400-room Luxury Resort and Casino in London,
Adjacent to the Wembley National Stadium
|LAS VEGAS - Oct. 12, 2004 -- In its first move
into Europe, Caesars Entertainment today announced plans to develop and
operate a luxury casino resort in London, adjacent to the redeveloped Wembley
National Stadium and the legendary Wembley Arena. The project is part of
a major redevelopment effort intended to transform the historic sporting
area into an international leisure and tourist destination.
The joint venture launches the next stage of Quintain's plans for the revitalization of Wembley, which when completed is expected to draw millions of visitors a year from London and its surrounding areas, as well as the rest of the United Kingdom and overseas.
The Wembley renewal project, to be financed and developed by Quintain, will surround the new National Stadium. The project will include the redeveloped Wembley Arena -- a major music and entertainment venue soon to undergo a design overhaul; designer shopping outlets; a dedicated sports mall; a nightclub and the largest cinema multiplex ever built in Britain.
"Wembley promises to become one of Europe's top new leisure destinations," said Caesars Entertainment President and Chief Executive Officer Wallace R. Barr. "With that in mind, Wembley is a natural location for our first European casino project. Like Caesars, Wembley is a name known around the world and is synonymous with the best in entertainment," Barr added.
Nick Shattock, Property Director of Quintain Estates and Development said: "The regeneration of Wembley will have a major, positive impact on the economy of London and the UK. We are delighted to be working with Caesars to make this happen and to provide Wembley with world-class facilities."
Peter George, Caesars Senior Vice President for Development and Managing Director of the company's International Group, noted that Caesars has worked closely with officials of the communities in which it operates its 28 international casino resorts to promote economic development and new employment opportunities. George served as vice chairman and chief executive officer of London-based Ladbroke Group PLC (later Hilton Group PLC) before joining Caesars Entertainment's predecessor company, Park Place Entertainment, in 2002. In that role, George oversaw Ladbroke's extensive gaming, hotel and leisure businesses.
The plan to bring a casino to Wembley is subject to scheduled deregulation of the UK's gambling laws.
Caesars Wembley will include:
Caesars Entertainment, Inc. (NYSE: CZR - News) is one of the world's leading gaming companies. With $4.5 billion in annual net revenue, 28 properties on four continents, 26,000 hotel rooms, nearly two million square feet of casino space and 52,000 employees, the Caesars portfolio is among the strongest in the industry. Caesars casino resorts operate under the Caesars, Bally's, Flamingo, Grand Casinos, Hilton and Paris brand names. The company has its corporate headquarters in Las Vegas.
In July 2004, the Board of Directors of Caesars Entertainment approved an offer from Harrah's Entertainment to acquire the company for approximately $1.8 billion and 66.3 million shares of Harrah's common stock. The offer must be approved by shareholders of both companies and federal and state regulators before the transaction can close.
About Quintain Estates and Development, PLC
Quintain is a rapidly growing property company specializing in areas of development, investment and asset management where it has competitive edge. The company is listed on the London Stock Exchange with a market capitalization of GBP 600 million ($1 billion).
Quintain develops urban regeneration sites, invests for a combination of income and uplift in net asset value (NAV), and manages property assets in sectors where there are high barriers to entry, such as healthcare. Income from the investment portfolio and from asset management finances the development projects, which have potential for exceptional returns.
The company has an internal target of 10 percent total shareholder return net of inflation, a target that it has exceeded every year since floatation in 1996. Over 10 years, Quintain is the best performing UK property fund monitored by the Investment Property Databank (IPD), the industry benchmark.
This press release contains "forward-looking statements" within the meaning of the federal securities law, which are intended to qualify for the safe harbor from liability provided thereunder.
Caesars Entertainment, Las Vegas
Robert W. Stewart, 702-699-5043
|Also See:||Kerzner Poised to Develop Resort Casinos in Three Leading Markets in the United Kingdom / July 2004|
|Caesars Entertainment, Inc. Signs Development and Management Agreements for $250 million Hotel and Casino on Tribal Land Near Fresno, California / September 2004|