South Korea says to approve two more casino resorts this year

PARADISE

18/01/2015 06:04

SEOUL, Jan 18 (Reuters) - South Korea said on Sunday it will 
approve two more casino resorts and the building of around 5,000 
new hotel rooms this year, hoping to boost tourism investment by 
around 3.5 trillion won ($3.25 billion). 
    The government would choose operators to invest around one 
trillion won each in two integrated resorts with foreigner-only 
casinos by the second half of this year, part of a three-year 
plan to boost the economy, it said in a statement. 
    South Korea has already approved a consortium of U.S.-based 
Caesars Entertainment Corp  CZR.O  and Lippo Ltd  0226.HK  as 
well as a joint venture of local player Paradise Co Ltd 
 034230.KQ  and Japan's Sega Sammy Holdings Inc  6460.T  to 
build two casino resorts in Incheon, west of Seoul. 
    A consortium of Genting Singapore PLC  GENS.SI  and Landing 
International Development Ltd  0582.HK  is also seeking to break 
ground for an integrated resort project on the Chinese tourist 
hot spot island of Jeju. 
    The government also said it expected an additional 300 
billion won of investment in four new duty free stores. Three 
will be in Seoul, one on Jeju. 
    South Korea's 16 downtown duty free shops have seen their 
revenue rise from 3 trillion won in 2011 to 4.4 trillion won 
between January and October last year. 
    The number of Chinese tourists to South Korea grew nearly 41 
percent in 2014, according to the Korea Tourism Organization. 
($1 = 1,080 won) 
 
 (Reporting by Joyce Lee; Editing by Nick Macfie) 
 ((jungyoon.lee@thomsonreuters.com; +82 2 3704 5609; Reuters 
Messaging: jungyoon.lee.thomsonreuters.com@reuters.net)) 
 
Keywords: SOUTHKOREA RESORTS/