Recent relaxation of rules by the South Korean government will now enable foreign investors to face fewer hurdles to open new casinos in the country.

The recent revision will now make it easier for foreign investors to open foreigners-only casinos in South Korea's Free Economic Zones (FEZs).

Prior to the revision, foreign investors had to make an outlay of at least US$300 million before applying for a permit to open a foreigners-only casino with no guarantee of obtaining such a permit despite the investment, resulting in few investors.

With the revision, foreign investors need only to invest US$30 million when applying for a permit. However, investors must invest a total of US$500 million within four years from the permit approval date, before being entitled to a final permit to operate a casino.

US-based Caesars Entertainment Corp and Japan-based Okada Holdings have already expressed interest in investing in Incheon Free Economic Zone. Currently, 16 out of 17 casinos in South Korea are open exclusively to foreigners.

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