Caesars To Invest in Korea Casino Resort Project

Caesars To Invest in Korea Casino Resort Project

Caesars CFO Eric Hession has commented on plans for the first Caesars casino in Asia.

Caesars reported third-quarter revenue growth of 2.3% to $ 2.24 billion and EBITDA excluding GAAP by 5.8% to $ 635 million.

Mr. Hession said that the company expects to spend approximately $ 275 to $ 295 million on investments in 2019.

Most of these funds will be invested in the Caesars Forum Conference Center, which is currently being constructed in Las Vegas . The venue plans to officially open doors in 2020.

Caesars’ Korea Casino Resort

The provided resource also includes the Caesars American sports betting expansion strategy, which provides for the opening of bookmakers with partners in states where sports bets are allowed.

Mr. Hession also said:

The indicated range does not include our Korean design. We are currently evaluating our investment in the scheme.

Caesars is currently in a merger process worth $ 17.3 billion with a smaller competitor, Eldorado Resorts. It is the management of Eldorado that will lead the merged business.

Eldorado CEO Tom Reeg said earlier this year:

Although no solid decisions have been made regarding Caesars' international investment, any expansion opportunity outside the United States should be used so that we can move in that direction.

South Korea Project

Caesars has joined Chinese R&F Properties to develop a complex resort in Incheon, next to South Korea's largest international airport. On the official website of the project, it is indicated that the property will occupy 172,249 square meters of land, for which the developers completed the payment in mid-2018.

Caesars Korea Resort will combine classic and modern Greco-Roman architectural shapes that will make it an unmistakable Caesars establishment.

Caesars Korea will also introduce a casino in which only foreign customers will have access. In accordance with Korean gambling legislation, Korean citizens are allowed to take part in gambling in only one place, despite the fact that the country has huge resorts with special gaming rooms in Las Vegas style.

Caesars' announcement that they would not continue expanding to Japan has raised doubts about the company's future participation in an integrated resort scheme in South Korea.

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