Loveman looks to China

Harrah's Entertainment Inc. Chairman and Chief Executive Officer Gary Loveman wants to bring the Caesars Palace brand to Macau as the world's biggest casino company seeks new markets for growth.

Harrah's has held exploratory talks there and will likely hold more in the future, Loveman said in a recent interview. Entering the market would require working with an existing operator because the government limits the number of licenses to six.

"There's nothing immediately active that could lead us there," Loveman said. "We've made it very clear we would like to see the Caesars Palace brand in Macau. We certainly recognize there are six licensees, and somehow or other it has to fit through that lens."

Loveman's comments reiterate what he told the Las Vegas Review-Journal in June. He said then the company's interest in Macau is because it is "close to a lot of customers Caesars has been in contact with for more than 40 years."

Harrah's is also looking to expand in other parts of Asia, and in Massachusetts and Ohio, Loveman said. Macau is the world's largest gambling hub, and Las Vegas Sands Corp., Wynn Resorts Ltd. and MGM Mirage already have a presence. The territory overtook the Las Vegas Strip in 2006, after China ended a 40-year monopoly held by billionaire Stanley Ho.

"We need to try to bring our footprint into markets that are appealing to us," Loveman said. "We are not a one- or two- city company, we are a system of brands distributed to as many people as possible, so we need to continue to expand."