Caesars Entertainment Corporation has announced the opening of a luxurious hotel in Hainan, China. The 5-star Caesars Palace Longmu Bay will have 1000 guestrooms. This is going to be the first large project of Caesars Global Life – the non-gaming division of the famous company, which primary aim is to run hotels and resorts throughout the world. The company plans to operate both own and managed properties in the luxury segment.
The new hotel is scheduled for opening in 2014. In order to open this hotel Caesars has launched the partnership with Guoxin Longmu Bay Investment Co. Ltd., which is also the developer of the property. This is a large project, so it will be accomplished in several phases. During the first one the complex will occupy around 1.9 square miles (or approximately 5 square kilometers) of land. The cost of the building estimates US$5.6 billion. The building of Caesars Palace Longmu Bay standalone reaches US$469 million. On the territory of the resort will be also located a chain of retail stores, a marina, a golf filed with 36 holes, a spa center, two large Colosseum entertainment venues and more. The resort also has a beneficial location on the only coast of China that faces west.
According to the plans of Caesar, the company may develop as many as 5 hotels in China until 2016.