Harrah´s to develop a us$ 1.6 billion casino-resort complex in the Caribbean

20.11.2005, Lesen Sie hier den Bericht über «Harrah´s to develop a us$ 1.6 billion casino-resort complex in the Caribbean».

The project is a three way partnership amongst Harrah’s, Starwood and Baha Mar

(US).- Las Vegas-based Harrah’s Entertainment announced last week that it will have a one-third stake in the development of a us$ 1.6 billion casino-resort complex in the Caribbean. The resort will be built in the Nassau Cable Beach area of New Providence Island.



Starwood will have a 10 percent stake in the venture, while Baha Mar will control 57 percent. It will bear the Caesars brand-the first time since Harrah’s us$ 9.4 billion merger with Caesars that the brand name is being utilized with a new venture. "Caesars’ name is one we will use for luxury developments around the world," Harrah’s Chairman Gary Loveman said during a recent news conference in New York City.

The resort complex will be the largest of its kind in the Caribbean, with six hotels totaling 3,550 rooms-one of which will be a 1,000-room Caesars Resort Hotel with a 95,000-square-foot casino. Four more of the hotels will feature a collection of Starwood brand names-a 300-room W with 100 condo units, a 300-room St. Regis with 100 condo units, a 700-room Westin and a 700-room Sheraton.

The existing Wyndham Nassau Resort on the 1,000-acre site will also be renovated as part of the development. The complex will also feature 175,000 square feet of meeting and convention space; 500,000 square feet of retail, dining and entertainment space; spa and salon facilities, an eco- water attraction and a 20-acre beach.

Construction will begin in 2007 and is expected to be complete by 2010, at which point it would give Kerzner International’s 2,300-room Atlantis resort-casino-on nearby Paradise Island-direct competition. Meanwhile, while Harrah’s is putting the Caesars name to good use, former executives of Caesars Entertainment claim they’re getting a raw deal after the merger.

Wally Barr, the former president of Caesars recently filed a multimillion dollar lawsuit against Harrah’s alleging Caesars executives were shortchanged on stock options. According to the Gaming Wire in Las Vegas, the suit seeks unspecified compensatory damages that could amount to as much as $105 million if awarded.

The suit claims that option holders should have received us$ 23.76 per a 1998 company incentive plan, not the us$ 21.85 they recently were paid. Some 55 million shares of Caesars stock were offered to full-time executives and employees of the company under the 1998 plan and if every share had been exercised, Harrah’s would owe Caesars executives us$ 105 million more than they were paid.

But Barr and other executives involved with the suit, allege that plan was ignored and due to provisions in this year’s merger, employees and executives of Caesars were paid lower amounts. "We always knew the issue would have to be litigated." The Gaming Wire quoted a former Caesars executive that wished to remain anonymous. "The issue is whether executives should be paid for the price increases after the options had been turned in." Barr concluded.

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