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Korea – Sands still has sights on $10bn Busan casino

By - 12 September 2016

Las Vegas Sands is still hopeful of being able to invest up to $10.8bn in developing a casino resort in Busan, a large port city in South Korea, famed for its beaches, mountains and temples.

Speaking to the Korea Economic Daily George Tanasijevich, CEO of Marina Bay Sands revealed that if ‘investment conditions are met’ the US casino giant would spend between 5 to 12tr won ($4.5bn to $10.8bn) on a Singapore style integrated resort.

Mr. Tanasijevich said in the paper: “The best location for Sands Group to invest in is Busan. We are willing to move in as soon as investment conditions are met. The city has an unlimited growth potential for its location lying between Japan and China, but is now suffering in obscurity due to lack of enough five-star hotels and exhibition and convention venues. If Busan really aims to become an international tourism city, we can do so by enlisting investors, just like Singapore that raised its profile as a premier tourist destination by increasing foreign tourist numbers. There were dissenting voices among Singaporeans when the government allowed casino resorts. As a compromise, we came up with a plan to charge 100 Singaporean dollars (US$74) to domestic guests. Currently only 20 per cent of Singaporean guests to the resorts play in the casinos.”

Mr. Tanasijevich mooted the idea back in March of this year, when he said: “We understand this is an important decision for the Korean government and people. We are patient and the pace of this doesn’t determine our interest level.

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