LongRunn International Group (“LongRunn”), investor and developer of large-scale Integrated Resorts (IR), landmark real estate developments, infrastructural and environmental projects in Asia, has reportedly penned a deal that will see it build a 76,000 square meter multi-resort complex on Yeongjong Island in Incheon, South Korea at a total cost 4.5 trillion won (US$4.2 billion).
The island is part of the Incheon Free Economic Zone and home to the Incheon International Airport, which was built on reclaimed land between Yeongjongdo and Yongyudo Islands. The Incheon Bridge connects the island to the mainland and provides direct access between Songdo and Incheon International Airport.
According to globalconstructionreview.com (GCR), a website of the Chartered Institute of Building (CIOB), under the terms of the deal, which was reportedly signed on Sunday in Singapore, the Chinese developer agreed to purchase an 818,000 square foot parcel of land on the manmade island for US$81.5 million to be used for a $4.2 billion development to be named “Diamond City.”
Incheon Free Economic Zone Commissioner Kim Jin-yong, reportedly said that the new contract would aid Yeongjong Island in competing with the likes of Las Vegas and Macau.
CGR reports that according to LongRunn, the billion-dollar development will feature a casino and a seven-star hotel, as well as office towers, schools, malls and a medical centre specializing in cosmetic surgery. Additionally, the development will also be home to theme parks, a K-pop hub and an “interactive world cultural avenue”.
LongRunn has reportedly been in discussions with the Korean government regarding the development since 2014.
According to LongRunn’s official website, the project is adjacent to a foreign-gamblers-only Asian casino resort; a joint effort by Caesars Entertainment Corp and mainland Chinese developer Guangzhou R&F Properties Co Ltd, with a targeted completion date of mid-2020.
Yeongjong Island is already home to the foreigners-only Paradise City, which is a joint venture between Japanese pachinko operator Sega Sammy Holdings Inc. and South Korean casino operator Paradise Co Ltd, and the first phase of was opened on April 20, 2017.
Other IRs are also under development.
Mohegan Gaming and Entertainment, headquartered in Uncasville, Connecticut, home of its flagship property, Mohegan Sun, is in the process of building a $5 billion IR named “Inspire” at Incheon International Airport, with a targeted overall project opening in 2021.