Lippo, Caesars win preliminary license to open casino resort near SKorea's largest airport
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South Korea says a consortium of Caesars Entertainment and Indonesia's Lippo conglomerate has received a preliminary license to build a casino-resort near the country's largest airport.
South Korea's culture ministry said Tuesday the Indonesian-U.S. consortium plans to spend 743.7 billion won ($696 million) to open a casino town in Incheon in 2018.
It is the first South Korean casino license given to foreign investors. The ministry said it would boost the tourism industry and tax revenues.
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The ministry said it would become South Korea's largest casino serving exclusively foreigners.
Local law bans South Koreans from gambling in casinos and the issue of opening a casino for South Koreans has long been contentious.
The ministry said getting the final license would hinge on whether the consortium carries out the planned investment.