertainment. "With its mid-strip location and state-of-the-art design, the Caesars Forum will be the ideal location for anyone looking to host meetings and events in Las Vegas."
Scheduled to officially open in 2020, Caesars expects to break ground on CAESARS FORUM early in the second quarter of 2018. Friedmutter Group and PENTA Building Group have been awarded as the architect and general contractor, respectively. CAESARS FORUM will offer:
- 300,000 square-feet of flexible meeting space, including two 108,000 square-foot ballrooms, two 40,000 square-foot ballrooms and state-of-the-art boardrooms;
- Conference space accommodating more than 10,000 attendees;
- A 100,000 square-foot outdoor plaza, which can be used as flexible space ideal for an opening cocktail reception, wellness breaks, or serving breakfast, lunch or dinner;
- Direct access to the LINQ Promenade with world-class dining, live entertainment venues, shopping and the High Roller;
- Direct access to Harrah's Las Vegas, The LINQ Hotel and Flamingo Las Vegas hotels, totaling over 8,500 hotel rooms;
- Accessibility to approximately 20,000 rooms at Caesars Entertainment's nine Las Vegas properties; and
- The latest in technology and design.
"Building the two largest ballrooms in the world demonstrates our continued commitment to the meetings industry," said Chief Sales Officer Michael Massari. "We are excited to provide our customers with a new experience and look forward to building relationships with future clients."
Construction of the convention center is subject to receipt of approvals and completion of the entitlement process in which a variety of government agencies review the proposed project according to applicable codes and policies, including master plan and zoning issues, utility commitments, and compliance with building and fire codes.
About Meetings and Events at Caesars Entertainment Corporation
The world's most geographically diversified casino-entertainment company, Caesars Entertainment offers meeting and event planners one dedicated team, united nationwide, committed to providing the most successful meeting experiences possible. With one call or email, planners have access to nearly 40 properties in 20 unique destinations, with 1.5 million square feet of meeting space and more than 42,000 guest rooms. Mix and match properties and venues within a destination under a single contract and minimum. Enjoy elite perks, rewards and privileges with our Total Rewards Meeting Diamond Program. For more information, please visit www.CaesarsMeansBusiness.com.
About Caesars Entertainment
Caesars Entertainment is the world's most diversified casino-entertainment provider and the most geographically diverse U.S. casino-entertainment company. Since its beginning in Reno, Nevada, in 1937, Caesars Entertainment has grown through development of new resorts, expansions and acquisitions and its portfolio of subsidiaries now operate 47 casinos in 13 U.S. states and five countries. Caesars Entertainment's resorts operate primarily under the Caesars®, Harrah's® and Horseshoe® brand names. Caesars Entertainment's portfolio also includes the Caesars Entertainment UK family of casinos. Caesars Entertainment is focused on building loyalty and value with its guests through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership. Caesars Entertainment is committed to environmental sustainability and energy conservation and recognizes the importance of being a responsible steward of the environment. For more information, please visit www.caesars.com.
Forward Looking Information
This release includes "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In particular, they include statements relating to, among other things, Caesars Entertainment's plans and expectations for the construction of the convention center. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Further, these statements contain words such as "will", "expects", "estimates", and "plans" or the negative or other variations thereof or comparable terminology. These forward-looking statements are based on current expectations and projections about future events.
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