NagaCorp, the Hong Kong stock exchange-listed parent company of NagaWorld, is not bidding for a South Korean casino permit, the company said in a filing to the exchange.

The casino operator was reported earlier this year to be one of 34 entities taking part in an initial “request for concept” for an integrated resort licence in South Korea, where the government intends to issue two new licences.

Bidders are required to commit at least $850 million capital, including at least $500 million from a foreign investment partner.

“The company is of the view that the expected economic returns of such an investment do not meet the company’s benchmark in evaluating return on investments and is therefore not in line with its policy of selective expansion,” NagaCorp said.