Caesars Entertainment may lose license for delaying casino construction

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The American company Caesars Entertainment may lose its Korean gambling license due to a delay in the construction of the Midan City casino resort. The South Korean authorities issued an ultimatum to the company, threatening to revoke the license if the future operator does not provide a new investment plan by March 17, 2021. A gambling and entertainment complex for foreign tourists Midan City is being built in the port city of Incheon. The investors of the project, approved by the government of the country back in 2014, were a subsidiary of Caesars Entertainment and Chinese developer Ssanye Construction. Before the start of the pandemic, $150 million was invested in the construction of the complex, then construction was suspended. The Chinese company soon abandoned its plans to invest $27 million, and has yet to find another co-investor with Caesars Entertainment. As previously reported, Caesars Entertainment has expressed interest and is being considered by the regulator as an investor in the construction of a casino resort in Greece.

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