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December 5, 2017

Supplier News: Caesars’ New Vegas Convention Center + Meetings Offer in Cancun

The latest development in Caesars Entertainment’s new Las Vegas convention center and a new offer for meeting planners looking to book in Cancun lead this week’s meetings industry supplier news.

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Photo by Ron Lane/iStock/Getty Images Plus/Getty Images

Caesars’ Harrah’s Sale to Move New Vegas Convention Center Forward

Caesars Entertainment Corporation is planning a new 300,000 square foot convention center in Las Vegas

The company reports it has reached definitive agreements to sell and leaseback the real estate assets associated with Harrah’s Las Vegas to VICI Properties (VICI). As part of the deal, Caesars will acquire 18.4 acres of adjacent land from VICI to develop a planned new 300,000 square foot convention center, as well as $1.14 billion in cash for the Harrah’s real estate. 

Caesars said that the new convention center facility, which is surrounded by Caesars Entertainment properties, is expected to have the largest column-free ballroom in the United States and to be outfitted with state-of-the-art technology. The space will be flexible enough to accommodate meetings of many different sizes. 

The proceeds of the Harrah’s sale will be the primary source of funds for a previously announced purchase of Centaur Holdings, LLC, Caesars said. 

Caesars will continue to operate Harrah's Las Vegas, including gaming, hotel operations and all other amenities. The property will remain a part of the Caesars Entertainment network and continue to benefit from the Harrah's brand, the Total Rewards loyalty network and access to centralized services. As part of the sale and leaseback transaction, Caesars and VICI will enter into a 15-year lease for Harrah's Las Vegas under which Caesars will pay initial annual rent of $87.4 million. The rent will increase contractually in subsequent years. Caesars will have the option to extend the lease for an additional 20 years via four five-year extensions. VICI has secured committed financing to fund the purchase.

In a written release, Mark Frissora, president and CEO of Caesars of Entertainment, said that the deal would allow the company to acquire Centaur and develop the convention center without increasing leverage. 

The parties have negotiated for limited purchase rights with respect to the planned convention center upon completion. Caesars will have the right to require VICI to purchase the convention center and lease it back to Caesars, and in the event Caesars does not exercise its put right, VICI will have an option to acquire the convention center and lease it back to Caesars. 

grand fiesta americana coral beach cancun

Grand Fiesta Americana Coral Beach Cancun Launches New Meetings Offer

Grand Fiesta Americana Coral Beach Cancun has announced a new option for groups and meeting planners. 

The resort has more than 80,000 sq.ft. of indoor and outdoor meeting space. The customized offer for attendees is the Grand Experience program, which provides flexible options ranging from Champagne breakfast at the Viña del Mar restaurant to a three-course á la carte dine around to international open bar with in-suite full stock minibar to two 30-minute coffee break sessions. Special concessions such as complimentary Wi-Fi (in-suite and in meeting spaces) and fitness center access, as well as suite upgrades, are also available. The Grand Experience option is available year-round.    

The Grand Experience program includes:

  • Champagne breakfast at Viña del Mar restaurant
  • Lunch at Isla Contoy, Pool & Beach or Coral Café
  • Dine around á la carte (three courses) or buffet at all restaurants, additional charge for Le Basilic
  • International Open Bar during all meal consumptions at private events, restaurants and bars
  • Snacks at available bars
  • Breakfast, lunch and dinner can be served on a private basis
  • Two 30-minute coffee breaks which include regular and decaffeinated coffee, tea, soft drinks, bottle water and cookies
  • In-suite full stock minibar
  • One-hour of non-motorized water sports per suite at Marina Coral Beach (kayaks and paddle boards)
  • In the event that the entire group goes off-property for one meal, the resort will make a one-time rebate to the master account applicable towards SPA, chef amenities, box lunch, premium bar or Le Basilic surcharge
  • All taxes and gratuities

The luxury resort said it launched this option as it recognized the need for combining premium service with the flexibility and diversity of a tailor-made, all-inclusive offer. Groups can upgrade options to include room service, Le Basilic reservations, premium open bar or Coral Beach Gem Spa treatments. The resort’s meetings and special events team can organize gatherings of any type for groups from 10 to up to 1,700. The resort’s unique design allows for maximum privacy and offers a 15,351 sq. ft. Grand Coral Ballroom along with 21 Breakout Rooms.

Visit www.coralbeachcancunresort.com 

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