Caesars wins casino license in South Korea

Caesars Entertainment (CZR) has received a preliminary casino license in South Korea, the first time that the government has awarded a permit to foreign-investors.

Along with Hong Kong joint-venture partner Lippo, Caesars plans to build a 2.3T won ($2.15B) resort on Yeongjong island.

Caesars and Lippo may well be followed by other foreign companies, with Wynn (WYNN) and MGM (MGM) previously showing interest in building a casino in Korea. The companies could reportedly attempt to obtain permits if and when the process eases.

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