Caesars consortium casino project ignites interest in S. Korean casino stocks

    Published in: Latest IntelligenceSouth Korea’s casino stocks put in a strong performance this week after the country’s Ministry of Culture Sports and Tourism granted initial approval for another large-scale integrated resort, the second in a matter of weeks.The government said Caesars Entertainment (CZR US), Hong Kong-listed Lippo Group and Singapore’s OUE (OUE SP) can go ahead with a large-scale foreigner-only casino.The approvals have reawakened interest in the prospects for the country’s gambling industry. “We believe new entrants in Korea will likely create more demand given a substantial shortage of gaming facilities in North Asia,” said analysts at Macquarie in a research note to clients. The nod from South Korean authorities came shortly after Genting Singapore got the go ahead for a $2.2 billion project on Jeju Island in partnership with Hong Kong-listed developer Landing International Development. Shares of Paradise Co. Ltd. (034230 KS), one of two companies that dominate South Korea’s foreigner-only...

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