A consortium of will build a new South Korean casino, which will be a first for the country. Caesars Entertainment and Indonesia’s Lippo conglomerate has received a preliminary license to build the resort near the country’s largest airport, stepping up competition among Asian countries to lure Chinese tourists.

The Indonesian-U.S. consortium plans to spend 743.7 billion won ($696 million) to open a casino town in Incheon in 2018, the nation’s culture ministry said in a statement Tuesday. It is the first South Korean casino license given to foreign investors, though a final approval is pending.

It will become the country’s largest casino serving exclusively foreigners and boost the tourism industry and tax revenues, according to the ministry that oversees culture, sports and tourism. The only place in South Korea where gambling is legal for residents is the Kangwon Land casino in Gangwon province east of Seoul, which was opened to help revive a former coal-mining town.

The ministry will review in January 2018 whether the consortium with Caesars Entertainment investment is carried out as planned before giving a final South Korean casino license. The launch of the resort is expected three months later.

Lippo Group operates internationally, providing property development and management services. Founded by Mochtar Riady, the company has a collective presence across Asia and North America, and is one of the largest real estate developers in Indonesia.