T. Korea opens casino market to foreign operator

South Korea opened its tightly controlled gambling market Tuesday and approved a $697 million investment plan by foreign investors to build the state’s biggest casino town.

LOCZ Korea, a joint venture between Las Vegas-based Caesars Entertainment and Indonesia’s Lippo Group, has been provided permission to open a foreigner-only on line casino in 2018, the culture ministry said.

The on line casino will be the first to be owned and operated by any foreign investors in South Korea.

The new casino town will function hotels, convention centres, and shopping malls, and will be located near Incheon International Airport, South Korea’s main gateway, the casino operators said.

The firms will invest 744 billion won ($697 million)in the project.

The airport is on an island about 40 kilometres (24 miles) west of Seoul and handles about thirty-five million passengers a year. The ministry hopes the casino will entice more foreign tourists into Southern Korea.

LOCZ Korea plans to turn the casino city into an integrated resort city with increased investments by 2023, it mentioned.

Casinos provide a consistent source of hard currency revenue and fuel tourism. But South Korea strictly limits entry to its citizens.

Of Southern Korea’s 17 licensed casinos, just one — Kangwon Land Resort — is open to locals.

Last year the foreigner-only casinos taken in 2 . 7 million visitors using their combined revenue standing at one 37 trillion won.


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South Korea opened up its tightly controlled gambling market Tuesday and approved a $697 million investment plan by foreign investors to build the country’s greatest casino town.

LOCZ Korea, a joint venture between Todas las Vegas-based Caesars Entertainment and Indonesia’s Lippo Group, has been given authorization to open a foreigner-only casino within 2018, the culture ministry mentioned.

The casino would be the first to be owned and operated by any foreign investors within South Korea.

The newest casino town will feature hotels, convention centres, and shopping malls, and will also be located near Incheon International Airport, Southern Korea’s main gateway, the on line casino operators said.

The particular firms will invest 744 billion won ($697 million)in the project.

The airport is usually on an island about 40 kms (24 miles) west of Seoul and handles about 35 mil passengers a year. The ministry hopes the casino will attract more foreign tourists into South Korea.

LOCZ Korea programs to turn the casino town in to an integrated resort city with more purchases by 2023, it said.

Casinos provide a consistent way to obtain hard currency revenue and gas tourism. But South Korea purely limits entry to its own people.

Of South Korea’s 17 licensed casinos, only one — Kangwon Land Resort — is usually open to locals.

Last year the foreigner-only casinos pulled in second . 7 million visitors with their mixed revenue standing at 1 . 37 trillion won.

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