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What is The Story Behind Caesars Palace Exits Dubai?
What is The Story Behind Caesars Palace Exits Dubai?
Caesars Palace entered Dubai with ambitions to introduce a casino, aiming to capitalize on potential regulatory changes allowing gambling.
For years, they awaited the opportunity to transform their Dubai property into a casino, a move that never materialized.
Surprisingly, just as the UAE began developing a framework for legalized gambling, Caesars Palace exited Dubai, transitioning the property to a Banyan Tree resort, a move that came unexpectedly soon after these regulatory developments.
It’s important to note that Caesars Palace is widely recognized as one of the premier names in the realm of casinos and gambling.
Why Caesars Palace Left Dubai?
The lack of progress in legalization gambling in Dubai is a significant factor behind Caesars Palace’s decision to relocate.
This is especially evident as they observe a competitor finalizing a $3.9 billion deal to establish a casino project in Ras Al Khaimah, the first of its kind in the UAE and located north of Dubai.
Since 2018, Caesars Palace has been eagerly awaiting developments in Dubai’s gambling scene, hoping for favorable legal terms.
However, with the recent news of the imminent establishment of the first casino in Ras Al Khaimah and the concurrent formation of the UAE’s inaugural gaming regulatory body, it likely served as the final straw.
Caesars Palace Lack of Statement
In 2022, Tom Reeg, CEO of Caesars Palace, expressed optimism about the prospect of seizing opportunities, stating:
“If there’s an opportunity, you should expect that we would be active, and our brand and building is already open.”
But after the lack of opportunity, this statement might not be real anymore.
Caesars Palace’s decision to depart from Dubai comes at a critical juncture, as the prospects for significant revenue growth through the legalization of gambling appear to be becoming more tangible.
This situation evokes a sense of déjà vu.
Back in the early 2000s, Caesar Palace made a similar move by venturing into the Macau market through the acquisition of a golf resort.
However, the endeavor encountered setbacks, as the company struggled to secure a casino license and eventually withdrew from the market in 2013, facing financial losses as a result.
What Will Happen to Caesars Palace in Dubai?
The Caesars Palace property in Dubai will be rebranded as a Banyan Tree resort.
This transition is part of an agreement with hotel giant Accor SA and Dubai Holding.
The Banyan Tree realease a press realease about this project that will take place until 2024:
“Banyan Tree Dubai will replace the existing Caesars Palace Dubai and following a phased stage of brand related upscaling improvements, the repositioned resort will feature 179 rooms, including 30 suites and a brand-new four-bedroom villa with its own private entrance, pool and beach. The estate will reopen as Banyan Tree Dubai in late 2023, giving the Emirate a taste of the brand’s iconic Asian-inspired luxury hospitality. “
Press Release
This source does not provide any additional information regarding the gambling or casino landscape in Dubai.
Will Caesars Palace transform into a Banyan Tree Casino in the future?
While casinos have yet to make their debut in Dubai, our team at dubacasino.com has been closely monitoring developments.
Banyan Tree may not be a heavyweight in the casino market, but rumors suggest they have their sights set on this burgeoning industry.
Looking ahead to 2023, CEO Michael Hershman of Soloviev dropped a bombshell announcement: they’re partnering with Banyan Tree as a hotel partner for a casino pitch near the United Nations in NYC.
BREAKING 🎰 Big development in NY casino race 🎰 Soloviev CEO Michael Hershman just dropped news they are teaming up with Banyan Tree as a hotel partner for casino pitch near UN in NYC. This would be the first US property for the hotel chain, known for luxury wellness getaways pic.twitter.com/5ACZRr2Nb1
— Tara Rosenblum (@tararosenblum) December 14, 2023
This venture marks Banyan Tree’s inaugural property in the United States, renowned for its opulent wellness retreats.
Connecting the dots between this strategic move and the rebranding of Caesars Palace in Dubai, it’s plausible that this could pave the way for exciting developments in the Dubai casino scene.
