LAS VEGAS - Caesars Entertainment Corporation (NASDAQ: CZR) today announced it has signed a definitive agreement with the Buena Vista Gaming Authority, an entity of the Buena Vista Rancheria of Me-Wuk Indians of California ("Buena Vista Tribe") to bring a new 71,000 square-foot Harrah's-branded facility to Northern California. Complete with gaming and dining options, this exciting announcement furthers Caesars Entertainment's plan to expand its brands into new markets.
"This agreement with the Buena Vista Gaming Authority advances our growth strategy to expand the reach of our brands into new markets and reinforces our over 20-year history working with tribal partners," said Mark Frissora, President and CEO of Caesars Entertainment. "We expect our Harrah's brand and Total Rewards network to increase the earnings potential of the property while generating incremental revenue for Caesars Entertainment without significant capital investment."
Caesars Entertainment will provide brand licensing and consulting services for the casino, to be named Harrah's Northern California Casino, which will be developed, owned and operated by the Buena Vista Gaming Authority near Sacramento, California. The 71,000 square-foot property is expected to open in 2019, and will include 950 state-of-the-art slots, 20 table games, one full-service restaurant and three fast-casual dining concepts. Once operational, Caesars intends to enter into a management agreement with the Buena Vista Gaming Authority to manage, operate and maintain the property on behalf of the Gaming Authority and the Buena Vista Tribe.
"We're excited to partner with Caesars Entertainment to bring the Harrah's brand to our gaming project," said Rhonda L. Morningstar Pope-Flores, Chairwoman of the Buena Vista Rancheria of Me-Wuk Indians. "Harrah's is a world-class brand that is known for offering a fun gaming atmosphere with unparalleled customer service. We're confident that it will attract more people to our destination."
Harrah's Northern California Casino will be located on the Buena Vista Tribe reservation land in Amador County, approximately 1 mile south of the town of Buena Vista, 5 miles southeast of the city of Ione, 28 miles northeast of the City of Stockton, and 32 miles southeast of the City of Sacramento. The location is complementary to Caesars Entertainment's existing portfolio and is expected to generate strong visitation and excellent financial returns.
This year the Harrah's brand celebrates its rich, 80-year history as a preeminent leader in gaming. William F. Harrah opened his first bingo parlor in Reno, Nevada in 1937, followed by his first hotel in the city's downtown, beginning the classic Harrah's brand. Harrah's Las Vegas opened its doors in 1992 and is one of 16 Harrah's resorts worldwide.
