In a surprise announcement on Friday, the Ministry of Culture, Sports and Tourism in South Korea rejected the preliminary casino licenses for both Caesars Entertainment & Lippo Limited along with Kazuo Okada’s Universal Entertainment.
The news is a blow for both companies, even more so for Caesars whom are longing desperately for new regions outside the US to expand into, as they missed out on the booming Macau market.
The Kazuo Okada company is best known for their President whom has most recently been involved in hefty court battles with Steve Wynn.
The Ministry of Culture, Sports and Tourism said both licences were rejected.
No reason for the rejections were given as to why both applications were refused.