Due to “some procedures that we need to check with the bidders”
Caesars approval of South Korea casino delayed
2014-03-03
Reading time 43 seg
(Korea).- South Korean officials unexpectedly delayed a decision on whether to approve Caesars’ bid to build a resort casino on Yeongjong Island. Caesars had teamed with Indonesia’s Lippo Group on the bid, which envisions a facility in the island’s free economic zone near Incheon International Airport. South Korea’s Ministry of Culture, Sports and Tourism said delay was due to “some procedures that we need to check with the bidders.”
Ahn promised more info at a new press conference tentatively scheduled for Monday, March 3.
The pair’s previous joint bid was rejected in June over concerns that Caesars’ industry-high debt load might imperil the company’s ability to see the project through to completion. If approved, Caesars’ South Korean casino hopes to open in 2022 offering 100 gaming tables, 150 slot machines, 600 hotel rooms and other non-gaming amenities. Various estimates have put the project’s price tag at between us$2b and us$3.7b. Having passed on the opportunity to invest in Macau when it still had the chance, the debt-laden Caesars is now beyond desperate to obtain a foothold pretty much anywhere in Asia.
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