Lippo-Caesars pay $10m South Korea casino deposit

    A consortium made up of Caesars Entertainment and the Lippo Group has paid a $10 million deposit for the land on which it intends to build an integrated resort on the Island of Yeongjong near Incheon International Airport, local media reports.
    The price represents a deposit of 10 percent of the total. The balance will be paid by the year’s end. The resort is expected to open before the 2018 Winter Olympics in Pyeongchang.
    The consortium won a preliminary license to operate the resort in March. The partners will break ground in the first half next year and complete the project to build the casino and hotel by April 2018, the reports said.
    South Korea has 17 casinos, though only one is open to locals. Revenue rose about 7.6 percent to 2.64 trillion won in 2013, driven mainly by visitors from China, according to the Korean Casino Market Review by Kore Co.
    The total number of casino visitors exceeded 5.7 million last year, with 2.7 million categorized as foreigners. The number of Chinese visitors continued to grow and accounted for 46.7 percent of the total market. The report said the upswing in China visitor numbers had been helped by a significant addition of baccarat tables.