{"id":13447,"date":"2021-01-17T16:47:50","date_gmt":"2021-01-17T16:47:50","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=13447"},"modified":"2026-04-23T22:38:47","modified_gmt":"2026-04-24T01:38:47","slug":"caesarss-south-korean-casino-at-risk","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/caesarss-south-korean-casino-at-risk","title":{"rendered":"Caesars\u2019s South Korean casino at risk"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The authorities have given the US-based gaming company two months to come up with a solid investment plan or face losing its permit.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p class=\"wp-block-paragraph\">South Korea.- US gaming giant <strong>Caesars Entertainment<\/strong> is at risk of<strong> losing the permit for its South Korean casino<\/strong> project.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Progress on the 410,000-square-feet <strong><em><a href=\"https:\/\/focusgn.com\/asia-pacific\/pandemic-might-change-korea-gambling-ban\" target=\"_blank\" rel=\"noreferrer noopener\">foreigner-only<\/a><\/em><\/strong> casino project in Midan City was <strong>halted in February <\/strong>2020 due to the Covid-19 pandemic.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Since then, the company has failed to recruit new sponsors to back the project.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The South Korean authorities have threatened to cancel the permit for the casino development if the operator does come up with a <strong>solid investment plan <\/strong>in the next <strong>two months.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to Casinogamespro, the <strong>cost of the project is estimated at<\/strong> <strong>US$150m, <\/strong>but Caesars\u2019 partner, the Chinese development firm Sanya Construction, has suffered serious setbacks. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It had to suspend all construction operations due to the Covid-19 pandemic and could not provide the $27.3m it had committed to the South Korean casino.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Media reports indicate that <strong>only 25 per cent<\/strong> <strong>of the project is complete<\/strong> at this point. The timetable for construction has already suffered <strong><em><a href=\"https:\/\/focusgn.com\/asia-pacific\/south-korean-ir-projects-face-delays\" target=\"_blank\" rel=\"noreferrer noopener\">several delays<\/a><\/em><\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If the US-based firm does not have an investment plan approved in time, its permit could be revoked at a meeting of the Incheon Free Economic Zone Office and South Korea\u2019s Ministry of Culture, Sports and Tourism in June.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The authorities have given the US-based gaming company two months to come up with a solid investment plan or face losing its permit.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Caesars Entertainment's South Korean foreigner-only casino project faces permit revocation if a viable investment plan is not presented within two months. The US$150m development, stalled since February 2020 due to the pandemic and partner Sanya Construction's financial setbacks, is only 25% complete. The Incheon Free Economic Zone Office and the Ministry of Culture, Sports and Tourism will review the permit in June.","focusai_entities":"Caesars Entertainment, Sanya Construction, Incheon Free Economic Zone Office, South Korea\u2019s Ministry of Culture, Sports and Tourism","focusai_location":"South Korea, Midan City, US","focusai_target_profile":"ceo_executive (0.9), regulator (1.0), compliance_legal (0.9), operator_casino (0.8), investor_analyst (0.9), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Required Investment Plan Details?","query":"What are the specific financial commitments and project milestones required by the South Korean authorities for Caesars Entertainment to retain its permit?"},{"label":"Impact on Caesars' Asia Strategy?","query":"How will this potential permit revocation impact Caesars Entertainment's broader Asian market strategy, capital allocation, and future integrated resort development initiatives?"}],"footnotes":""},"categories":[28,16338],"tags":[23795,23632,23907],"class_list":["post-13447","post","type-post","status-publish","format-standard","hentry","category-casino-news","category-east-asia-news","tag-caesars-entertainment","tag-integrated-resorts","tag-land-based-casino"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/13447","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=13447"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/13447\/revisions"}],"predecessor-version":[{"id":13461,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/13447\/revisions\/13461"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=13447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=13447"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=13447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}