Chinese real estate developer Landing International Development Limited has reportedly announced that it has assumed complete control of the under-construction Jeju Shinhwa World integrated casino resort project being built in South Korea.

According to a report from GGRAsia, Hong Kong-listed Landing International Development Limited revealed that it paid $421.76 million for the Callisto Business Limited subsidiary of Algona Private Limited, which is itself fully owned by Asian casino giant Genting Singapore.

Through its Happy Bay Private Limited enterprise, Callisto Business Limited reportedly holds a 50% stake in Landing Jeju Development Company Limited, which is developing the $2.4 billion Jeju Shinhwa World integrated casino resort on the south-western tip of Jeju Island, while the remaining half was already held by Landing International Development Limited.

Previously known as Myths And History Park and then Resorts World Jeju, Jeju Shinhwa World is set to occupy some 617.7 acres of land and feature an amusement park with 20 rides spread across seven zones as well as multi-purpose convention facilities and an around-the-clock casino open only to non-South Koreans. Scheduled to open progressively from the end of 2017 with 5,000 direct employees, the development will moreover offer a water park and a 2,000-room hotel alongside a spa, a retail quarter, extensive food and beverage facilities and condominiums and villas.

For its part, Genting Singapore explained in November that it was offloading its stake in the Jeju Island project so that it could better focus on its Singapore business, which includes the Resorts World Sentosa development, while saving resources for potential future opportunities in Japan.

GGRAsia reported that financial services firm Morgan Stanley used a November 14 filing to express its view that the foreigners-only casino model in South Korea was “inherently unattractive and volatile given the lack of a local feeder market”. The nation currently has 17 casinos, which include the Landing Casino from Landing International Development Limited inside the Hyatt Regency Jeju, but the country’s citizens are only allowed to gamble at the remote Kangwon Land Casino in Kangwon Province.