Caesars Entertainment and Lippo will be opening the largest casino resort in South Korea.
The two companies have become the first foreign investors to receive a preliminary casino license under South Korean gambling laws, after proposing a $696 million project near the country’s largest airport. The venue would be targeted mainly at Asian gamblers, but a final approval is still needed.
According to an official statement released by the country’s culture ministry, the foreign developers are planning to open a casino town in Incheon by 2018. At present, state officials aren’t very open to the idea of gambling and it looks like it will be a long time before we see licensed online casinos in South Korea, but this is definitely a step in the right direction.
New income generators
Local residents are generally forbidden from gambling, so only tourists would be welcome in the new casino. The state would however get to benefit from tax revenues and profits generated by the tourism industry. For now, South Korean gamblers are only allowed to play the Kangwon Land casino in the Gangwon province, located east of Seoul.
Caesars’ and Lippo’s application is scheduled for another review in January 2018, when state officials will decide whether they grant the new license. The casino would be launched within three months from the final approval.