Casino company Harrah’s Entertainment looking to expand into Macau
Harrah’s Entertainment, the biggest casino company in the world, has said they will be “interested” in applying for a gambling license in Macau if the government begins to administer new licenses. The company is looking to expand despite reportedly being £22 billion in debt.
Gary Loveman, CEO of Harrah’s said they were interested in entering the Macau gaming market because it is “close to a lot of customer Caesars has been in contact with for more than 40 years.” Loveman also said Macau is “the biggest market in the world and will be for as long as I can imagine.”
Macau is the only region in China where casinos are legal and stopped issuing licenses in April 2008 due to concerns that the economy was overheating.
Despite already owning a golf course in Macau Harrah’s is only looking into opportunities that include casino license. It is also rumored that Harrah’s is looking to expand in Taiwan and Japan as well as Macau. The company is aimed to make a “significant portion” of its profit from Asian within the next 10 to 15 years.
Like similar companies Harrah’s has recently been struggling to meet debt costs as the credit crunch intensifies and gamblers are being kept out of the casinos.