S. Korea opens casino market to foreign operator
Published on Mar 18, 2014 3:21 PM
SEOUL (AFP) - South Korea opened its tightly controlled gambling market on Tuesday and approved a US$697 million (S$880 million) investment plan by foreign investors to build the country's biggest casino town.
LOCZ Korea, a joint venture between Las Vegas-based Caesars Entertainment and Indonesia's Lippo Group, has been given permission to open a foreigner-only casino in 2018, the culture ministry said.
The casino will be the first to be owned and operated by any foreign investors in South Korea.
The new casino town will feature hotels, convention centres, and shopping malls, and will be located near Incheon International Airport, South Korea's main gateway, the casino operators said.
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