U.S.-based casino company Caesars Entertainment is "currently" evaluating its spending on Korean projects.
Eric Hession, the group's chief financial officer, said in a third-quarter earnings call with analysts on Tuesday.
The brand is being developed with Guangzhou R&F Properties Co. Ltd., a complex resort called Caesars Korea in Incheon near Korea's main international airport.
According to Caesars Korea's website, the project includes foreign-only casinos and hotels and service apartments offering more than 720 rooms, suites and villas.
The total investment in the project is 850 billion won ($735 million), with a total floor area of 172,249 square meters (1.85 million square feet), according to the website.
Caesars Entertainment's CFO did not mention what the company's capital commitment to the plan was in its latest earnings release.
However, he noted that he expects "approximately $275 million to $295 million on development-related capital expenditures" for the group's potential capital expenditure in 2019 as a whole. Most of this is for investments in Caesars Forum projects and U.S. sports books in major markets in Las Vegas, Nevada. "This range excludes spending on Korean projects that we are currently evaluating," he added.
Caesars Korea has been the subject of speculation from analysts after news broke that local U.S. casino company Eldorado Resorts Inc. would make a $17 billion bid to acquire Caesars Entertainment's parent company. The matter will be open to shareholders of both groups later this month.
In June, when news of a possible deal emerged, El Dorado Resorts CEO Tom League quoted the Associated Press as saying "no firm decision has been made" regarding international investment, or non-U.S. investment, but the opportunity "would be possible for us to run in that direction."
In an email to GGRAsia before the earnings announcement, RFCZ Korea Corp., which owns the Korean resort project, confirmed in response to a question about Caesars Korea's progress: "Construction work is underway. Civil and foundation work has been completed, and steel structures are currently on the rise. Construction progress is over 20%."
RFCZ Korea added, "We completed the land payment in June 2018, and we currently hold ownership." 토토사이트
In March 2014, the Ministry of Culture, Sports and Tourism, the predecessor of RFCZ Korea, was informed that it could develop and operate a so-called integrated resort with a foreigner-only casino in Midan City, Yeongjongdo, located in the Incheon Free Economic Zone.
