Caesars to manage $200 million non-gaming beachfront resort in Mexico

140
Caesars to manage $200 million non-gaming beachfront resort in Mexico
Caesars Entertainment Announces Development of Caesars Palace Luxury Resort in Puerto Los Cabos, Baja, Mexico (PRNewsfoto/Caesars Entertainment)

After just last week announcing plans to manage its first non-gaming resorts in the United Arab Emirates (UAE) most populous city, Dubai, Caesars Entertainment Corp. (CZR:NASDAQ) has reportedly inked a similar agreement that will see it manage Caesars Palace in Puerto Los Cabos, Mexico.

The move is in keeping with the Las Vegas-based operator’s desire to grow its brands in overseas markets.

According to a Wednesday press release, the 500-room, non-gaming, beachfront resort will reportedly feature a 40,000 square foot convention center, three restaurants, a 25,000 square foot full-service spa and amenities for entertainment and sports.

Grupo Questro, a major developer in Mexico, will develop the $200 million beach-front property and will reportedly break ground in the first half of 2019. The company’s first property in Mexico will also be managed by Caesars Entertainment, which will receive a management and licensing fee.

In a statement in the press release, President and CEO for Caesars Entertainment, Mark Frissora, said, “Bringing Caesars Palace to Puerto Los Cabos will represent further progress on our strategy to expand the company’s non-gaming businesses into premiere resort and gateway destinations.”

“This resort will represent our first investment in Mexico, and it speaks to the global strength of the Caesars brand. We are looking forward to working with Grupo Questro to create a 5-Star destination that reflects the best of Caesars’ offerings in the hospitality, dining and entertainment spaces,” explained Frissora.

For its part, Grupo Questro Executive President Eduardo Sanchez Navarro Rivera Torres, said, “We are very excited to work with our new partners to help bring the Caesars brand to Puerto Los Cabos.”

“Caesars is known around the world, and we are confident that this luxury resort will be an incredible asset for global visitors,” Torres added.

Caesars Entertainment’s two five-star luxury hotels under construction in Dubai, Caesars Palace Bluewaters Dubai and Caesars Bluewaters Dubai, are expected to open later this year at the $2.1 billion Bluewaters development project located off the Jumeirah Beach Residence coastline.