South Korea hasn’t opened its casino business to Western firms … until now. Caesars 
Entertainment, in partnernship with Hong Kong‘s Lippo Ltd. and OUE Ltd. from Singapore has won preliminary approval for a concession. The project is expected to cost $2.2 billion and be open by 2018. It is, Reuters observes, “a promising market by virtue of its proximity to China and the country’s wealthy punters.” Barring a change in South Korean law, the megaresort will have to make its nut entirely on tourist traffic, as only one casino in the country is open to citizens. The move is part of a governmental effort to reduce dependence on exports to prop up the South Korean economy. The goal is to draw 10 million Chinese tourists by 2020.
Luckily for Caesars, its site — Yeongjong Island — is near Inchon International Airport. Governmental approval of the project is subject to certain investment yardsticks. The minimum commitment is $500 million and the government would like to raise that to $700 million. Caesars’ share of the project is roughly 
$800 million or 40%. Caesars and partners will spend at least that much between now and 2018, with the remaining $1.5 billion buildout to come later. The project will incorporate “a five star hotel, serviced residences, a theater, a convention center and other commercial facilities.” The company may cut in Caesars Growth Partners (aka Little Caesars) for a piece of the action. The project is expect to be a quantum improvement on the existing casino product in South Korea. “The existing casinos in Korea are like gambling dens which do not offer any non-gaming amenities such as spa, restaurants or entertainment shows,” BNP Paribas Securities Asia analyst D.S. Kim told Bloomberg News. Pachinko king Sega Sammy is also looking to put a casino in Inchon, while Genting Group has targeted Jeju Island, far to the south, for development. If other major gaming operators get into the action, it will probably be the usual suspects who dominate Macao already.
It didn’t take long for word to leak out where Foxwoods Massachusetts wants to put its top-secret Fall River casino. The project would apparently cannibalize New Harbour Mall and a Kmart shopping center, as well as a Staples store. The acreage involved adds up to the 30 acres Foxwoods said it had optioned. However, the apparent casino campus abuts Letourneau Elementary School, which could be a hot button when local residents gather to discuss the project later this week. In Las Vegas, having schools bumpng right up against casinos is a big no-no, so it would be surprising if Massachusetts were more tractable on that point.
Dead again. Stuck in an Alphonse-and-Gaston act between the upper and lower houses of the Kentucky Legislature, it looks like casino expansion has died for the umpeenth time in the Bluegrass State. “What we’re running into as we count votes is they know that the Senate’s not going to act,” Speaker of the House Greg Stumbo (D) said of his colleagues and, with two weeks to go in the session, time is running out fast. The inability to get casino gambling legalized is going to go down as one of the signal failures of Gov. Steve Beshear‘s administration.
From little acorns … What started with Biloxi Boardwalk Marina will grow into Biloxi Boardwalk Resort & Casino. Owner Chris Ferarra is creatively repurposing an old Heinz cannery into a combination of casino and convention center. For operational expertise, he’s turned to Warner Gaming, whose executive ranks are deep in experience. Warner has, for one, stabilized the formerly scandal-plagued Hard Rock Hotel & Casino, here in Las Vegas. Ironically, there’s already a Hard Rock in Biloxi, under different ownership, so Warner will have to exercise its creativity with Biloxi Boardwalk.
