South Korea on Tuesday granted a preliminary casino licence to a Lippo and Caesars Entertainment venture to build a resort on Yeongjong island, as the government tries to court wealthy Chinese punters with an array of gambling options.
It is the first time that foreign capital has received a preliminary casino licence.
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Genting Singapore and Chinese property developer Landing International Development have announced plans for a $2.2 billion casino resort on the southern island of Jeju but have yet to secure a preliminary licence.
The first phase of the project, located minutes away from Incheon International Airport about 50 kilometers west of Seoul, will include a foreigner-only casino and at least two hotels expected to be built by 2018, the country's Ministry of Culture, Sports and Tourism said in a statement.