South Korea on Tuesday granted a preliminary casino license to a Lippo Ltd and Caesars Entertainment Corp venture to build a resort on Yeongjong island, as the government tries to court wealthy Chinese gamblers with an array of gambling options.
It is the first time that foreign capital has received a preliminary casino license.
Genting Singapore and Chinese property developer Landing International Development have announced plans for a $2.2 billion casino resort on the southern island of Jeju but have yet to secure a preliminary license.
The first phase of the project, located minutes away from Incheon International Airport about 50 kilometers west of Seoul, will include a foreigner-only casino and at least two hotels expected to be built by 2018, the country's Ministry of Culture, Sports and Tourism said in a statement.
The first phase will cost about 746.7 billion won ($700 million), the ministry said. The entire development will cost around 2.3 trillion won and will be built over a period of nine years, the companies said in a statement in December.
A local spokesman for LOCZ Korea, the joint venture set up by Hong Kong-based Lippo and Caesars, declined immediate comment.
Source: Reuters
