A place of good things. Can also be used to mean a situation that is extremely good.
Example: 'Ever since they won the lottery they've been living in the land of milk and honey.'
Source/Early Use :
So I have come down to rescue them from the hand of the Egyptians and to bring them
up out of that land into a good and spacious land, a land flowing with milk and honey - the home of the Canaanites, Hittites, Amorites, Perizzites, Hivites and Jebusites.
News Corp will officially split into two companies June 28(May 24 2013) As expected, News Corp has announced it will officially split its publishing and entertainment businesses on 28 June.
Its board approved the...