OUE shares jump as S.Korea casino gets prelim approval

SINGAPORE, March 18 Mon Mar 17, 2014 11:31pm EDT

SINGAPORE, March 18 (Reuters) - Shares in property developer OUE Ltd jumped 6.3 percent to S$2.35, after the company, as a part of a consortium, received the preliminary approval from the South Korean government to build a casino in South Korea.

OUE, together with Lippo Ltd and Caesars Entertainment Corp, were granted a preliminary licence to build an intergrated entertainment resort, including a foreigners-only casino, estimated to cost 855 billion Korean won ($801.01 million) to construct.

OUE will focus on the hotel and convention centre of the project, a company statement said.

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