A partnership including Caesars Entertainment Corp. has signed a deal to acquire a 10.6-acre tract of land for a casino development at Incheon, South Korea. The partners paid US.9 million for the land.
According to GGRAsia, the consortium known as LOCZ Korea Corp. is planning a casino that will serve foreigners only near Incheon International Airport in Seoul. The only Korean casino now open to residents is Kangwon Land, located in remote Kangwon province.
Caesars will manage gaming for the property, which will begin construction in July 2015. Caesars Chairman Gary Loveman said last summer that the resort will be ready by the opening of the 2018 Winter Olympics in South Korea.
The games are expected to bring a flood of foreign visitation to South Korea, which welcomed 12 million visitors in 2013, according to the Ministry of Culture, Sports and Tourism. Almost 30 million tourists traveled to Macau during the same period, reported GGRAsia.
The Incheon project will cost KRW855 billion (US$838.8 million) and cover more 150,000 square meters (1.61 million square feet).
Along with Caesars Korea Holding Co. LLC, a U.S. firm wholly owned by Caesars Entertainment, the other members of LOCZ Korea Corp. are Hong Kong-listed real estate developer Lippo Ltd., a parent company of consortium fellow member Lippo Worldwide Investments Ltd.; and OUE International Holdings Pte. Ltd., a Singapore company owned by Singapore real estate firm OUE Ltd.