antenor
June 6th, 2007, 01:01 PM
Hit and Harrah's Entertainment Present Plan to Bring Europe’s Largest Integrated Resort Destination to Nova Gorica, Slovenia
Ljubljana, Nova Gorica, 5 June 2007. Hit and Harrah’s Entertainment, Inc. (NYSE:HET) have agreed to jointly pursue a project that would deliver Europe’s largest, first-class resort to Nova Gorica, Slovenia. The formation of this joint venture between Hit, the leading Slovenian tourist company, and Harrah’s Entertainment, the world’s largest destination entertainment company, is based on the readiness of the Government of the Republic of Slovenia to initiate the necessary procedures for passing laws that will allow the project to be carried out. The proposed development will include a 1,500-room world-class hotel, a conference-and-events centre, large wellness and swimming pool amenities, first-class dining, a casino, as well as entertainment, sports and retail attractions of the highest quality. The project's estimated value amounts to € 750 million.
Hit will own 51% of the newly established company, which will build the tourist and entertainment centre, while Harrah's will hold a 49% stake. “We intend for the project to serve as the tourist and entertainment centre for the region, generating international tourism,” said Niko Trošt, CEO of Hit. “The operations of the centre will also imply positive effects for various sectors of the regional and Slovenian economies.”
“This project is expected to include a broad range of entertainment options, including: entertainment, spas, shopping, casino entertainment, shows and concerts, with the hope that it will become a generator of tourist development across the entire Gorica Region and nearby tourist destinations in the areas of Bovec, the Vipava Valley, the Karst and the neighbouring Italian regions,” said Chuck Atwood, vice chairman of the board, Harrah’s Entertainment. “It is estimated that over 90 per cent of guests are expected to come from abroad. Our future guests will be able to rely on Slovenia’s well developed motorway and airport infrastructure.”
The parties plan for the proposed development will be a world-class tourist and entertainment centre which will include a five-star hotel with 650 rooms and a four-star hotel with 850 rooms, a convention-and-event facility with 2,000 seats, various restaurants with 1,400 seats, bars and clubs with 400 seats, a gaming-and-entertainment component with up to 3,000 slot machines and 120 gaming tables, as well as a wellness and swimming-pool centre, stretching over an area of 12,000 square metres. A nearby parking lot with 3,900 places is also planned. Apart from its long-term impact on the development of the regions and Slovenia's tourist industry, the centre could represent an extraordinary business opportunity for many companies and individuals. The construction itself may provide employment opportunities to as many as 4,500 people of different trades (engineers, builders, decorators and other contractors). After its completion, the centre could employ 3,200 people and yield significant tax revenues for the State and the local communities. Additionally the centre will require various products and services (food and beverages, various goods, maintenance and other services worth up to € 165 million a year) from local vendors, which will have a considerable impact on the growth of all sectors of the regional economy.
In planning the centre, the partners plan to closely cooperate with the local communities, since one of the key elements agreed to is the appropriate location of the centre within the local environment in line with the local development plans and the strictest environmental standards.
For more information:
M. Sc. Tilen Majnardi,
Head of Corporate Communications, Hit, d. d.,
g + 386 51 359 646,
tilen.majnardi@hit.si
Construction of Europe’s Largest Integrated Resort Destination
1.The Project
The talks about the project started in 2005. The project for Europe's largest integrated resort destination is the result of extensive work carried out by expert teams of Hit and Harrah's Entertainment and continuous cooperation with the Ministry of Finance of the Republic of Slovenia.
The project will be developed and managed by a joint venture between Hit, the leading Slovenian tourist company that operates ten gaming and entertainment centres and casinos and eleven hotels in Slovenia and abroad, and Harrah’s Entertainment, the world’s largest destination entertainment company. Hit will own 51% of the newly established company, while Harrah's will hold a 49% stake.
The resort will act as an integrator of regional and local tourism. Since the guests are expected to visit the centre with the aim of visiting the wider region, the project will actually promote the national tourist offering.
