Vegas Group in Busan Talking $4.5 Billion Casino Resort–with a Catch

1

Las Vegas Sands Corp chairman Sheldon G. Adelson recently offered to build a $4.5 billion casino in Busan, South Korea. But there’s a catch: Adelson’s company will only build the luxury casino if laws preventing Korean nationals from gambling are either lifted or loosened.

By adding the caveat, Adelson is himself gambling that the government, hungry for more tax revenue, will ignore strong public opinion against legalized gambling, and jump on the offer.

Currently, Korea has 17 licensed casinos nationwide, with all prohibiting Korean nationals from entering –save one located in Gangwon-do.

Not only are all but one of the country’s casinos closed to locals, but so are those in the rest of the world, with current law making it a crime for Korean citizens to gamble abroad, €”though it is a law rarely enforced.

Not only are all but one of the country’s casinos closed to locals, but so are those in the rest of the world, with current law making it a crime for Korean citizens to gamble abroad, €”though it is law rarely enforced.

On Friday George Tanasijevich, CEO of Marina Bay Sands, a core affiliate of of the Nevada-based Las Vegas Sands Group, met with Busan Mayor Suh Byung-soo.

According to the Korea Times, the mayor is open to the idea (as is the Korean Tourism Organization) but the central government is the one to call the shots on whether Korea’s decades-old gambling laws will be repealed or revamped.

Tanasijevich and Adelson both firmly believe that a Busan location, coupled with its beachside attractions and infrastructure could rival other resort-casinos across Asia.

Foreigner Only Casinos Still a Thriving Industry

A consortium between Chinese company Lippo and American casino giant  Ceasars Entertainment, are set to begin construction on a foreigner only casino in Yeongjong-do later this year.

Paradise Group, Korea’s largest resort and casino operator have already broken ground on another foreign only casino in November last year in the same area.

Recently, a casino group led by Chow Tai Fook in Hong Kong, inked a $2.6 billion deal with Incheon Metropolitan City which will see the construction of casino slated to be completed there by 2022.

Lots of new venues, but not one open to Korean nationals.

Answering concerns by the Korean public and regulators over the ill-perceptions of open gambling, Tanasijevich suggested that preventive measure could be set up that ban those with a history of bankruptcy or possessing a criminal record.

While there are two national lotteries Lotto and Toto, horse, motor and cycle racing, ponying up your paycheck anywhere else is strictly off limits–for the time being.


 Read more:
Is Korea Going to Allow Koreans in their Own Casinos? (2013)

 

The Latest Haps

NewsEntertainmentLifestyleFood/DrinkTravelSports
kia-breaks-record-in-america

Kia Breaks Sales Record in US for 7th Straight Month

Kia Motors America continues to break records in sales for the division as sales in November reached a total of 52,504 units, a 15.3 percent increase over the same period last year. The brand’s seventh monthly sales record.

0 comments
nurimaru

Busan to Host Forum for East Asian-Latin American Cooperation in 2017

Foreign ministers of East Asian and Central and South American countries will gather in Busan next May.

0 comments
fire-park-chung-hee-birthplace

Arson Suspected at Birthplace of Park Geun-hye’s Father Park Chung-hee

Discontent with the current president Park Geun-hye has apparently spread to her father.

0 comments
Image: YouTube

SNL Korea Women Under Fire for Groping Male Hosts

Some female cast members of SNL Korea are under fire after a video of them sexually grabbing a popular K-pop boy bands genitals has sparked outrage on Korean social media.

0 comments
Image: YouTube

Have Your Say: Do You Like Busan’s Newest Branding Video?

The City of Busan has released its newest branding film entitled “Busan Brand Film” in hopes of promoting the city domestically and internationally.

0 comments
tv

China Slaps Ban on Korean Shows, Entertainers

The Chinese government has placed a ban on all Korean entertainment activities in the country in retaliation for Korea’s plans to deploy the Terminal High Altitude Area Defense (THAAD) system in July.

0 comments
microphone

Monthly Ha Ha Hole Returns Saturday

Busan’s first, best, and only open mic comedy night returns tonight for its May edition at HQ Bar in KSU.

0 comments
birthday

Old Before My Time: The Concept of Korean Age

As an international traveler, you are used to the idea of various countries using different measures to refer to the same thing.

0 comments
xmas gift

Annual BIWA Christmas Bazaar Returns Saturday

The annual Busan International Women’s Association’s “Christmas Bazaar” returns once again Saturday, December 3, from 10:00 a.m. to 4:00 p.m. at the Haeundae Grand Hotel 2nd Floor.

0 comments
korean-bbq

Eat Like a Local: Kim Siljang Charcoal BBQ

With many Korean BBQ places to choose from in the city, Kim Siljang Charcoal BBQ is a great, affordable place near Gwangan Beach.

0 comments
Image: Korea Ginseng Corportation

7-11 Rolls Out New “Red Ginseng Triangle Kimbap”

Convenience store 7-11 has rolled out a nutritious option to its quick food grab line with a “Red Ginseng Chicken Breast” triangle kimbap.

0 comments
Burger-and-Pasta

Burger & Pasta to Open Seomyeon Location

Burger & Pasta will open their newest location in Seomyeon in mid-December according to the company.

0 comments
The sun sets on the gorgeous French countryside.

Self-Guided Food Tours in France – Check out this Interactive Guide

France is renowned for its creative use of fresh market produce, and our hoteliers pride themselves on serving fare of the highest standard. Enjoy delicious food and elegant wines as you recall the highlights of the day.

0 comments
marinabaysandsinterior

24 Hours at the Marina Bay Sands Singapore

Marine Bay Sands in Singapore has become the standard for not only luxury, but also noted as the place to go if you’re on a vacation to the southeast Asian tourist mecca.

0 comments
Image: YouTube/NBC

Themed Tours of Busan: Choose Your Own Adventure in the City

Busan has a ton of great attractions to meet your tourist needs. Dynamic Busan Magazine introduces a few great places to get you started.

0 comments
tennis

Korea’s First Indoor Tennis Facility to Open in Sajik-dong

Busan Sports Council says that it will test-operate the Busan Indoor Tennis Facility in Sajik-dong for free starting today for 16 days to celebrate its opening.

0 comments
Image: FeelDesain

German Citizen to Join Korean Olympic Luge Team

Just in time for the Pyeongchang 2018 Winter Olympics, the South Korean luge team is about to get a German import.

0 comments
4-5-1

Where to Lace Up The Skates in Busan

In winter, ice skating and sledding can actually make you feel that the best sports and outdoor activities can be had when it’s cold outside. Following is a list of the ice rinks that allow visitors to enjoy winter at reasonable prices.

0 comments

 

Comments

comments