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Genting to build US$2.2 billion integrated resort in South Korea
Genting Singapore Plc, Southeast Asia's largest casino operator by market value, is to develop a new integrated casino resort on South Korea's Jeju island.
Following the success of its Resorts World Sentosa integrated resort in Singapore, the $2.2 billion project will be jointly built with Hong Kong-listed Chinese property company Landing International Development Ltd. (582) and initially target visitors from eastern and northern China.
The Genting group of companies has been expanding abroad, in Southeast Asia, the USA and United Kingdom in recent years, from its initial Resorts World Genting attraction in Malaysia's highlands.
With Asian gamblers having contributing to Macau's US$45.2 billion casino revenue last year, transformed the city into the world's largest gambling hub, ahead of the Las Vegas Strip, the joint investment plans to develop the new South Korean gambling and entertainment market.
Explaining the development, Landing International Development Chairman Yang Zhihui recently stated "eastern and northern China (are) very close to Jeju Island - roughly about a one-hour flight, which makes so much more sense for people in Beijing, Shanghai or Qingdao to come to Jeju Island than going to Macau."
To be built on a 2.3-million-square metre site, the Jeju resort will have a total of 800 gaming tables along with a theme park, a shopping mall, villas and apartments as well as three hotels that will have 2,800 rooms.
About 4.3 million Chinese tourists visited South Korea in 2013, an increase of 53% from the year before, and more than one-third of the country's total, according to data from Korea Tourism Organisation.
18th June 2013 - OVERSEAS CASINO OPERATORS EYE SOUTH KOREAN MARKET
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