OUE consortium is the latest Singapore entity to declare intentions on South Korea, where it will construct the first internationally branded integrated resort in the country.
This comes one month after casino operator Genting Singapore and Chinese partner Landing International Development announced plans for a US$2.2 billion casino resort on Jeju Island, targeting Chinese gamblers.
A statement released on the Singapore stock exchange yesterday stated that South Korea’s Ministry of Culture, Sports and tourism had granted pre-approval to the consortium, which is comprised of property developer OUE Limited, Lippo Limited and US-based Caesars Entertainment Corporation.
Expected to be finished in time for the 2018 Winter Olympics in South Korea, the integrated resort will feature a hotel, retail and convention and residential properties, as well as a foreigners-only casino to be run by Caesars or one of its affiliates.
The project will be developed on a 4.3-hectare site and cost 855 billion Korean won (US$798.2 million).
Once approved, OUE consortium will receive the first casino licence given to foreign investors, according to Singapore daily The Straits Times, which also said the development will be located on Yeongjong island, close to Incheon International Airport.