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NEW DELHI: Caesars Entertainment, the world’s largest casino company, is entering India through niche businesses such as luxury hotels and entertainment businesses such as Bollywood-focused events, concerts, usicals, drama and stand-up coedy.
Las Vegas-based Caesars Entertainent, which owns 50 hotels and casinos and several golf resorts worldwide, plans to open up to 15 hotels in India within a decade, and is already in talks with nearly half a dozen real estate developers. A senior official of the $9 billion Christmas tree said.
“We spent the last year exploring the Indian market and there are tremendous opportunities for us,” said Neera Chanan, president of Caesars Entertainent Hospitality South Asia.
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“In the non-game space, we will focus on building entertainment venues in and near hotels and convention centers,” he said.
The company plans to bring in its global brands and offerings, including luxury hotel brand Caesars Hotel and luxury service Caesars Palace, and retain the local brand.
“One of the main focuses in entertainment will be Bollywood. We’re trying to create content specific to the Indian archetype,” Chanan said. Caesars is in talks with Indian production houses as well as major event agency companies for partnerships. Experts say this is a good tie for the Caesars to enter the country.
“Other than entertainment, this could be the right link for Caesars to bring and evaluate new concepts to India,” said Vivek Dahiya, CEO of real estate consultancy GenReal. “While Forula 1 (Grand Prix), Kingdo of Dreas (live entertainment venue), bowling destinations in the country and arcade are not yet developed and still unstructured, it is clear that Indians want to have a great experience. and F&B and spend one,” he said.
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“The entertainment offering can be a distinguishing factor for Caesars in India compared to other accommodation companies,” Dahia said.
Caesars involvement means that India can host performances by Elton John, Celine Dion and Rod Stewart, as well as stand-up comedian Jerry Seinfeld, traditionally associated with hotel entertainment venues like The Colosseum at Caesars Palace in Las Vegas. Vegas.
Internationally, Caesars has around 15 destinations for live entertainment events such as concerts, music competitions, drama and stand-up coedy events. One of them is on the Las Vegas strip known for its casino business.
“Other than places like Goa and Tier-II arcades, we’re going to look at big cities like Delhi, Ubai, Bangalore,” Chanan said. Spruce is primarily looking for an agency partnership, but is also open to real estate investments.
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When asked about the planned investment in India, he said, “There is no fixed rate in our index.”
Although India’s policy does not allow foreign direct investment in casinos and gambling, which is prohibited in most states, the company is also exploring entering the gaming space. Soe states like Goa and Sikh districts like Daan have granted casino operating licenses to Indian entrepreneurs. These businesses are enjoying tremendous success amid the growing affluence of the Indians. There are no reports or data estimating the amount of lottery activity in India.
According to a PwC report, the Asia Pacific casino market doubled from $34.2 billion in 2010 to $79.3 billion (about 4 million crore) in 2015.
Swiss wealth magnate Julius Baer expects the number of people with assets of $1 billion or more in India to double by 2015 to reach 4,03k.
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Recently, Ichael Leven, president and CEO of integrated facilities developer Las Vegas Sands Corp, told ET that his company is open for operations in India, but will be based in either Delhi or Ubai. “We looked at India as a potential market, but there are issues with the illegality of gaming and the lack of infrastructure being another issue,” Levene said. Said.
Binny Output; Walmart’s stake in Flipkart reaches 80% Piyush Goyal and environmental top executive Toorrow Niti are trying to help with lithium-ion battery charging. While the casino industry is in its best quarter with $15 billion, Americans are reacting to inflation by turning to gambling.
A dealer plays a game of roulette at the Hard Rock Casino in Atlantic City, NJ, on August 8, 2022.
Inflation? High gas prices? American gamblers avoid them and are losing money at record rates at casinos.
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Figures released Wednesday show the U.S. commercial casino industry is experiencing its best quarter ever, making $15 billion from gamblers in the third quarter of this year.
The American Gaming Association, a trade organization for the casino industry, says casinos are on track for 2022.
A year ago, 16 of 33 states that operated gambling operations reported quarterly highs in total gambling revenue, including five of the six largest markets: Indiana, Michigan, Nevada, New York and Pennsylvania.
“As business challenges remain, strong consumer demand continues to support our industry’s record-breaking success,” said Bill Miller, president and CEO of the association. “Our continued momentum amid wide economic volatility speaks to the overall health of today’s games and gives us confidence as we look to the future.”
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David Schwartz, a gambling historian at the University of Nevada in Las Vegas, says that people are clearly willing to invest money in casinos no matter the economic conditions.
“I think this speaks to the continued appeal of gambling and there may be an even greater appetite for gambling after a while,” he said, referring to the Powerball jackpot, which recently grossed over $2 billion and attracted people around the world. country.
Commercial casinos (excluding tribal casinos that report revenue separately) received $15.17 billion from gamblers in July, August and September of this year. This exceeded the previous record ($14.81 billion) set in the second quarter of this year by 2%.
Miller said the casino’s annual growth rate of 8.8% in the third quarter outstripped the 2.6% growth in the US economy in the same period.
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Land-based slots and table games continue to be the backbone of revenue growth in the industry, with record revenue of $12.27 billion in the third quarter, up 1.8% year-over-year.
Sportsbook also generated a record quarterly revenue of $1.68 billion, up nearly 81% year-over-year. Seven new sports betting markets have been added since September 2021. The association cited higher-than-normal win percentages in sports betting and solid growth in existing markets as factors in growth.
Sports betting revenue reached an all-time annual high of $4.78 billion through September and surpassed the 2021 full-year record of $4.34 billion.
Online gambling came close to setting a new quarterly record, but was less than 1% away from that $1.21 billion in revenue. The action never stops at Crown Casino Perth, which plays 24/7 in a vibrant and luxurious environment unrivaled in the West. Australia.
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