SINGAPORE (Yosefardi) – SGX Mainboard-listed integrated property developer OUE Limited, Lippo Limited and Caesars Entertainment Corporation (the consortium) has been granted pre-approval by the Ministry of Culture, Sports and Tourism of the Republic of Korea to develop the first internationally branded integrated entertainment resort in South Korea.
The Project will be a world-class entertainment destination consisting of hotel, retail and convention and residential properties to be developed by the Consortium, which is expected to be ready in time for the 2018 Winter Olympics in South Korea. The Project will also feature a foreigners-only casino.
Caesars Entertainment Corporation or one of its affiliated companies will be the investor in the project and operator of the casino. The Project is expected to involve an estimated total project cost of approximately Korean Won 855 billion (approximately SGD1 billion) with total development gross floor area of over 150,000 square metres on a 4.3 hectares site.
OUE will have a significant non-controlling interest in the Project, and its participation will focus on the hotel component and convention centre of the Project.