SEOUL, South Korea — The tourism ministry today gave preliminary approval to a foreign casino operator to open a business in South Korea for the first time as part of efforts to boost the country’s tourism industry.
The ministry said it gave an initial go ahead to LOCZ Korea to open a foreigner exclusive casino in the economic zone, Yeongjongdo. The company is a joint venture between Las Vegas-based Caesars Entertainment and Indonesian conglomerate Lippo Group.
LOCZ Korea will get a formal approval after the ministry assesses whether the company fully carried out its investment plan in January 2018.
The ministry said it had demanded the company make its accounts and operations transparent, and recommended creating jobs for locals. It said it can cancel the preliminary approval if the company fails to meet the requirements.
LOCZ Korea plans to invest about 747 billion won in building the casino resort by 2018 as the first stage of the project and complete it by 2023 by spending a total of 2.3 trillion won.
According to the company plan, the casino will open in April 2018, becoming the country’s biggest one with a floor space of 7,700 square meters.
Source: Busan eFM News