The projects main objectives have already been included in the strategic development documents of the Republic of Slovenia. Some of the goals and objectives of the project have also been included in the document entitled "Slovenia's Development Strategy". The project has been hinted at as a development priority already in the Slovenian Tourism Strategy 2002-2006 and is now incorporated in the "Slovenian Tourism Development Plan and Guidelines 2007-2011", which pursues the same goals and main objective of the project, since it lists entertainment and gaming among the main areas of tourist products and services.
The project's estimated value amounts to 750 million euros. Europe's largest destination resort will comprise the following:
•a five-star hotel with 650 rooms and a four-star hotel with 850 rooms;
•a convention-and-event facility with 2,000 seats;
•various restaurants with 1,400 seats;
•shopping centres selling the best brands;
•bars and clubs with 400 seats;
•a gaming-and-entertainment component with up to 3,000 slot machines and up to 120 gaming tables;
•a wellness and spa centre with swimming pools, stretching over an area of 12,000 square metres;
•a parking lot for 3,900 cars.
2.Economic & Financial Benefits and Revenues
The project, at an estimated cost of 750 million euros, will imply strong direct and indirect economic benefits. According to estimates, the region would be visited by up to six million guests annually, with 4.5 million guests attracted only by the resort destination.
The construction itself will provide direct employment opportunities to as many as 4,500 people of different trades (engineers, builders, decorators, suppliers and vendors), whose combined revenues could exceed 300 million euros. The government's tax revenues are expected to exceed 160 million euros during the construction phase alone.
The resort destination will offer employment to 3,200 people and yield an additional 120 million euros in annual tax revenues for local communities and the government (gaming taxes, VAT, health-insurance and pension-scheme contributions, corporate-income tax). The resort's annual requirements for products and services (consumables, food and beverages, contractor services, maintenance, transport and telecommunication services...) are expected to reach 165 million euros, thus considerably affecting the growth of local and regional economies.
The combined revenue of companies directly or indirectly involved in the construction would is expected to reach from 700 million to one billion euros. In addition to the direct effects of the construction, the day-to-day operation of the resort would represent a great business opportunity for many small and medium-sized enterprises supplying the following goods and services:
•food and beverages: meat, seafood, dairy products, bread, pastry, frozen food, canned goods, soft drinks, alcoholic beverages…
•general and technical equipment: stationery and office supplies, sound technology, lighting, computer, safety and telecommunication equipment, bar and restaurant fittings...
•furnishings: design and decoration, furniture, fixtures and equipment, glass…
•consumable goods: glassware, chinaware, chemicals, work uniforms, hotel appliances…
•maintenance and technical services: maintenance and renovation works, repair, tools, maintenance equipment, machinery…
•sales: general goods for day-to-day use, souvenirs, artworks, cosmetic products, jewellery, clothing, typical products...
•planning, construction and renovation works: layouts and plans, construction and renovation work…
•general services: advisory services, staff selection, advertising, printing, cleaning, transport…
3.Local Community: Respecting Local Traditions, the Landscape and the Environment
One of the key elements agreed to is the appropriate location of the centre within the local environment in line with the local development plans. At the present, the companies are studying six potential locations for the development. The partners are fully aware of their responsibility towards the local communities of the entire Gorica Region, since the project's impact will reach far beyond the local area.
The project will be planned and designed in line with the local communities' development guidelines, traditional architectural and landscape features, as well as in accordance with the highest environmental standards.
4.Social Responsibility in the Development of the Gaming Business
Hit and Harrah's are known for their socially-responsible approach to the development of the gaming-and-entertainment business and therefore they are expected to pay careful attention to these aspects in their common development strategy. Although the two companies already have exclusion systems of their own, the construction and start-up of the tourist centre will be accompanied by the development of a system for preventing problem and excessive gambling by individuals, in order to minimise the potential negative social effects of the expansion of tourist and entertainment facilities.
