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| Caesars to open casino in South Korea with Lippo | Caesars to open casino in South Korea with Lippo |
| (about 5 hours later) | |
| South Korea has granted approval to US firm Caesars Entertainment to open a "foreigner-only" casino with Indonesian conglomerate Lippo. | |
| The first phase of the project also includes two hotels and will be built near Incheon airport outside Seoul. | The first phase of the project also includes two hotels and will be built near Incheon airport outside Seoul. |
| In total the firms expect to invest 2.3 trillion won ($2.1bn) in further projects over the next nine years. | In total the firms expect to invest 2.3 trillion won ($2.1bn) in further projects over the next nine years. |
| South Korea currently has over 16 "foreigner-only" casinos, meant to appeal primarily to northern Chinese. | South Korea currently has over 16 "foreigner-only" casinos, meant to appeal primarily to northern Chinese. |
| Most of them are clustered near Seoul's airport or on the island of Jeju, which is just over an hour away by plane from northern cities like Shanghai and Beijing - making them a convenient alternative to Macau. | Most of them are clustered near Seoul's airport or on the island of Jeju, which is just over an hour away by plane from northern cities like Shanghai and Beijing - making them a convenient alternative to Macau. |
| Last month, Genting Singapore - Southeast Asia's largest casino operator by market value - announced it would build a casino on Jeju with Chinese development firm Landing International to target northern and eastern Chinese gamblers. | Last month, Genting Singapore - Southeast Asia's largest casino operator by market value - announced it would build a casino on Jeju with Chinese development firm Landing International to target northern and eastern Chinese gamblers. |
| The project, which is expected to cost $2.2bn, will include a theme park, shopping malls, apartments and hotels as well as the casino. | The project, which is expected to cost $2.2bn, will include a theme park, shopping malls, apartments and hotels as well as the casino. |