SEOUL, March 18 South Korea on Tuesday granted
preliminary approval to a consortium of Lippo Ltd and
United States-based Caesars Entertainment Corp to build
and operate a casino resort.
The first phase of the project, located minutes away from
Incheon International Airport about 50 kilometres west of Seoul,
will cost about 746.7 billion won ($699.55 million) and include
a foreigner-only casino and at least two hotels expected to be
built by 2018, the country's Ministry of Culture, Sports and
Tourism said in a statement on Tuesday.
The entire development will cost around 2.3 trillion won and
will be built over a period of nine years on Yeongjong Island,
the companies said in a statement in December.