Caesars and Universal rejected

 

 The Ministry of Culture, Sport and Tourism said its review committee had rejected applications from Japan’s Universal Entertainment Corp. and from a consortium that included Caesars Entertainment Corp. and Indonesia’s Lippo Group to build casino resorts on Yeongjongdo, an island district of Incheon. Universal had put the investment value of its plan at 3.5 trillion won ($3.1 billion) while the consortium’s was at 2.2 trillion won. Review criteria included the groups’ financing plans and credit status, with the latter seen to have been a problem for both bidders. Both Moody’s and Standard & Poor’s have lowered their ratings on Caesars further below investment grade in recent weeks.  Lippo’s Hong Kong-listed unit said the bidders have 90 days to appeal but the consortium was still considering options.