South Korea may permit three more casinos
According to a Standard Chartered Equity Research report, the government’s master plan will establish Yeongjong Island, which is 50km south-west of Seoul, as the main hub of the development.
“Our checks with officials and industry participants suggest that Yeongjong Island will be the center stage for IR [integrated resort] project development. We expect an additional two to three casino IRs to form a cluster with the two current projects,” said Standard Chartered analysts Tyler Ahn and Philip Tulk.
South Korea’s largest operator, Paradise Co, was due to break ground this month on the country’s first integrated casino resort near the airport. Paradise City is a joint venture with Sega Sammy of Japan and is due to open in 2017.
Caesars, in a joint venture with Lippo, is also planning a project there, which will open the following year.
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