Caesars Entertainment Corporation has announced that it will not pursue a license for an integrated resort in Japan, opting instead to focus on completion of its US$17.8 billion merger with Eldorado Resorts.
The US casino giant, which had shown interest in Osaka, Yokohama and Hokkaido, issued a statement overnight, with CEO Tony Rodio explaining, “The timing of our decision is driven by sensitivity to the significant decisions Japan’s government and business partners will likely be making later this year to advance the process.
“All of us at Caesars applaud the country’s thoughtful, inclusive approach to creating an integrated resort business model that supports Japan’s social, as well as economic aspirations.”
Caesars Chairman Jim Hunt added, “As Caesars has pursued a license to operate in Japan over many years, we have been treated with respect and goodwill by the Japanese government, business and community leaders, and with kindness by all the Japanese people we have encountered during this journey. We are grateful for the country’s receptivity to Caesars.”
The decision to withdraw from Japan comes two months after Eldorado CEO Tom Reeg hinted at the possibility during an investor call discussing its impending acquisition of Caesars.
“The opportunity internationally will have to be stupendous for us to run in that direction,” he said at the time.
It remains to be seen whether Caesars will continue with the development of its US$700 million IR in Incheon, Korea.