Chinese real estate developer, New Silkroad Culturaltainment Limited, has announced that the governor for the South Korean island province of Jeju has given one of its subsidiaries formal permission to begin developing a new casino resort.
The Hong Kong-listed firm used an official Friday filing (pdf) to reveal that the green light for its Macrolink Glorious Hill Company Limited subordinate was granted by Governor, Won Hee-Ryong, and that this concern now intends to start work on a Glorious Hill-branded casino resort on the Asian nation’s largest island in partnership with Melco Resorts and Entertainment Limited.
According to a report from GGRAsia, New Silkroad is already responsible for Jeju’s foreigner-only MegaLuck Casino, which is located inside the Jeju KAL Hotel, and earlier declared that it intends to build a ‘large-scale casino’ on the island that it expects will realize ‘sustainable and promising revenues.’
The real estate developer purchased a 55% stake in Macrolink in 2017 and envisions that the arm’s coming Jeju development will embrace several five-star hotels as well as homes, shops, healthcare facilities, a golf course, an entertainment complex, a theme park and a foreigner-only casino.
New Silkroad is also a leading wine distributor in Asia and reportedly detailed in August that an increase in VIP gambling activities had led to its MegaLuck Casino posting a 57.8% rise year-on-year in six-month revenues to almost $6.92 million. It moreover explained that this had been a significant factor in the small property’s half-year gross profit swelling by some 193.7% to reach approximately $3.65 million.