South Korea will be selecting the winning bidders to operate Korea’s new foreigner-only casinos later this week, according to Yonhap News citing unidentified industry sources.
According to Yonhap, a total of six operators had submitted proposals for the casino licences in South Korea. There were four proposals for Icheon, one for Yeosu, and one for Jinhae.
Only two candidates have met the investment qualification of a minimum outlay of 1 trillion won (US$811.3 million) where at least $500 million comes from foreign investors, Yonhap reports. Other requirements of the proposal includes 1,000 five-star hotel rooms, a convention venue, entertainment facilities and a shopping area. As well as this, the gaming venue must be limited to less than 5 percent of the total gross floor area.
South Korea’s Ministry of Culture, Sports and Tourism has been reviewing proposals from a number of operators, with final presentations and a final examination to occur between Wednesday and Friday, and the results will be announced following the review process, a local source said.
Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.
ASIA GAMING BRIEF
PO Box 1139, Macau SAR
Tel: +853 2871 7267
Fax: +853 2871 7264