The Korean government has given the green light to a casino run by a consortium of foreign enterprises.
The culture ministry said at a pressing briefing Tuesday, that the Indonesian-Chinese enterprise Lippo Group and U.S.-based Caesars Entertainment will open the casino, which will be for foreigners only, on Yeongjong-do Island.
The island is some 50 kilometers outside of Seoul and the location of Incheon International Airport.
The casino is the first phase in the consortium's plan to develop a high-end resort in 2018 and has an estimated price tag of some 700-million U.S. dollars.
The government expects the casino will boost employment and bring in tax revenue.
It will be the 17th casino in Korea, 16 of which are exclusively for foreigners.
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