Operator Genting is planning a $2.2bn casino resort in South Korea.
And the company isn’t waiting on the country to change its laws to begin developing its mega resort. Genting Singapore and Landing International Development are planning the resort on Jeju, a farming and fishing island south of the Korean Peninsula that now draws six million tourists a year.
Genting thus becomes one of several companies ready to jump in. Japan’s Sega Sammy and Korea’s Paradise Land intend a major casino at Incheon, near Seoul, and Caesars still hopes to build a casino in Incheon too.
Las Vegas Sands is also interested in developing a resort in Korea if laws and regulations are “conducive,” which, it is thought, means if Korean nationals can gamble there. At present they can gamble only in one casino operated on Kangwon Land.
Genting’s resort would include a casino, shopping mall, luxury hotels and even a theme park on the 500-plus acre development. The two companies will be equal owners of the resort they hope will open in 2017.
South Korea recently lowered its requirements on foreign investors to attract investments. Before, foreign companies had to have at least a BBB credit rating. Now, they only have to prove they can finance a project.
Credit rating was an issue in the Korean government rejecting Caesars’ casino proposal last year to build the Incheon casino with Hong Kong partner Lippo Group.
