Seoul: South Korea has opened its tightly controlled gambling market, approving a $697 m investment plan by foreign investors to build the country’s biggest casino town, on Tuesday.
The casino will be the first to be owned and operated by any foreign investors in South Korea. LOCZ Korea, a joint venture between Las Vegas-basedCaesars Entertainment and Indonesia’s Lippo Group, has been given permission to open a foreigner-only casino in 2018, the culture ministry said.
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.
The airport is on an island about 40 kilometres (24 miles) west of Seoul and handles about 35 m passengers a year. The ministry hopes the casino will attract more foreign tourists into South Korea.