Caesars Entertainment is finally entering the Asian market with preliminary approval for a large casino and resort complex in Incheon, South Korea, and the project will be built by a consortium of Caesars in Las Vegas, OUE Ltd in Singapore, and Hong Kong-based Lipo Ltd.
Like all casinos in Korea except Kangwon Land Resort & Casino, the facility will be open only to foreign tourists. The proximity to China and the amount of Japanese tourists who have already come to Korea to gamble show that the 2.3 trillion won investment has a good chance of success.
Japan could soon normalize gambling-related laws within its borders, with about 33% of the country’s foreign gambling revenue now coming from Japan, with 17 casinos in the country, and about half of its total revenue coming from Kangwon Land Resort & Casino, which accepts bets from domestic and foreign players.
The casino complex is one of several mega resorts that will compete for business. Genting Singapore and China’s Landing International Development plan to build in Jeju Island. Paradise Entertainment Limited plans to build a $1.7 billion resort in Incheon in partnership with Japan’s Sega Sammy Holdings. 온라인경마
When it failed to gain a foothold in Macau 10 years ago, Caesars missed its speedboat to Asia. Macau is now making Las Vegas smaller with $46 billion in annual sales.