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Govt. to Lift Red Tape on Casino Investment

According to Yonhap News,

(SEJONG = Yonhap News) Foreign investors will find it somewhat easier in the future to invest in casinos in Korea’s free economic zones.

The Ministry of Culture, Sports and Tourism (MCST) is drawing up new strategies for the vitalization of tourism and will announce them at the end of the month, the Korean government said last week.

“We are considering easing regulations related to investment in casinos after receiving complaints that it is very difficult to meet the criteria of the BBB credit rating,” said a government official.

The government also seeks to lower the entry barrier to the casino industry by considering other criteria such as financial flexibility.

In early 2013, the MCST rejected applications for casino licenses from LOCZ Korea for failing to meet credit rating requirements. LOCZ Korea reapplied for a pre-licensing assessment to the government at the end of last year.

“We will ease the regulations if even a world-leading company is not able to meet the requirements,” said a government official. “However, no decision has yet been made on how we will relax the regulations.”

Copyrights Yonhap News. All Rights Reserved.

Source Text

Source: Yonhap News (Jan. 8, 2014)

** This article was translated from the Korean.
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