Caesars expects Korean government reply in May

Caesars Entertainment (Nasdaq:CZR) Chairman Gary Loveman expects the South Korean government to decide by May on the company’s proposed joint venture with Lippo Group to develop an integrated resort in Incheon. Loveman is confident the proposal is in line with recently elected President Park Geun-hye’s plans to stimulate tourism. Caesars holds 60 percent of the joint venture. With one exception, all casinos in the country bar locals from entering. Caesars has long been trying to follow in the footsteps of its Vegas rivals and expand to Asia. In 2007 the company bought a dilapidated golf course in Macau for $578 million in hopes of generating good will toward entering the market, as yet to no avail.