Lippo/Caesars consortium buys land for Korea casino

A consortium made up of the Lippo group and Caesars Entertainment said they have agreed to buy plots of land in Incheon, South Korea for $95.9 million to develop a casino.

The plots have a total area of approximately 89,171.4 m2.

The South Korean government gave preliminary approval to a consortium of Caesars Entertainment Corp, Singapore's OUE Ltd and Hong Kong-based Lippo Ltd to build a foreigner-only integrated tourism resort in March last year. The casino will be located near the country's main international airport on Yeongjong island and is expected to cost around 2.3 trillion won ($2.2 billion). It will be built in stages and will be ready in time for the 2018 Winter Olympics in Korea, the companies said.

 

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