For more information:
M. Sc. Tilen Majnardi,
Head of Corporate Communications, Hit, d. d.,
g + 386 51 359 646,
tilen.majnardi@hit.si (http://www.hit.si/)
http://www.hit.si/index_a.php
Location:
http://img511.imageshack.us/img511/5535/novagoricavq7.jpg
Ljubljana, Nova Gorica, 5 June 2007. Hit and Harrah’s Entertainment, Inc. (NYSE:HET) have agreed to jointly pursue a project that would deliver Europe’s largest, first-class resort to Nova Gorica, Slovenia. The formation of this joint venture between Hit, the leading Slovenian tourist company, and Harrah’s Entertainment, the world’s largest destination entertainment company, is based on the readiness of the Government of the Republic of Slovenia to initiate the necessary procedures for passing laws that will allow the project to be carried out. The proposed development will include a 1,500-room world-class hotel, a conference-and-events centre, large wellness and swimming pool amenities, first-class dining, a casino, as well as entertainment, sports and retail attractions of the highest quality. The project's estimated value amounts to € 750 million.
Hit will own 51% of the newly established company, which will build the tourist and entertainment centre, while Harrah's will hold a 49% stake. “We intend for the project to serve as the tourist and entertainment centre for the region, generating international tourism,” said Niko Trošt, CEO of Hit. “The operations of the centre will also imply positive effects for various sectors of the regional and Slovenian economies.”
“This project is expected to include a broad range of entertainment options, including: entertainment, spas, shopping, casino entertainment, shows and concerts, with the hope that it will become a generator of tourist development across the entire Gorica Region and nearby tourist destinations in the areas of Bovec, the Vipava Valley, the Karst and the neighbouring Italian regions,” said Chuck Atwood, vice chairman of the board, Harrah’s Entertainment. “It is estimated that over 90 per cent of guests are expected to come from abroad. Our future guests will be able to rely on Slovenia’s well developed motorway and airport infrastructure.”
The parties plan for the proposed development will be a world-class tourist and entertainment centre which will include a five-star hotel with 650 rooms and a four-star hotel with 850 rooms, a convention-and-event facility with 2,000 seats, various restaurants with 1,400 seats, bars and clubs with 400 seats, a gaming-and-entertainment component with up to 3,000 slot machines and 120 gaming tables, as well as a wellness and swimming-pool centre, stretching over an area of 12,000 square metres. A nearby parking lot with 3,900 places is also planned. Apart from its long-term impact on the development of the regions and Slovenia's tourist industry, the centre could represent an extraordinary business opportunity for many companies and individuals. The construction itself may provide employment opportunities to as many as 4,500 people of different trades (engineers, builders, decorators and other contractors). After its completion, the centre could employ 3,200 people and yield significant tax revenues for the State and the local communities. Additionally the centre will require various products and services (food and beverages, various goods, maintenance and other services worth up to € 165 million a year) from local vendors, which will have a considerable impact on the growth of all sectors of the regional economy.
In planning the centre, the partners plan to closely cooperate with the local communities, since one of the key elements agreed to is the appropriate location of the centre within the local environment in line with the local development plans and the strictest environmental standards.
For more information:
M. Sc. Tilen Majnardi,
Head of Corporate Communications, Hit, d. d.,
g + 386 51 359 646,
tilen.majnardi@hit.si
Construction of Europe’s Largest Integrated Resort Destination
1.The Project
The talks about the project started in 2005. The project for Europe's largest integrated resort destination is the result of extensive work carried out by expert teams of Hit and Harrah's Entertainment and continuous cooperation with the Ministry of Finance of the Republic of Slovenia.
The project will be developed and managed by a joint venture between Hit, the leading Slovenian tourist company that operates ten gaming and entertainment centres and casinos and eleven hotels in Slovenia and abroad, and Harrah’s Entertainment, the world’s largest destination entertainment company. Hit will own 51% of the newly established company, while Harrah's will hold a 49% stake.
The resort will act as an integrator of regional and local tourism. Since the guests are expected to visit the centre with the aim of visiting the wider region, the project will actually promote the national tourist offering.
