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OUE consortium wins preliminary approval to build South Korea casino

Published on Mar 18, 2014 12:17 PM
 
Singapore-listed property developer OUE is part of a consortium that has been granted preliminary approval to develop an integrated resort and casino in South Korea. -- BT FILE PHOTO: YEN MENG JIIN

Singapore-listed property developer OUE is part of a consortium that has been granted preliminary approval to develop an integrated resort and casino in South Korea.

The developer said on Tuesday that the project will be South Korea's first "internationally branded integrated entertainment resort". Its partners in the consortium are Lippo, controlled by the Riady family that also leads OUE, and Caesars Entertainment Corporation.

The resort will comprise hotel, retail, convention and residential elements as well as a foreigners-only casino, which will be operated by Caesars Entertainment Corporation or one of its affiliated companies.

The 855 billion won (S$1 billion) project is expected to be completed in time for the 2018 Winter Olympics to be held in South Korea, OUE said.

 
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