Caesars Entertainment was granted preliminary approval from the South Korean Ministry of Culture, Sport and Tourism on Monday to build a $794.7 million hotel-casino complex on Yeongjong Island, according to the Las Vegas Review-Journal.
Developers still need to satisfy particular investment requirements to obtain a gaming license, but if the project goes through, it would be South Korea's largest casino, boasting 760 rooms and suites across three towers, as well as high-end amenities, live entertainment venues, retailers, and a convention center. It would also be the first casino granted to foreign investors.
Located about six miles from the Incheon International Airport and 25 miles from Seoul, the casino would only be open to South Korea's foreign visitors, not the country's residents. It would be South Korea's 17th foreigner-only casino.
According to the report, Caesars said it hopes to open the hotel-casino resort by the 2018 Winter Olympics in Pyeongchang, South Korea.
The South Korean government wants to draw 10 million Chinese visitors a year by 2020, according to Bloomberg News, and Caesars Entertainment produced a record $45.2 billion in gaming revenue in 2013. Both are big numbers that only add to the buzz surrounding the potential opening of the property.
In the SEC filing, Caesars said the project would create 3,500 permanent jobs during a four-year development period.
The joint venture includes Caesars Entertainment, Hong Kong-based real estate developer Lippo Group and a Korean developer.
Caesars said the company's affiliate, Caesars Growth Partners, might be included in the venture.