Korea: what regulatory changes will Lippo/Caesars project prompt?

    Published in: Latest Intelligence The Lippo Group/Caesars Entertainment consortium appears to have stolen a march on rivals, gaining preliminary approval for a $805 million foreigner-only resort on Yeongjong island before legal changes that may make it more difficult to secure a permit. It’s the first casino license to be awarded to a foreign corporation and the first instance of an award through the “pre-approval regulatory process.” Foreign corporations have been eyeing South Korea’s casino market with interest, with Genting Singapore recently teaming up with Chinese property firm Landing International to build a $2.2 billion resort on the southern island of Jeju. Las Vegas Sands, Wynn Resorts, Melco Crown and MGM Resorts have also previously expressed an interest in the country. The market is seen as having considerable potential if it can capture a share of the ballooning outbound China tourism market. Its geographical proximity to northern China makes it an obvious destination. Combined revenue...

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