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South Korea May Allow Foreign-Operated Casinos

8 April 2003

SOUTH KOREA – As reported by the Chosun Ilbo: "Laws may be amended to allow foreigners to build and operate casinos in areas designated to become special economic zones, such as Jeju Island, Culture Minister Lee Chang-dong said in a report to President Roh Moo-hyun on Tuesday.

"The plan is designed to draw foreign investment; foreign entities with more than $500 million to invest will be eligible. Besides Jeju, special economic zones that may get casinos include Gimpo and Yeongjong Island, where Incheon Airport is.

"The chief of the ministry's Tourism Bureau, Kwon Kyung-sang, said that two or three foreign entertainment companies had expressed interest in the offer, including one U.S. company proposing that it would spend $2.8 billion to build a casino and resort at the Joongmoon Tourist Complex on Jeju…"

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