Paradise, Sega Sammy plan $1.7 bln South Korea resort

Reuters

HONG KONG/SEOUL, Oct 22 (Reuters) - Paradise Group, one of South Korea's largest casino operators, andJapanese gaming company Sega Sammy plan to invest $1.7billion to build a luxury resort to tap a surge in Chinesegamblers flocking to the country.

The pair said in a statement on Tuesday they will build aforeigners-only casino in Incheon, in the northwest of thecountry near the capital Seoul and a short flight away fromwealthy gamblers in China and Japan.

South Korea, which bans locals from entering its casinos barone located in a remote province, is being eyed by global casinooperators as a potential site for Asian expansion at a time whencountries from Vietnam to Japan are mulling legislation topermit casinos as part of a drive to boost tourism and theireconomies.

The statement was released during stock trading hours inSouth Korea. Paradise shares closed up 3.6 percent in Seoul.

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