LAS VEGAS, Oct. 1, 2012 /PRNewswire/ -- Caesars Entertainment announced today an impressive first wave of tenants to populate The LINQ, the company's $550 million open-air retail, dining and entertainment district located on the 50-yard line of the world-famous Las Vegas Strip. Popular first-to-market concepts and trendsetting brands, such as Brooklyn Bowl and Sprinkles Cupcakes, are among the first tenants to sign onto the project which boasts more than 300,000 square feet of retail, dining and entertainment space. Opening in late 2013, more than 70-percent of the development space is committed under signed leases or letters of intent. With another 15-percent of the space under negotiation, the significant level of interest and demand from potential tenants has pushed The LINQ far ahead of schedule as contrasted with comparable projects at this stage of development.
"We've compiled a dynamic first group of retailers, restaurateurs and entertainment impresarios to achieve a unique and one-of-a-kind experience," said Gary Loveman, chairman, president and chief executive officer for Caesars Entertainment. "Rather than adding additional gaming space or more rooms into an already room-rich market, we've designed The LINQ and its distinctive set of tenants to create an entertainment experience unlike any other currently available in Las Vegas. We believe this experience is something our current visitors will enjoy, as well as appeal to and attract a new set of customer."
Caesars in collaboration with Caruso Affiliated, owner and operator of the popular Los Angeles shopping district The Grove, hand-selected the first wave of tenants to establish an atmosphere for The LINQ that will appeal to the region's growing Gen X and Gen Y (ages 21-46) clientele. While The LINQ is designed to attract a slightly younger consumer, it will hold broad appeal for the more than 20.4 million people who currently pass the site annually. Sitting directly across from Caesars Palace and nestled between the Imperial Palace Resort and Casino to the north and Flamingo Resort and Casino to the south, The LINQ is within reasonable walking distance of more than 24,000 hotel rooms. An impressive 130-foot tall three-sided, full LED paneled pylon sign will mark the project's Las Vegas Boulevard entrance while the world's tallest observation wheel, the 550-foot Las Vegas High Roller, will serve as the focal point for The LINQ from the rear and is expected to become a top Las Vegas attraction. Adjacent to the High Roller sits several acres of programmable festival space that The LINQ operators will organize with outdoor events throughout the year.
"The LINQ offers a shopping, dining and entertainment experience that can't be found anywhere else in Las Vegas," said Rick J. Caruso, founder and chief executive officer of Caruso Affiliated. "With its stunning architecture and landscaping, diverse mix of world-class retailers and restaurants, and round-the-clock entertainment -- all anchored by the excitement and romance of the majestic High Roller -- The LINQ will be a 'must-go' destination for Las Vegas visitors and residents alike. We couldn't imagine a more inspiring and exciting project to represent our first foray into the Las Vegas market. It's going to forever change the way people think about shopping and entertainment in this great city. "
Caruso Affiliated, known and respected for building the most unique and highly successful and award winning retail projects in the nation, has worked with Caesars on The LINQ for more than two years providing design, merchandising and leasing strategy. Designed as a hub of social activity and connectivity, distinct experiences programmed throughout the day and night will further distinguish The LINQ. Unlike other Las Vegas entertainment experiences – aside from the casino floor – The LINQ will be programmed and activated a full 24-hours a day.
"The LINQ will cater to a wide variety of audiences and will serve as a location for a wide range of functions – be it a business meeting, bachelor party, family outing, first date, or ladies night out," said Jon Gray, vice president and general manager of The LINQ. "No matter what the time of day, there will be something for you at The LINQ; from the time you get up in the morning, seeking a cup of coffee, to the time you're ready to call it a night, with one last drink or quick bite. We are creating an experience that currently does not exist within the market. The development and its impressive list of tenants will re-define the center Strip and become a must-visit attraction."
Comprised of diverse retail, dining, and entertainment experiences, the first wave of tenants to join The LINQ include the following:
While current signed tenants include a mix of dining, live entertainment and retail concepts, additional leases are being finalized in the apparel, eyewear, electronics, accessories, and athletic/sports boutique categories as well as quick serve dining, unique bars and iconic restaurants from across the country.
The LINQ retail, dining and entertainment experience is on schedule to open in 2013. Caesars estimates The LINQ will employ about 3,000 construction workers and create approximately 1,500 permanent jobs upon opening.
For additional development information and to learn more about the individual tenant brands, please visit TheLINQ.com.
About Caruso Affiliated
Caruso Affiliated is one of the largest privately held real estate development companies in the United States. They develop, own and manage a portfolio of highly specialized retail and residential properties that command sales per square foot more than double the industry average. Average consumer expenditures more than double that of traditional regional malls and sales growth is nearly three times that of traditional malls. Its portfolio encompasses a world-class collection of properties that attract millions of people annually, including one of its premier developments, The Grove, which attracts more guests per year than Disneyland. Caruso Affiliated is currently spearheading one of the largest retail development programs in the nation, which is expected to generate $80 million annually in new taxes for state and local governments as well as 11,000 construction jobs and 8,000 permanent jobs. Caruso Affiliated properties are designed to make them more than retail and residential sites, they are central gathering places for the communities they serve, as well as premier tourist destinations.
About Caesars Entertainment Corporation
Caesars Entertainment Corporation is the world's most diversified casino-entertainment company. Since its beginning in Reno, Nevada, more than 74 years ago, Caesars has grown through development of new resorts, expansions and acquisitions, and now operates casinos on four continents. The company's resorts operate primarily under the Caesars®, Harrah's® and Horseshoe® brand names. Caesars also owns the World Series of Poker® and the London Clubs International family of casinos. Caesars Entertainment is focused on building loyalty and value with its guests through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership. We are committed to environmental sustainability and energy conservation and recognize the importance of being a responsible steward of the environment. For more information, please visit Caesars.com.
This release includes "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain words such as "may," "will," "project," "might," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," "continue" or "pursue," or the negative or other variations thereof or comparable terminology. In particular, they include statements relating to, among other things, future actions, new projects, strategies, future performance, the outcomes of contingencies and future financial results of Caesars. These forward-looking statements are based on current expectations and projections about future events.
Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, the actual performance of Caesars and The LINQ may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors, as well as other factors described from time to time in our reports filed with the Securities and Exchange Commission (including the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained therein):
Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. Caesars disclaims any obligation to update the forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this press release.
SOURCE Caesars Entertainment