Chow Tai Fook to invest $2.6b in Incheon casino

Hong Kong's Chow Tai Fook Enterprises plans to invest $2.6 billion to build a casino resort near South Korea's largest airport, local authorities said.

Chow Tai Fook will build the resort in Incheon in two stages between 2015-2019 and 2019-2022 respectively, Reuters reported, citing a statement from the agency operating the South Korean city's economic free zone.

Its resort is expected to include a foreigner-only casino, hotel, shopping, entertainment and convention facilities.

The country is pinning its hopes that a growing casino industry will attract Chinese visitors, who make up more than the half players in South Korea's casinos. South Korea has said it will approve about two new casino resorts and hopes to select operators this year.

An official in Incheon, the city west of Seoul where the resort is planned, said Chow Tai Fook will need approval for a casino licence from the central government, which the city expects some time this year, Reuters reports.

South Korea has become an attractive destination to open a casino due to its close proximity to northeastern China.

Last month, the Philippines' Bloomberry Resorts Corp said it was planning a casino and entertainment complex in Incheon..

The number of Chinese tourists to South Korea grew by 42 percent last year.