Genting Singapore, operators of the Resorts World Sentosa incorporated resort, have announced plans to construct a $2.2b gaming facility in South Korea. On Friday, Genting declared it’d teamed with Chinese property company Landing International Development Ltd. On the project, which will be called Resorts World Jeju, in line with its Location on Jeju island off the southern coast of the peninsula. Jeju is already a favorite spot to go for Chinese tourists, making it a perfect place to prepare baccarat tables. Yang Zhihui, chairman of this Hong Kong listed Landing Interational, told colleagues the facility plans to provide 200 VIP gambling tables and 600 mass marketplace tables, and a rollercoaster equipped theme park, retail purchasing and a 2, 800 room hotel.
The project could aim gamblers from the eastern and northern areas of China. Yang said the island has been one hour away by airplane, making much more sense for gamblers from Beijing, Shanghai or Qingdao to select Jeju over Macau. Kang Tae seog, manager of Jeju’s Marine Development Division, stated 10m individuals visited the island in 2013, where 2.2m were foreigners. Jeju is a major port of call for cruise ships, with a few 500k passengers scheduled to dock in Jeju this past year and Yonhap News quoted Cruising Asia commission president Kim Eui keun stating that figure will surpass 2m by 2020.
South Korea’s government has proposed a bill which could allow casino gambling from non Koreans aboard cruise ships operate by Korean firms. Korea’s first flag carrying cruiseship launched in 2012, but shut down a past year later because it could not turn a profit without the capability to offer casino gambling aboard. South Korea has 17 small scale casinos at operation, this most profitable being Kangwon Land, this one gambling joint wherein local residents are allowed entry plus which earns more than this other 16 foreigner only casinos combined. Resorts World Jeju Is just the second Large scale resort casino project to be declared since South Korea decl open to international casino developers. The joint venture of Paradise Co. And Sega Sammy Holdings is currently being constructed near Incheon International Airport west of Seoul. South Korea lately decided it could have been too demanding with regards to the financial requirements for businesses to be allowed to take part in the country’s casino market.