Caesars moving to South Korea with Lippo Group: WSJ

Las Vegas-based Caesars Entertainment Corp. (NASDAQ:CZR) is moving forward with a joint-venture casino project in South Korea with Lippo Group (226:HK), according to a statement from the Indonesian conglomerate, The Wall Street Journal’s Kate O’Keeffe reported. The two companies have agreed to the terms on which they will seek government permission to develop a casino-resort in Incheon, a city near the country’s capital of Seoul. Caesars will own 40% of the venture, Lippo will own 20%, and another partner will hold the remaining 40%, the statement indicated, without elaborating. Caesars, which has been struggling under debt it accrued from a private-equity buyout in 2007 and from its dependence on the sluggish U.S. gambling market, has been aggressively looking for opportunities to expand in booming Asia. The company has said it is keen to bid for casino licenses in Taiwan as well as Japan, should Tokyo legalize casino gambling. In spite of a high profile investment in a local golf course, the company has failed to secure a license to operate in Macau.