Ceremony to mark construction of new South Korean casino
February 12 is set to be a very special day in South Korea. Jeju Island is ready to receive another new casino, with construction set to begin on a massive 306,763 square meter complex. That work is scheduled to begin, of course, after a one-of-a-kind ceremony to celebrate the start of the project.
Real estate developer Landing International Development Ltd is the brains behind the project. Based out of China, this firm are ready to begin construction on what will be known as the “Myth-History Park” casino immediately.
Permits granted by the government on Jeju will permit Landing International to build an integrated casino resort (presumably with a hotels), over the massive area. Additional features such as entertainment ideal for tourists, shopping malls, a petite theme park and conference capabilities have also been mooted to appear in the resort. This would all occupy an area of up to roughly 132,000 square meters.
But how much does constructing something of this magnitude cost? When it was first announced, a figure as much as $2.2 billion US Dollars was quoted. The casino would only claim back the seriously hefty investment by making their complex appeal to tourists. South Koreans are not permitted by law to gamble at casinos. The most likely source of income then will be from Chinese tourists, who numbered 6.3 million last year.
The Myth-History Park casino isn’t the only piece of business that Landing International has in the region. Last month, they announced that their Hyaat Regency Jeju hotel was reopening followed renovation. Grand Express Korea and Genting Hong Kong both own this particular site. There are also rumours abound that the South Korean government may also release two new casino licenses for other projects in the coming months, with foreign investment in gambling in the Asian country at an all-time high.