Hong Kong’s Chow Tai Fook Enterprises plans to invest US$2.6 billion to build a casino resort in South Korea, taking a big bet on the nation’s potential to lure Chinese gamblers, Reuters reported Thursday.
The planned resort, near the Incheon airport, is expected to include a foreigner-only casino, hotel, shopping, entertainment and convention facilities, the report said, citing the Incheon Free Economic Zone agency.
It will be built in two stages, with the first phase between 2015 and 2019 and the second during 2019-2022.
The site is near where a consortium of US-based Caesars Entertainment Corp and Lippo Ltd as well as a joint venture of local player Paradise Co. and Japan’s Sega Sammy Holdings Inc plan their respective casino resorts, according to the report.
South Korea bans locals from entering 16 of its 17 casinos, and has so far said new licenses would only be approved for foreigner-only casinos.
Chow Tai Fook Enterprises is an affiliate of Chow Tai Fook Jewellery Group (01929.HK).
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