Las Vegas comes to Dubai with Caesar’s Palace deal

Caesars Entertainment and Meraas plan to open two Caesars Hotels & Beach Club resorts in Dubai. The hotels will be the first non-gaming properties to carry the Caesars brand.
Updated 15 April 2018
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Las Vegas comes to Dubai with Caesar’s Palace deal

  • Plan envisages 479 five star hotel rooms
  • First Caesar resort in region without gaming

Caesar’s Palace, the legendary Las Vegas entertainment venue, has teamed up with Dubai developer Meraas to create its first hotel and leisure resort in the Middle East.

The American hotel operator — known for its sumptuous recreation of life under the Roman emperors — will be the main attraction on the Bluewater Island development off Dubai’s Jumeirah Beach Resort, with two hotels, two apartment buildings, a beach club and other entertainment facilities to open by the end of the year.

Bob Morse, president of Caesar’s Entertainment hospitality division, told Arab News that the development was its first in the region, and the first without gaming facilities — a significant revenue stream elsewhere in the world but forbidden under Islamic law.

“In Vegas, around 60 percent of our revenue is from non-gaming activities. We are a company that is increasingly morphing into hospitality,” he added.

Entertainment on Bluewater would consist of restaurants, food and beverage, live shows and possibly a show theater along the lines of the big Las Vegas attractions. “We want facilities that change from family oriented during the day to 21-plus in the evening,” he added.

The plan will see the creation of 479 five star hotel rooms on the island, which is connected by a roadway to the mainland. The island already has the biggest Ferris wheel in the world, the Dubai Eye, which is in the final stages of testing.

Morse said that Caesar’s was aware of the changes under way in Saudi Arabia, which include a big focus on new leisure and entrainment activities, but had not held any talks with potential partners to bring the Las Vegas concept to the Kingdom.

“Everything the Crown Prince Mohammed Bin Salman is doing makes the Saudi market more appealing than it was a year ago. We’re very excited about the Saudi market as a whole, with all the changes going on. It makes sense to go in now when it didn’t make sense to do so before,” he said.

Morse said that Caesar’s had been in talks with Dubai authorities for two years over the project, attracted by the emirate’s position as a financial and resort center for the Middle East.

Abdullah Al-Habbai, chairman of Dubai government owned Meraas, said: “The deal with Caesar’s is a significant achievement for the emirate’s thriving hospitality and entertainment sectors.”


EU takes aim at Turkish steel sector

Updated 31 sec ago
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EU takes aim at Turkish steel sector

LONDON: The European Commission’s move to extend its steel import restrictions threatens to force Turkish mills, already buckling under the weight of US tariffs, to cut production further or in some cases close down, sources said.
The Commission said on Wednesday it will extend and beef up its existing “safeguard” steel import caps until July 2021 to counter concerns that European Union markets are being flooded with steel no longer being exported to the US.
For Turkey’s vast steel sector, the fourth largest contributor to the country’s economy, the caps could prove particularly painful as the EU has given it additional “country-specific” quotas.
Under the safeguards, Turkey has a tariff-free quota for rebar, a construction steel that makes up most of its steel exports, of around 300,000 tons for the first nine months of the respective quota periods, down 60 percent from its 2018 exports.
Country-specific restrictions do not apply in the last three months of the quota periods and Turkey could make up some sales then, but its annual export levels will still be sharply lower.
“Our export markets have disappeared, the local market hardly exists, we’ve got lots of capacity and no market,” said a London-based Turkish steel trader.
He added that hopes the US would soon cut its 50 percent tariff on Turkish steel imports were also fading given it is demanding that in return, Ankara hold fire on Kurdish forces in Syria, something Turkish President Tayyip Erdogan cannot do ahead of local elections.
Major Turkish mills such as
Cebitas and Ekinciler said they had, before the EU announcement, already slashed output while Koc Metalurji said it had stopped
output for about a month.
Erdemir, Turkey’s largest producer, said it was producing as normal.
Investment bank Jefferies estimates EU caps on rebar from all countries combined should reduce its total rebar imports by at least 28 percent a year, adding that producers such as ArcelorMittal and CMC should benefit most from EU caps on long products like rebar.
“(EU) quotas for (Turkish) rebar are extremely low and will be exceeded in the first one or two months. Local demand is also extremely poor,” said Turkish Steel Exporters’ Association (CIB) head Adnan Aslan.
The CIB estimated late last year, before the latest EU move, that Turkey’s steel production, consumption and exports would fall 30 percent this year.
Wednesday’s beefed-up EU safeguards come after the US placed tariffs of 25 percent on
imported steel early last year, while singling out Turkey later in the year with tariffs of 50 percent due to political tensions with
Ankara.
The US had been Turkey’s largest steel export destination in 2017, but the country’s steel flows to the EU ballooned 80 percent last year, according to Jefferies, making the EU Turkey’s the largest steel export destination.
“Traditional export destinations (for Turkish mills) are closing one after the other. Most probably, the (EU) quotas will be filled immediately, so EU producers will have a relatively good year,” the International Rebar Producers and Exports Association said in a note.