Las Vegas-based Caesars Entertainment and the Indonesian Lippo Group has received Korean Government approval to develop the first gambling resort in Incheon.

 

The multi-million dollar foreign investment on Yeongjong Island near Incheon International Airport will primarily target Mainland Chinese visitors. Provided all parties stay committed to the venture, the new complex is expected to cost around KW.743.7bn ($696m) and is scheduled to open in 2018. It will feature a shopping mall, a 7,700sq m casino, a 760-room luxury hotel and a convention centre.

 

The Korean Ministry of Culture, Sports and Tourism announced that approval was given last week for the ‘foreigner only casino’ after the joint venture known as LOCZ Korea improved an earlier rejected offer.

 

Another artist’s impression of the new complex.

 

A REAL RIVAL TO MACAU?

It is also encouraging the new operator to be competitive to try and attract some of the Mainland Chinese business currently travelling to gamble in Macau. The consortium hopes to open the Incheon integrated resort in time to welcome visitors arriving in Korea for the 2018 Olympics in Pyeongchang.

 

“We are grateful to the Korean government for their initial approval, paving the way for the opportunity to build and operate our first integrated resort in Korea,” said Gary Loveman, Caesars Entertainment Chairman, CEO and President.

 

“We are excited about the opportunity to expand our network and brands to Asia. Foreign visitation to South Korea has grown significantly, and we look forward to creating a world-class destination to further support Korea’s economic growth and tourism goals.”