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Most proposals, Lee says, had been abandoned because they have been deemed economically unfeasible. Korea’s gaming revenue development hasn’t kept pace with tourism growth, declining even before MERS hit, most likely due to President Xi’s anti-corruption campaign that’s hitting Macah VIP play. Earlier this month, a panel of academics warned that much more than two Incheon integrated resorts in Incheon could saturate the industry. That is a view shared by Lee and, he says, by some tourism officials. Given the competitive dynamics, there’s a possibility that Korean authorities could decide not to award any new licenses from this round.

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