Caesars conquers Asia with Korean casino resort
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US casino operator Caesars Entertainment has unveiled plans to enter Asia for the first time, with the signing of a new integrated gaming resort complex in South Korea.
Caesars has teamed up with the Lippo Group and OUE Limited to create a new Korean joint venture, LOCZ Korea Corporation. And this new company has now received preliminary approval from the South Korean Ministry of Culture, Sport & Tourism to include gaming facilities at its planned integrated resort on Yeongjong Island in Incheon, close to Seoul’s main international airport.
“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’ chairman, CEO & 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.”
Gambling is illegal in South Korea and the new gaming complex will only be open to foreigners, with Chinese visitors expected to account for the largest proportion of guests.
Other facilities at the new integrated resort will include hotels, live entertainment venues and a new convention centre. But Caesars said the plans include scope for “potential future expansion to accommodate growth in the number of resort visitors”.
The complex is expected to open in time for the 2018 Winter Olympic Games, which will be hosted in South Korea.
The new Caesars complex marks the latest stage in the liberalisation of Asia’s gaming industry. In an effort to take advantage of rising disposable income and the Chinese outbound travel boom, an increasing number of countries, including Singapore and Vietnam, have welcomed international casino operators in recent years. Japan is also believed to be on the verge of approving its first international casino development.
For Caesars, the Korean launch will mean it operates casinos on five continents: Africa, Asia, Europe, North America and South America.
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