Lord knows where they keep coming up with the money for these things, especially with a prepacked bankruptcy being bruited about, but Caesars Entertainment 
and partner Lippo (a Chinese firm) are beavering away on a South Korea casino complex near Inchon. It’s expected to be ready to go in time for the 2018 Winter Olympics. The initial, 25,000-square-foot development is expected to grow over time into a 292,555-square-foot integrated resort. The Korean government hopes to reap $430 million in tax revenue from the project once it’s completed. In the words of the Korean Herald, “industry watchers believe Incheon, once dubbed a ghost town due to its lack of infrastructure and weak real estate market, is fast transforming into a global entertainment hub.” We’ll see how big a part Caesars plays in that.
* I don’t know anybody who thinks of Saipan as a gambling hub but Imperial Pacific International Holdings Limited is planning to build the world’s second-most expensive casino (Marina Bay Sands is #1) there, upping its investment commitment from $3 billion to a mind-boggling $7 billion. It will be built over six years and ultimately house 4,000 hotel rooms.
“As at the date of this announcement, the board intends to satisfy the development costs of the business plan by equity and or debt financing but has not yet formulated any concrete fund-raising plan,” read a less-than-confidence-inspiring company announcement. Imperial Palace is gambling that Chinese high rollers would rather fly five hours from Shanghai than play closer to home in Macao. I wouldn’t take that bet.
* Congratulations to former Aria president Tom McBeath, who has been named managing director of Z Capital Partners. The ex-MGM Resorts International executive now works for the primary shareholder of Affinity Gaming, which I guess is where McBeath’s expertise comes into play. According to the Las Vegas Review-Journal, Affinity’s holdings comprise “three Primm resorts and the off-Strip Silver Sevens. The company also owns three Colorado casinos, two casinos in Missouri and an Iowa casino.”
