S Korea grants casino license to Mohegan-KCC consortium

South Korea has chosen a consortium led by U.S. tribal casino operator Mohegan Sun as the winner of an integrated resort project, allowing one additional casino in Yeongjong’s western gateway island.
Yonhap News reported that Mohegan’s bid with South Korean chemicals maker KCC Corporation foresees a USD1.6 billion investment to build a casino, luxury hotel and shopping areas, as well as a K-pop entertainment arena and convention venues, by 2020.
According to the South Korea’s Ministry of Culture, Sports and Tourism, Mohegan’s integrated resort will help boost the nation’s tourism industry by adding one more casino on the island in addition to the two other casino resorts currently under construction.
“We will closely monitor the project to help support the [Mohegan consortium] in building a world-class integrated resort,” the ministry said. “It is expected to boost the competitiveness of the South Korean tourism industry with various forms of tourism infrastructure, such as a K-pop arena, a theme park and a convention center.”
This will be the first casino resort outside North America built by the casino operator. It is aimed to target the Asian gaming market. Officials have vowed to contribute to tourism with world-class entertainment events and shopping.
“We consider ourselves an entertainment-driven company. Our plan is to have international celebrities, both K-pop and Western performers,” Bobby Soper, Mohegan Sun CEO, told Yonhap News after winning the bid.
The western island is situated less than an hour by express subway from Seoul, which makes it closer than Macau to northern Chinese cities.
The winner is expected to build its resort within four years after receiving a casino license, which would lead to an increase in the number of casinos in the country to 20 by 2020. The nation’s current 17 casinos are far smaller than those in Macau and Las Vegas.
Two casino licenses were promised by the government last year to help boost tourism and foreign investment. However, due to China’s anti-corruption crackdown, only one license was granted. Staff reporter

chen rises in malaysia’s richest

Malaysian casino magnate Chen Lip Keong has edged his way up Forbes’s list of “Malaysia’s 50 Richest,” even as his Cambodia-based casino takes a hit from slackening interest from Macau and mainland China. Chen, who ranks 23rd on the list, is now one spot higher than in 2015, despite the fact that his net worth has fallen 17 percent. The 68-year-old holds a monopoly on gambling in Phnom Penh through his Hong Kong listed corporation, NagaCorp, and owns NagaWorld – the largest casino in Cambodia. He reportedly leases two Airbus A320s to fly in customers from Macau and mainland China.