The projects main objectives have already been included in the strategic development documents of the Republic of Slovenia. Some of the goals and objectives of the project have also been included in the document entitled "Slovenia's Development Strategy". The project has been hinted at as a development priority already in the Slovenian Tourism Strategy 2002-2006 and is now incorporated in the "Slovenian Tourism Development Plan and Guidelines 2007-2011", which pursues the same goals and main objective of the project, since it lists entertainment and gaming among the main areas of tourist products and services.
The project's estimated value amounts to 750 million euros. Europe's largest destination resort will comprise the following:
•a five-star hotel with 650 rooms and a four-star hotel with 850 rooms;
•a convention-and-event facility with 2,000 seats;
•various restaurants with 1,400 seats;
•shopping centres selling the best brands;
•bars and clubs with 400 seats;
•a gaming-and-entertainment component with up to 3,000 slot machines and up to 120 gaming tables;
•a wellness and spa centre with swimming pools, stretching over an area of 12,000 square metres;
•a parking lot for 3,900 cars.
2.Economic & Financial Benefits and Revenues
The project, at an estimated cost of 750 million euros, will imply strong direct and indirect economic benefits. According to estimates, the region would be visited by up to six million guests annually, with 4.5 million guests attracted only by the resort destination.
The construction itself will provide direct employment opportunities to as many as 4,500 people of different trades (engineers, builders, decorators, suppliers and vendors), whose combined revenues could exceed 300 million euros. The government's tax revenues are expected to exceed 160 million euros during the construction phase alone.
The resort destination will offer employment to 3,200 people and yield an additional 120 million euros in annual tax revenues for local communities and the government (gaming taxes, VAT, health-insurance and pension-scheme contributions, corporate-income tax). The resort's annual requirements for products and services (consumables, food and beverages, contractor services, maintenance, transport and telecommunication services...) are expected to reach 165 million euros, thus considerably affecting the growth of local and regional economies.
The combined revenue of companies directly or indirectly involved in the construction would is expected to reach from 700 million to one billion euros. In addition to the direct effects of the construction, the day-to-day operation of the resort would represent a great business opportunity for many small and medium-sized enterprises supplying the following goods and services:
•food and beverages: meat, seafood, dairy products, bread, pastry, frozen food, canned goods, soft drinks, alcoholic beverages…
•general and technical equipment: stationery and office supplies, sound technology, lighting, computer, safety and telecommunication equipment, bar and restaurant fittings...
•furnishings: design and decoration, furniture, fixtures and equipment, glass…
•consumable goods: glassware, chinaware, chemicals, work uniforms, hotel appliances…
•maintenance and technical services: maintenance and renovation works, repair, tools, maintenance equipment, machinery…
•sales: general goods for day-to-day use, souvenirs, artworks, cosmetic products, jewellery, clothing, typical products...
•planning, construction and renovation works: layouts and plans, construction and renovation work…
•general services: advisory services, staff selection, advertising, printing, cleaning, transport…
3.Local Community: Respecting Local Traditions, the Landscape and the Environment
One of the key elements agreed to is the appropriate location of the centre within the local environment in line with the local development plans. At the present, the companies are studying six potential locations for the development. The partners are fully aware of their responsibility towards the local communities of the entire Gorica Region, since the project's impact will reach far beyond the local area.
The project will be planned and designed in line with the local communities' development guidelines, traditional architectural and landscape features, as well as in accordance with the highest environmental standards.
4.Social Responsibility in the Development of the Gaming Business
Hit and Harrah's are known for their socially-responsible approach to the development of the gaming-and-entertainment business and therefore they are expected to pay careful attention to these aspects in their common development strategy. Although the two companies already have exclusion systems of their own, the construction and start-up of the tourist centre will be accompanied by the development of a system for preventing problem and excessive gambling by individuals, in order to minimise the potential negative social effects of the expansion of tourist and entertainment facilities.
For more information:
M. Sc. Tilen Majnardi,
Head of Corporate Communications, Hit, d. d.,
g + 386 51 359 646,
tilen.majnardi@hit.si (http://www.hit.si/)
http://www.hit.si/index_a.php
Location:
http://img511.imageshack.us/img511/5535/novagoricavq7.jpg