Korea will open its first gambling resort built with foreign investment on Yeongjong Island near Incheon International Airport in 2018.
Restricted like all casinos here to foreigners, it will be the largest of its kind with a 760-room luxury hotel and convention center targeting mostly Chinese visitors.
The Ministry of Culture, Sports and Tourism on Tuesday said it gave the green light to LOCZ Korea, a joint venture of Las Vegas-based U.S. casino operator Caesars Entertainment and Indonesian conglomerate Lippo Group.
After failing to meet requirements in a preliminary examination last June, LOCZ improved its credentials and increased the proposed investment for the first phase of the project.
The 7,700 sq.m casino, hotel, shopping mall and convention center will be built at a cost of W743.7 billion (US$1=W1,071).
The decision is likely to encourage other operators from home and abroad to build casinos on the island. LOCZ expects it would rake in W890 billion in tourism revenue per year.