South Korean officials have delayed a decision on whether to approve a bid by Caesars Entertainment to build a resort casino on Yeongjong Island near the country’s main international airport in Incheon.
The U.S. casino giant has teamed with Indonesia’s Lippo Group on the bid, which envisions a major tourist-focused project in the island’s free economic zone near the airport. The venture was rejected for a license last June over concerns that Caesars’ industry high debt load might imperil its ability to see the project through to completion.
South Korea’s Ministry of Culture, Sports and Tourism said the latest delay was due to “some procedures that we need to check with the bidders.”
If approved, the joint venture hopes to open in 2022 with a casino, a 600-room hotel and an array of other attractions at a cost that reports peg at north of US$2 billion.
